President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.

Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.

Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.

Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.

“The situation is definitely very fragile, prices are expensive… We ​have no choice but to transfer the costs right now to ⁠the customers,” Goh told Reuters.

Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.

Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.

The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.

“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.

Federal High Court in Abuja has upheld Federal Competition and Consumer Protection Commission’s (FCCPC) authority to investigate consumer complaints and enforce regulatory oversight in Nigeria.

Tunji Bello, EVC/CEO, FCCPC

In a statement signed by Ondaje Ijagwu, director, Corporate Affairs, the Commission said that in the judgment delivered by James Omotosho on April 20, 2026, the court dismissed a suit filed by Air Peace Limited challenging the Commission’s statutory powers.

The ruling affirmed the Commission’s mandate under the Federal Competition and Consumer Protection Act, 2018 to “receive complaints, assess matters brought before it, and take appropriate lawful steps, including investigation where necessary.”

Reacting to the decision, Tunji Bello, executive vice chairman and chief executive officer of the Commission, said; “the judgment reinforces the importance of regulatory oversight in safeguarding consumers and ensuring fair market practices.”

Bello explained that the case stemmed from complaints involving “unrefunded ticket fares, cancelled flights, and other service concerns affecting passengers.”

Bello stressed that consumers who pay for services are entitled to fair treatment, transparency, and redress in accordance with applicable law.

He also said that investigations conducted by the Commission are administrative processes aimed at establishing facts.

“It does not amount to a finding of liability or wrongdoing,” he said.

The FCCPC boss further reiterated the agency’s commitment to due process and constructive engagement with businesses, noting that the Commission would continue to operate in a “fair, professional, and transparent manner.”

Bello also urged companies operating in Nigeria to cooperate with lawful regulatory procedures and strengthen internal complaint resolution mechanisms to address consumer grievances promptly.

The Commission said it will continue to act within its statutory mandate to protect consumers, promote competitive markets, and build confidence in key sectors, including aviation.