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Forex Crisis: Nigerian Students Abroad Apply to Home Universities

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Many Nigerian students studying abroad have been seeking transfer to Nigerian universities to complete their education at home because of the scarcity of foreign exchange.

Punch reported that the students were forced to take the decision following the huge exchange rate which many parents could no longer afford.

Some of the students told Punch that they would prefer to return to the country to complete their studies, instead of going through difficulties and long waits for forex that is no longer available to them at the appropriate time.

An Ogun State indigene, Babatunde Agboola, who is studying in the United States, told one of our correspondents that he and some of his friends had agreed to return to Nigeria to complete their studies.

“The message we keep on receiving from home every day is that dollar is scarce and this is affecting our education,” Agboola said.

Asked which way the scarcity of the dollar was affecting them, he simply said, “In all areas. We need to buy food and sometimes books, but when there is no money to buy them, automatically we will be affected. So, it is better we return to Nigeria to complete our studies.”

A large number of Nigerian students are studying abroad, mainly in the United States, the United Kingdom and Canada, among others.

A 2015 report by the Institute of International Education’s Open Doors Report on International Educational Exchange, the United States, claimed that 9,494 students from Nigeria were admitted in the 2014/15 academic session, making Nigeria the leading source of students from Africa and the 15th largest country worldwide among international students in the US.

Nigerian universities, especially the private ones,  have however, expressed interest in providing spaces for willing students interested in their respective institutions.

The universities assured the concerned students of standard learning facilities like those found in tertiary institutions abroad.

For instance, Babcock University said it was interested in accepting transfer students.

It  allayed the fears of concerned parents who could not afford expensive forex and urged them to seek placements for their children in the institution.

The university also promised interested students world-class learning facilities.

It listed integration of international professional certifications into academic programmes and well structured and uninterrupted academic programmes, among others, as some of the benefits interested students were bound to enjoy.

A senior official of Babcock University told one of our correspondents on the telephone that many  foreign students had been seeking transfer to the institution.

He said the opportunity was open to Nigerians who actually left the country to school abroad and those who were born there.

The official said, “It is surprising that many parents said their children would not have completed their education abroad, but for the opportunity created by Babcock University to assist stranded students.

“So many people have been coming to us to seek advice on how to handle their transfer. All they need to do is to apply and come with their transcripts.

“The opportunity is open to every interested person, including Nigerians born abroad, but interested in continuing their education in Nigeria.”

When asked how the standard of the certificates of those born abroad could be determined in Nigeria, the official said, “That one is not a problem; there is a way we usually grade the certificates.”

Achievers University, Owo, Ondo State, has admitted a few of the students who sought transfer from abroad to the institution.

A senior official of the institution, who spoke on condition of anonymity, said, “One student was admitted into one of the social sciences departments, he came from one of the foreign universities to complete his studies here. He requested for transfer and he was offered.”

The Registrar, Al-Hikmah University, Ilorin, Alhaja Rasheedat Oladimeji, expressed the hope that the university would record influx of foreign transfer of students.

She, however, stated that the university had just started admission for the next academic session and was hopeful that some foreign students would seek transfer to the institution.

The spokesperson for Afe Babalola University, Ado-Ekiti, Ekiti State, Mr. Afeez Olaniyi, said the institution was prepared to accept returnee foreign students.

“We will be glad to receive them. Yes, we do accept foreign students if they meet the requirements. We have been accepting over the years,” he said.

The Admissions Officer of Redeemer’s University, Ede, Osun State, Mr. Adewale Ayewole, also said the institution would gladly receive any returnee student, stating, “If they have the right qualification, we will accept them. If the course the student wants to study is run in our school, we will accept them.”

Asked if the institution had been receiving requests from overseas students, Ayewole asked Saturday PUNCH to forward an email to the school’s registrar. However, the registrar had yet to respond to the request as of the time of publishing this story.

But an official of Landmark University, Omu-Aran, Kwara State, said the institution doesn’t accept foreign students.

He said, “If the concerned students have passports, they will be admitted as international students, but they cannot serve in the National Youth Service Corps scheme after the completion of their programmes. They have to go abroad for their Master’s before they can serve.

“However, if the students do not have passports, they have to write the Unified Tertiary Matriculation Examination and be admitted like any other local student.”

Though it has been receiving transfer requests from Nigerians studying abroad, an official of Covenant University, Ota, Ogun State, said the school does not accept such requests because of its “peculiar” curriculum.

The official said, “As far as Covenant University is concerned, we don’t admit students into 200 Level or any other higher level. They must start from the scratch because of the peculiarity of our curriculum. If we are to admit them as they are requesting, we will somehow alter our curriculum which we don’t do. Such a student must seek admission afresh by taking the UTME.”

Meanwhile, some parents whose children are schooling abroad have said that their final year students have been engaging in menial jobs, among other means, to sustain themselves.

A parent, Mrs. Abigail Ademuyiwa, whose son is studying in the University of Kyiv, Ukraine, stated that her son was in the final year, but had been seeking scholarship to complete his education following her inability to send money to him.

She said “Since last year that the foreign exchange has affected the naira, the money I have been sending to him is no longer enough to take care of him, but he told me that he had been seeking scholarship there to complete his education, apart from engaging in menial jobs to cater for himself. He will graduate this year.”

A man, Alhaji Ahmed Sani, said he would have loved to bring his 21-year-old son from Ghana to complete his education at home, but he was constrained because he was in his final year.

Sani said, “The tuition I paid in his first two years was not up to what I paid after the forex crisis. Before, I used to pay N200, 000 per session, but I now pay N400, 000.

“If not because he is in his final year, I would have loved to bring him back to complete his education at home.”

He, however, told one of correspondents that two of his friends whose children still had more than two academic sessions to complete their studies had sought placements for them in Nigerian universities.

A Minna-based businessman, Alhaji Jebo Mohammed, lamented that it had not been easy for him to access forex to fund his children’s education abroad.

Mohammed, however, said in spite of the forex crisis, he would endeavour to ensure that they finished their education abroad. “It is a commitment and task that must be done,” he said.

The Vice-Chancellor, Caleb University, Imota, Lagos State, Prof. Ayandiji Daniel Aina, said though his university had yet to receive applications from students seeking transfer from abroad, it was logical for parents who could no longer afford their children’s tuition because of the forex crisis to bring them back home for the completion of their studies.

Asked if his university would admit such students if they sought to transfer to the school, Aina said, “They are welcome, but we are not basing our readiness to admit them on the forex crisis.”


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Kaspersky Shares AI Cybersecurity Predictions for 2026

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Kaspersky experts outline how the rapid development of AI is reshaping the cybersecurity landscape in 2026, both for individual users and for businesses. Large language models (LLMs) are influencing defensive capabilities while simultaneously expanding opportunities for threat actors.

Deepfakes are becoming a mainstream technology, and awareness will continue to grow. Companies are increasingly discussing the risks of synthetic content and training employees to reduce the likelihood of falling victim to it. As the volume of deepfakes grows, so does the range of formats in which they appear.

At the same time, awareness is rising not only within organisations but also among regular users: end consumers encounter fake content more often and better understand the nature of such threats. As a result, deepfakes are becoming a stable element of the security agenda, requiring a systematic approach to training and internal policies.

Deepfake quality will improve through better audio and a lowering barrier to entry. The visual quality of deepfakes is already high, while realistic audio remains the main area for future growth.

At the same time, content generation tools are becoming easier to use: even non-experts can now create a mid-quality deepfake in just a few clicks. As a result, the average quality continues to rise, creation becomes accessible to a far broader audience, and these capabilities will inevitably continue to be leveraged by cybercriminals.

Online deepfakes will continue to evolve but remain tools for advanced users. Real-time face and voice swapping technologies are improving, but their setup still requires more advanced technical skills. Wide adoption is unlikely, yet the risks in targeted scenarios will grow: increasing realism and the ability to manipulate video through virtual cameras make such attacks more convincing.

Efforts to develop a reliable system for labelling AI-generated content will continue. There are still no unified criteria for reliably identifying synthetic content, and current labels are easy to bypass or remove, especially when working with open-source models. For this reason, new technical and regulatory initiatives aimed at addressing the problem are likely to emerge.

Open-weight models will approach top closed models in many cybersecurity-related tasks, which create more opportunities for misuse. Closed models still offer stricter control mechanisms and safeguards, limiting abuse.

However, open-source systems are rapidly catching up in functionality and circulate without comparable restrictions. This blurs the difference between proprietary models and open-source models both of which can be used efficiently for undesired or malicious purposes.

The line between legitimate and fraudulent AI-generated content will become increasingly blurred. AI can already produce well-crafted scam emails, convincing visual identities, and high-quality phishing pages.

At the same time, major brands are adopting synthetic materials in advertising, making AI-generated content look familiar and visually “normal.” As a result, distinguishing real from fake will become even more challenging, both for users and for automated detection systems.

AI will become a cross-chain tool in cyberattacks and be used across most stages of the kill chain. Threat actors already employ LLMs to write code, build infrastructure, and automate operational tasks.

Further advances will reinforce this trend: AI will increasingly support multiple stages of an attack, from preparation and communication to assembling malicious components, probing for vulnerabilities and deploying tools. Attackers will also work to hide signs of AI involvement, making such operations harder to analyse.

“While AI tools are being used in cyberattacks, they are also becoming a more common tool in security analysis and influence how SOC teams work. Agent-based systems will be able to continuously scan infrastructure, identify vulnerabilities, and gather contextual information for investigations, reducing the amount of manual routine work.

“As a result, specialists will shift from manually searching for data to making decisions based on already-prepared context. In parallel, security tools will transition to natural-language interfaces, enabling prompts instead of complex technical queries,” adds Vladislav Tushkanov, Research Development Group Manager at Kaspersky.

 


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NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

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By Blaise Udunze

When the Federal Government approved the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, it was rightly described as a landmark decision. After years of disputes, reconciliations, and contested figures, Nigeria’s most important revenue institution was, at least on paper, given a cleaner slate.

NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

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The approval, contained in a report prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the last year November meeting of the Federation Account Allocation Committee (FAAC), effectively wiped out 96 percent of NNPC’s dollar-denominated obligations and 88 percent of its naira liabilities accumulated up to December 31, 2024. It resolved long-standing balances arising from crude oil liftings, joint venture royalties, production-sharing contracts, and related arrangements.

Judging it critically, the decision carries both promise and peril, but can be viewed from the perspective of a country desperate to restore confidence in public finance management. It offers an opportunity to reset relationships, clean up accounting records, and move forward under the Petroleum Industry Act (PIA). Yet, it also exposes deep structural weaknesses in Nigeria’s oil revenue governance, weaknesses that, if left unaddressed, could turn today’s debt relief into tomorrow’s fiscal regret.

Context matters. The debt write-off comes not during a period of revenue abundance, but at a time when Nigeria’s upstream revenue performance is under severe strain. According to the same NUPRC document, the commission missed its approved monthly revenue target for November 2025 by N544.76 billion, collecting only N660.04 billion against a projected N1.204 trillion.

Royalty receipts, the backbone of upstream revenue, tell an even starker story. It is alarming that against an approved monthly royalty projection of N1.144 trillion, only N605.26 billion was collected, leaving a shortfall of N538.92 billion. Cumulatively, by the end of November 2025, the revenue gap stood at N5.65 trillion, with royalty collections alone falling short by N5.63 trillion. These figures underscore how fragile Nigeria’s fiscal position remains, even as trillions of naira in historical obligations are being written off.

To be fair, the debts forgiven were not incurred overnight. They are the product of years of disputed remittances, lacking transparent accounting practices, and overlapping institutional roles, particularly under the pre-PIA regime. As petroleum economist Prof. Wumi Iledare has repeatedly observed, the former Nigerian National Petroleum Corporation combined regulatory, commercial, and operational functions, making revenue reconciliation cumbersome and frequently contested.

That legacy continues to haunt the system, as witnessed with the ongoing dispute between NNPC Ltd and Periscope Consulting, the audit firm engaged by the Nigeria Governors’ Forum, over an alleged $42.37 billion under-remittance between 2011 and 2017, which illustrates how unresolved the past remains. Though NNPC insists all revenues were properly accounted for as claimed, Periscope maintains that significant gaps persist, forcing FAAC to mandate yet another reconciliation exercise. This recurring pattern of audits, counterclaims, and stalemates has weakened trust in the federation revenue system and eroded confidence among states that depend on oil proceeds for survival.

Crucially, the debt write-off does not mean NNPC has turned a corner financially. Statutory obligations incurred between January and October 2025 remain on the books, amounting to about $56.8 million and N1.02 trillion. Although part of the dollar component was recovered during the period under review, the accumulation of new liabilities so soon after reconciliation raises uncomfortable questions about whether old habits are being replaced with genuine fiscal discipline.

More troubling still is what NNPC’s own audited financial statements reveal about its internal financial health. Despite recording a profit after tax of N5.4 trillion on revenues of N45.1 trillion in 2024, the company’s inter-company debts ballooned to N30.3 trillion, representing a 70 per cent increase within a single year. This is not debt owed to external creditors but largely obligations between NNPC and its subsidiaries, effectively the company owing itself.

Records show that of 32 subsidiaries, only eight are debt-free, and the rest, particularly the refineries, trading arms, and gas infrastructure units, remain heavily indebted to the parent company. There was a recurring cycle where profitable units subsidise chronically underperforming ones, and accountability steadily erodes because cash that should fund maintenance, expansion, and efficiency improvements is instead trapped in internal receivables.

The refineries offer a stark illustration whereby the Port Harcourt Refining Company alone owed N4.22 trillion in 2024, more than double its 2023 figure, while Kaduna and Warri refineries followed closely, with debts of N2.39 trillion and N2.06 trillion respectively. Despite the repeated failed turnaround maintenance with many years of rehabilitation spending, none have operated sustainably at commercially viable levels. Their continued dependence on financial support from the parent company highlights the cost of postponing difficult restructuring decisions.

And, for this reason, international observers have long warned about these structural weaknesses. One of the critics, the World Bank, has repeatedly flagged NNPC as a major source of revenue leakages. It further noted that the persistent gaps between reported earnings and actual remittances to the Federation Account. Even after the removal of petrol subsidies, the bank observed that NNPC remitted only about 50 per cent of the revenue gains, using the rest to offset past arrears. Such practices, while perhaps defensible in internal cash management terms, undermine fiscal transparency and weaken Nigeria’s macroeconomic credibility.

This is why the central issue is not the debt write-off itself, but what follows it because debt forgiveness is not reform. Without firm safeguards, it risks entrenching the very behaviours that created the problem in the first place. As Prof. Omowumi Iledare has warned, the scale and pace of the inter-company debt build-up represent a governance test rather than a mere accounting anomaly. Allowing subsidiaries to operate indefinitely without settling obligations is incompatible with the idea of a commercially driven national oil company.

The fact remains that if NNPC wants to function as a true commercial holding company under the PIA, it must enforce strict settlement timelines, restructure or divest non-viable subsidiaries, while clearly separating legacy debts from new obligations. With this, it holds subsidiary leadership accountable for cash flow and profitability. Independent, real-time audits and transparent reporting must become routine features of governance, not emergency responses triggered by controversy.

There is also a broader national implication. At a time when Nigerians are being asked to accept higher taxes, reduced subsidies, and fiscal tightening, large-scale debt write-offs without visible accountability risk undermining the legitimacy of the entire revenue system. Citizens cannot be expected to bear heavier burdens while systemic inefficiencies in the country’s most strategic sector persist.

Of a truth, the cancellation of NNPC’s legacy debts could mark a turning point in Nigeria’s fiscal governance, but only if it is not treated as its conclusion but the beginning of reform.

If discipline, transparency, and commercial accountability follow, the decision may yet help reposition NNPC as a profitable, credible, and PIA-compliant institution. If not, today’s clean slate will simply defer the reckoning until the next reconciliation, the next audit dispute, and the next fiscal crisis.

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]


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INEC Warns of Fake Ad-hoc Staff Recruitment Portal

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Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”

INEC Warns of Fake Ad-hoc Staff Recruitment Portal

The Commission raised the alarm in a statement published on its website late Tuesday.

It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…

The Commission affirmed that the website is fake and not affiliated with the it in any way.

“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”

It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.

“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.

The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.

It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org

It added that any other website or link outside the above is not authorized by INEC.

It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org


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