General News
Technology is Critical in Creation of Retail Forex Market – Ahmad
Jameel Ahmad is the chief market analyst at Forex Time (FXTM). Having worked in the UK, US and Cyprus, Jameel has built a very strong background not only in forex analysis but also in risk management and project management, all of which have been crucial stepping stones in accomplishing the position he holds today.
In this interview with peter ugwu, he spoke extensively on the devaluation of Naira, the forex market and impact of technology on the Forex market.
Devaluation of the Naira
I felt that the central bank’s choice to act proactively and attempt to devalue the Naira before the drop in oil prices even really began, was an interesting strategy and one which I personally supported.
This action has resulted in the Naira only depreciating by around 15% against the US Dollar this year, despite the Nigerian economy being very dependent on oil trade.
It appears that the central bank’s attempt to gradually devalue the Naira has avoided the issue of unexpectedly alarming investors.
On the flip side, the central banks of other countries dependent on oil trade such as Norway and Russia acted differently, and have seen a much more rapid weakening of their currencies.
Economic Factors Responsible for CBN’s Action
The primary reason behind the drop in the Naira was to combat the substantial fall in oil prices, with the Nigerian economy heavily relying on Crude exports for its earnings.
Debate on Whether CBN Should Have Acted Differently
This is a question that could be repeatedly asked, and one that will be widely debated by others. In some ways the central bank acted proactively by devaluing the Naira before the drop in oil prices even began to hit full momentum.
Other central banks appear to have waited for the decline in oil prices to accelerate before acting, with this stirring some panic among investors and leading to unexpected levels of market volatility.
If moves to devalue the Naira occurred after the decline in the oil prices had already commenced, this would have risked creating market panic.
Therefore, there are arguments for both sides here.
Expected Impact on the Economy
This is an interesting question, and there are a few different approaches that could explain what impact the drop in oil will have.
From the economic standpoint of Nigeria, there is a high reliance on oil exports so there are disadvantages that this will have on the Nigerian economy.
At the same time, Nigeria has been attempting to develop a focus on more service related industries, therefore there is an opportunity for the economy to continue focusing on this.
The same approach goes for the other economies heavily relying on crude exports, as this creates an opportunity for economies to diversify from being reliant on a few sectors.
The likely knockback the drop in oil prices will have on oil reliant economies will have some impact on the global stage, however it could also help the global economy as well. For example, some of the major economies are large consumers of oil (China, Japan, and India) and these economies will benefit from the lower prices.
In the longer term, the lower prices should encourage economies to import more oil and continue expansion projects. Continuing expansion projects is extremely important, because this would lead to increased demand for the commodity and provide oil with its highest prospects of a rebounding price.
Price of Oil Appreciating
This is appearing increasingly unlikely, with the current economic conditions being aggressively against the commodity.
In order for oil to even begin recovering a proportion of its substantial losses, these economic conditions have to change.
There is currently an overpowering supply and demand equation threatening the oil markets, which is heavily weighted in favour of the bears and preventing possible bulls from even considering purchasing.
Despite there being repeated reports over an oversupply being present in the markets, oil production levels are still on the rise.
This is weakening the price of oil on its own. We also have repeated global economic concerns dominating news headlines, which is raising fears that there will be less demand for oil moving forward.
These two factors are combining together to allow the bears to dominate, which is why the oil markets are making new milestone lows on such a frequent basis.
Devaluation of the Naira, the Falling Oil Price and the Forex Market
One of the benefits of the forex market is that it allows for speculating on the market in both directions.
This means that even in a situation where a currency or commodity price is crashing, a trader has the potential to make a profit.
As such, I believe that the forex market is to a certain extent ‘immune’ from the kind of panicked mass exodus we see in other investment markets.
Of course, the forex market is just as prone to losses, but the ability to make a loss or profit lies in the hands of the trader and the trading decisions they make, as opposed to with other investments where there are external factors playing a role.
Assessment of Forex Market in 2014
Since the summer months of 2014, policymakers from some of the major central banks did provide insight towards the divergence in both economic sentiment and monetary policy around the global economy widening.
As 2014 wound up, this became one of the catalysts behind the increased market volatility. The other main catalyst behind the high market volatility has been the unexpected drop in oil prices.
My assessment of the market would be that there are still unanswered questions regarding the global economic recovery, and this is likely to remain in the headlines for at least the first quarter of 2015.
I also see the divergence in both economic sentiment and monetary framework from the major central banks continuing, which will further the potential for market volatility.
Although market news might continue to have headlines centered on global economic concerns, the US economy is continuing to progress and this will hopefully raise optimism in the global economy.
Phobia among Nigerians Concerning Forex Trading
I would say that this has reduced, as more Nigerians than ever before are becoming interested in trading forex and, as a result, the currency market is one of the fastest growing financial markets in Nigeria.
There is a real movement in the Nigerian people for them to take control of their own financial destiny and, because forex trading is open to almost anyone, it is a truly democratic investment option.
Forex is still a relatively new investment tool for many Nigerians which is why we focus so heavily on educational training programs and seminars.
These training sessions cover everything from the very basics of the market, right through to developing detailed trading plans and risk management strategies.
One thing can be guaranteed in investments; in order to truly prosper in any financial market it is critical to understand how the market works and to ensure you execute a balanced risk management strategy.
FXTM Assessment of Nigeria in the Global Forex Market
The forex market is developing quickly in Nigeria and interest in it is fast catching up on some of the more established financial markets, such as stock trading.
However we recognise that Nigerian traders need further education and support in order to truly benefit from investing in the financial markets which is why we organize demo contests and bespoke educational events.
Demo contests in particular are great learning experiences and they are completely risk free. By participating you are able to experience live trading conditions and the thrill of the market without risking any real money.
This is a great advantage for both novices and experienced traders as it means not only can you familiarize yourself with the platforms and tools of forex trading, but you can also test strategies and see what works best for you.
Forex trading is also somewhat of a singular activity and by participating in a demo contest you become part of a community in which you can challenge yourself against other traders from all around the world.
Impact of internet Access on Nigeria Forex Trading
Having reliable and consistent internet access is important to any form of online investment, including forex trading, but with the growing trend for people all around the world to access the internet via mobile devices, some of the challenges regarding internet access are being reduced.
Mobile internet adoption rates in Nigeria have accelerated in the past five years and last year it was reported that 32.5 million Nigerians were accessing the internet through mobile devices compared with 7.3 million users back in 2008.
The popularity and growth of mobile internet adoption has had a positive impact on our business as we are finding that more clients than ever before are accessing the forex market through our mobile and tablet apps, and I can only see this trend growing in the future.
Role of Technology in the Forex Market
Technology has been critical in the evolution and even the creation of the retail forex market. Until the internet developed into the phenomenon that we know it as today, forex trading was restricted to just banks and financial institutions.
It was only once the online revolution took hold in the late 1990s and the early 2000s that online forex trading platforms emerged and the currency trading market became open to retail investors.
The opening up of the retail forex market is routinely called the “democratization” of the forex industry because it took away many of the practical barriers to entry that had previously stopped independent investors becoming involved in the forex market.
Since then, the technology has developed so enormously that it is now possible to trade from virtually anywhere via desktop, laptop, mobile phone or tablet.
Technological developments are especially important to market participants in fast-developing economies such as Nigeria because it means that investors have the same access to the market that they would have anywhere else in the world, whether that is New York, London or Lagos.
General News
DSS Spyware Acquisition Enables Illegal Wiretaps, Detentions – The ICIR

Department of State Services (DSS), statutory known as the State Security Service (SSS), Nigeria’s premier domestic intelligence agency has reportedly acquired spyware that enables it illegally wiretap and detains citizens.

According to a report by The International Centre for Investigative Reporting (The ICIR), court filings and victim testimonies reviewed by it in the course its investigation revealed how spyware equipment acquired by Nigeria’s secret police for “national security” has become an instrument for illegal wiretapping.
In Nigeria, unlawful phone tapping and wiretapping are serious crimes as they violate privacy rights unless authorized by a judge.
The ICIR, an independent, non-profit news agency that promotes transparency and accountability through robust and objective investigative reporting in its report said the DSS, targets are monitored in secret, picked up, and hauled into horrible detention camps without trial dates or accountability.
Section 37 of the 1999 Constitution protects the privacy of citizens, their homes, correspondence, and telephone conversations.
But in exceptions, under the Constitution and the Lawful Interception of Communications Regulations 2019, authorized agencies (like the DSS and Police) can only intercept communications with a valid court order or warrant for reasons of national security or public safety.
Here is the full The ICIR report:
FIRST, the phones pinged. Then the knocks came. For suspects apprehended by operatives of the Department of State Services (DSS) since 2021 and taken to the military detention facility at Wawa, a border town in Niger State, the pattern was identical: strange calls, dropped signals, then arrests without warrants.
Court filings and victim testimonies reviewed by The ICIR in this investigation reveal how spyware equipment acquired by Nigeria’s secret police for “national security” has become an instrument for illegal wiretapping.
Targets are monitored in secret, picked up, and hauled into horrible detention camps without trial dates or accountability.
He sounded like a fan from America
On his way to Abuja from Abia State, a social media critic, Saheed Jamilu, got a call from a strange number.
The caller claimed to be a fan of his based in the United States who once lived in Abia.
“He hailed me and professed love for the South-East,” Jamilu said in a viral Facebook video. The caller later advised him to “soft-pedal” criticism of leaders, including the Ogun State governor, Dapo Abiodun.
Thirty minutes later, Jamilu checked the number.
Curiously, it carried a Nigerian code, not that of the U.S.
“It occurred to me something was fishy. I shared the number with my lawyer for verification. We later confirmed the caller was from the DSS,” Jamilu said.
He wondered why the secret police would chase critics instead of kidnappers holding hostages in forests across Nigeria.
Stories like his have flooded the social media space in Nigeria.
Activists and content creators, including the popular VDM (Very Dark Man), allege DSS surveillance and threats of arrest.
Where is ‘Blood’?
For lawyer Pius Awoke, 49, student Onyibe Chinonso, 34, and builder Nwocha Chinedu, 43, it was not an online alarm.
It was years of unspeakable horrors in detention.
On a wet Thursday morning in June 2021, along the Abuja-Lokoja highway, their Enugu-bound Sienna was flagged down near the Murtala Mohammed Bridge close to Lokoja.
Soldiers manning a checkpoint said the DSS had ordered a stop for a suspected IPOB (Indigenous People of Biafra) member.
Fifteen minutes later, plainclothes operatives arrived in an unmarked SUV. Among the eight passengers in the intercepted Sienna, the trio were ordered out and forced to surrender their phones.
Awoke recalled: “One operative brought out a paper and started dialling numbers with each phone. ‘Where is Blood?’ they barked, searching for a contact.”
Chinonso said they repeated the dialling three times and found nothing. After body and vehicle searches, the operatives began beating them.
“They kept beating and asking us ‘who is Blood?’ while we showed ID cards. After five hours of torture, they handcuffed us and took us to their Lokoja office,” Chinonso recalled.
The next day, they were ferried to DSS headquarters, Abuja, with face masks, phones and money seized. They were dumped in an underground cell called “Basement-2.”
Chinonso said one of the operatives, Jonah Daniel, urinated in a bottle and sprinkled it on their heads. “After that, our legs were chained together. We were kept incommunicado in a dark, cold, unventilated cell for two days,” he said.
Torture at the ‘Hell’ called Wawa
Wawa Military Cantonment in Borgu LGA, Niger State, near Benin Republic, is used for training and operations.
However, some ex-detainees told The ICIR that their ordeals in the hands of the DSS ended with detention at Wawa, describing it as “hell.”
For full details go to https://www.icirnigeria.org/how-dss-spyware-acquisition-enables-illegal-wiretaps-and-detentions/
General News
IHS Nigeria, FCT-HSES Concludes Clean Cooking Energy Campaign “Project Breathe Clean Air” in Abuja

Communications infrastructure company, IHS Nigeria, in partnership with the Federal Capital Territory Health Services and Environment Secretariat (FCT-HSES), has successfully concluded the Project Breathe Clean Air Abuja, a landmark initiative designed to help the underserved communities across the Federal Capital Territory to access Liquified Petroleum Gas (LPG) cylinders as a cleaner alternative for household cooking.

The Grand Finale Ceremony, which held at the Bwari Area Council Stadium, marked the successful completion of the project following months of implementation across all the six Area Councils of the FCT. The event also featured the symbolic presentation of LPG cylinders and refill vouchers to beneficiaries in Bwari, the final beneficiary community under the programme.
Speaking at the event Mr. Dapo Otunla, Senior Vice President and Chief Corporate Services Officer, IHS Nigeria who represented the Chief Executive Officer, Mohamad Darwish, described the initiative as a practical demonstration of the company’s commitment to delivering sustainable impact in the communities where it operates.
“When we launched this initiative in November 2025, we committed to supporting the FCT Administration in reducing household air pollution and improving the health and wellbeing of vulnerable communities. Today, we are proud to celebrate the successful fulfilment of that commitment,” he said.
Mr. Otunla noted that Project Breathe Clean Air Abuja aligns directly with two of IHS Nigeria’s core sustainability pillars: Environment and Climate Change, and People and Communities.
He explained that by supporting the transition from traditional biomass fuels such as firewood and charcoal to Liquefied Petroleum Gas (LPG), the initiative has contributed to cleaner household energy use, reduced exposure to indoor air pollution, and improved health outcomes, particularly for women and children.
According to him, the project delivered 10,000 LPG cylinders across communities in the FCT over two phases, while also enrolling 2,000 beneficiaries into the IHS Project Clinic Without Walls (PCWOW) Health Insurance Scheme, thereby extending the project’s impact beyond clean energy to improved access to healthcare.
“As we celebrate the successful completion of this initiative, we are also celebrating the strength of partnership. The collaboration between IHS Nigeria, the FCT Administration, community leaders and the implementing partners has transformed a shared vision into measurable impact,” he added.
Delivering an overview of the project, the Mandate Secretary, FCT Health Services and Environment Secretariat, Dr. Adedolapo Fasawe, reflected on the journey that led to the initiative and expressed appreciation to IHS Nigeria for supporting the FCT Administration’s vision of promoting cleaner, healthier communities.
She explained that the project was conceived as a practical response to the widespread use of firewood and charcoal for cooking across communities in the FCT.
“We could not simply ask people to stop using firewood and charcoal without providing them with a practical alternative,” she said.
Dr. Fasawe commended IHS Nigeria for embracing the vision and providing the support required to make the project a reality.
She noted that, through the partnership, beneficiaries across the six Area Councils received LPG cylinders alongside refill vouchers, helping their households transition to cleaner cooking methods while reducing exposure to harmful household smoke.
She further described the project as an example of how collaboration between government and the private sector can deliver meaningful improvement in the lives of citizens.
Beneficiaries also shared testimonials on how the access to clean cooking energy has improved their daily lives, while officials of the Federal Fire Service conducted a practical demonstration on the safe handling and use of LPG cylinders.
The ceremony brought together senior officials of the Federal Capital Territory Administration, representatives of the Honourable Minister of State for the FCT, Area Council representatives, traditional rulers, and community stakeholders in celebration of the successful completion of the initiative.
The IHS Nigeria delegation was led by Mr. Dapo Otunla, Senior Vice President and Chief Corporate Services Officer, and included, Director, Sustainability, Titilope Oguntuga, Director, Corporate Communications, Sylva Ifedigbo and other members of the company’s leadership and sustainability teams.
The successful conclusion of Project Breathe Clean Air Abuja reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote environmental responsibility, improve public health outcomes and strengthen the resilience of host communities.
General News
Beyondsurface Hairhub Equips Women Entrepreneurs with Practical Business Structure Skills at Free Lagos Seminar

Beyondsurface Hairhub successfully hosted the maiden edition of the Beyond The Strands Business Seminar (BTS 2026) on June 30, 2026 at TheWrkoutHub, Lagos, under the theme “Business Structure Made Simple.”

The free seminar was conceived by Folashade Idowu, Founder of Beyondsurface Hairhub, to bridge the knowledge gap many young entrepreneurs face while building their businesses.
“Beyond The Strands was born from my personal journey as a young entrepreneur. I wanted to create a space where women could access practical business knowledge regardless of their financial capacity.
“At Beyondsurface, we are not just interested in serving women through our products, we are committed to their growth, because thriving businesses contribute to healthier families and stronger communities,” she said.
The event recorded 101 registrations, with 54 entrepreneurs attending physically despite heavy rainfall, while 93 additional participants joined via a publicly accessible livestream, extending the seminar’s reach beyond the venue.
Participants received practical training on building sustainable businesses through proper structure, covering branding, finance, operations, legal documentation, team management, and business systems. Speakers included Omolola Dada (Awani Digitals), Adebisi Odeleye (Moore Organic), Bankeye Akinwale (Michael Akinwale & Co.), and Olamide Olayinka (Mayana).
Beyond the learning sessions, the seminar fostered meaningful networking, business collaborations, and sales opportunities among attendees. Participants also received premium gift packs containing products from partner brands, including satin bonnets, natural herbal shampoo, healthy drinks, granola, coconut products, and other wellness items.
The event featured product exhibitions by August26 trend, Kiano Naturals, Glowbywealth and Beyondsurface Hairhub with support from several sponsors and partners committed to empowering women entrepreneurs.
Participant feedback reflected the event’s impact.
“I’m glad I came despite the rain. I learnt so much from the panel session and the business structure sessions. It was incredibly impactful,” said Olamide Hairmpire
Another participant, Chrisolite Hair who joined online via YouTube, remarked, “Your session was so insightful, and the panel session was amazing.”
With overwhelmingly positive feedback and video testimonials from attendees, Beyondsurface Hairhub has announced that Beyond The Strands Business Seminar will become an annual initiative, continuing its mission of equipping entrepreneurs with practical tools to build sustainable and impactful businesses.
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