Seven Insights from Reading Nigerian Newspapers

Got a few late June 2026 copies of The Punch (sells for Naira 300) and This Day (sells for Naira 400) to review. As a reader of daily newspapers in Kenya, I find foreign newspapers to be a fascinating source of news to contrast with the ones in Nairobi. Here are some items categorized by buckets. 

  

1. Banking Stories

• The maximum allowed interest rate is 34.78% in May 2026, down from 35.17%.
• Deposit protection covers 281 million depositors at 914 financial institutions, with 98% fully insured. The protection covers account holders at banks, microfinance institutions and mobile money operators.  
• Nigeria is introducing an overnight financing rate to be accepted as the benchmark for the cost of money. 
• Regulator-driven mergers are happening, and ProdivusUnity Bank is the result of a merger between Prodivus and Unity banks arranged by the Central Bank.
• Cards are not Visa or MasterCard, and monthly dollar limits vary by card tier and bank; for example, at one bank, platinum cardholders have a $9,000 quarterly limit on international transactions (via POS, web, ATM), compared to $7,500 for gold cards. 
• A former Governor of the Central Bank, Godwin Emefiele, is facing charges for receiving $17 million through an intermediary in 2023.

2. Newspaper Writing Styles 

• They give prominence to the source of the headline story, whether it’s an event (book launch or industry event) or a speech or statement (e.g. from a presidential advisor).  e.g. the President wishing happy birthday to an oil chief is covered on the same page as another on a bishop giving his state of the nation address as is a letter from a man to his dad (who is a governor) urging him to find jobs for the youth in his state (taken from his Facebook).
• The newspapers are adorned with large colour pictures of events and ceremonies. They often take up 1/3 of a page, are clear, and show the people with their names and official titles.  
• Many stories end with "read the full article online" to drive readers to online pages.
• Business pages feature the email and phone number of the editor.
• The Back page is used for news, not sports, which is relegated to a few inside pages. Some stories start on the back page (e.g. 40) and continue on pages inside (35 and 36). 
• A page of "letters to the editor" gets prominence. 150-200 word ones are invited, as are opinion pieces of 1,000 words.
• The Saturday Punch bills itself as the most widely read newspaper, which passes through many hands on a day when people are free from work and less stressed.

3. Newspaper Advertisements: 

• Pages two and three are full-page advertisements by banks. Kenyan papers will be envious of such competition, as it seems advertising has not fully shifted to digital in Nigeria, and they still command good budgets. In fact, there are no half or quarter-page ads by banks, and it’s almost as if no serious bank will advertise on less than one page, in colour.
• But personal adverts are a bigger business than corporate or bank ads. The newspapers are full of personal full-page colour ads such as full-page obituaries, one-year remembrances, happy birthday (to an incredible husband), congratulations from a son to a dad who has got a government appointment, or the President saluting a governor on his birthday.
• State governments like Abia State and Ondo State published their audited accounts like a bank on three pages for 2025, itemizing their cash flow statement, balance sheet, consolidated revenue, and auditors’ opinions. It would be nice to have Kenyan counties publish what the Auditor General reports on their accounts before their governors are summoned to the Senate for hearings.
• The Punch has a notice that they do not demand or accept gifts to publish articles or photographs, and invites reports or any complaints to be sent in.

4. Dangote is Big News 

• Aliko Dangote met President Samia of Tanzania at State House, Dar es Salaam. While the East Africa refinery is planned for Lamu, Kenya, in Tanzania, the Dangote Group has plans for a port, a coal-fired power plant, a urea fertilizer factory and access roads.
• Dangote recently imported 2 million barrels of oil from Libya, the first such shipment ever recorded, and crude from the UAE, comprising two cargoes, following the reopening of the Strait of Hormuz. 
• Nigerians are awaiting price cuts by the Dangote Group, the Nigerian National Petroleum Company (NNPC) and oil marketers. 
• While the Dangote Petroleum Refinery has not filed for or authorised any IPO-related marketing, the Nigerian Exchange Group CEO says a listing is on track to match the value of all new listings in 2025. Already, there has been a five-fold increase in the number of Nigerians opening trading accounts this year.

5. Investing in Nigerian Shares 

• The 120 listed companies on the Nigerian Stock Exchange have a market value of 150 trillion Naira as of June 2026. That’s about 14 trillion Kenyan shillings, while the Nairobi Exchange is valued at about 4 trillion shillings. 
• Top firms are MTN Nigeria (Naira 17.4 trillion), Dangote Cement (16.2T), Bua Foods (10.9T), Bua Cement (10.7T), and Airtel Africa (10.3T). Other large firms are Nestle Nigeria, Lafarge Africa, Nigerian Breweries, Presco, and Aradel Holdings. Notably, banks, while not the largest firms on the exchange, are the main drivers of liquidity; they include Zenith, Guaranty Trust, Ecobank Nigeria, and Stanbic IBTC.

6. Diaspora Matters 

• Nigerians in the UK can now renew their passports online, upload documents, pay, track their applications, and have the passports delivered to their homes without ever coming to the High Commission in London. This will now take 5 days instead of the 6 months before. 
• In the last year, 1.3 million Nigerians had their UK visa applications rejected, second only to India and ahead of Pakistan and China. In comparison, 2.7 million Nigerians were granted UK visas, the highest in Africa, followed by South Africa and Egypt. Over 21 years, the UK has rejected 33% of Nigerian visa applicants, double the UK average of 15%. 
• South African multinationals are feeling the heat of xenophobia. The Chairman of the MTN Group, which has a presence in 19 countries, has condemned the violence, which he blames on leaders in SA.
• 1,000 Nigerians registered with the Federal Government for evacuation from South Africa, and 324 had been flown from Johannesburg, but over 700 remained stranded over the weekend with the June 30 deadline looming. In the last year, over 20 Nigerians have died in South Africa. 
• Six players of Nigerian heritage were selected in the NBA draft. The highest was an ex-Stanford player who Oklahoma picked 17th, and his rights were later traded to Detroit.

7.  It is Election Season:

• Ahead of the January 2027 elections, a judge has refused the registration of the Nigeria Democratic Congress (NDC) party, which presidential candidate Peter Obi, who came third in the 2022 election, was going to use in the run for the seat in January 2027. The decision was made after another party complained that NDC was infringing on its logo. NDC says it is business as usual and is appealing. 
• An open letter by the Muslim community in Remo Federal Constituency to the leaders of the All Progressives Congress (APC) alleges that, despite their high voter turnout, the outgoing and incoming governors and the outgoing and incoming senator are all Christians, as is the member of the House of Representatives and three of the four House of Assembly members. They say that the Muslim population in Remo is between 45-55%, and they call upon the party to address a gap that needs to be reflected in the leadership.

Guide to Lagos

Guest post by MVQ

Intro: Lagos is not the most tourist-friendly city in the world but it does provide a good taste of West African culture and is a "must see" destination for anyone looking to do pan-African business. As locals will tell you, there aren't many sites to see, there are only a few beaches that are tourist-friendly, and the congestion can be quite overwhelming. But if you can get over that, you are in for a cultural treat, an enviable nightlife, and a peek into one of the most dynamic African markets.

Getting There: I took the KQ flight from Nairobi to Lagos and it was actually quite nice and relaxing. Lagos' airport is a blast from the past, it appeared as if it hadn't been updated in decades and upon entry the only sign of modernity is a large monitor with adverts near customs.

The customs process though was surprisingly efficient. Mine was the only flight to have arrived at the time and there were 5 customs counters, with 3 for non-citizens that moved fairly swiftly. You need to get a Nigerian visa in advance to get through customs (give yourself 2 weeks to get the visa, as you must hand over your passport, pay ~$100 for US/UK, $50 for other countries, and prove that you have a destination in Nigeria.) You will also need a yellow fever card

To my surprise I was able to get through customs in about ten minutes - and based on the reaction of my friends though, this is a rare occurrence. Apparently customs is a major pain and you must pay for expedited service (there is some rumor that the expediters and the customs agents may be in cahoots.)

Despite not wrapping my luggage, it came out in one piece. Later I was warned by frequent travellers that Lagos airport is one of the more risky destinations for "open" luggage, so my advice is to try to get your luggage shrink-wrapped before flying into Lagos.

Getting Around: When I got out of the airport, the cab drivers were quite aggressive, and I ended up riding in to the city with a friend. My advice is to try to get your contact in town to send a car for you to avoid the aggressive cabbies. If you can't get a car, then you should expect to pay 5,000 Naira for the 30 minute to an hour long ride into the city.

When in the city the best way to get around is via a car service or taxi. Try to link with a reliable driver, and for newcomers, Red Cab is generally a pretty safe option. Each cab ride should cost you between 2-3,000 Naira ($13-20) if traveling in the Lekki, VI, Ikoyi, or Yaba areas, and you should clarify the price up front.

Do not walk around by yourself at night and take caution during the day, and look out for the Okadas, ("kamikaze moto taxis") which are the fastest, but most dangerous means of transport around Lagos.

Communications: The best way to communicate is via mobile phone, and you can buy a SIM card for prepaid minutes upon arrival. Most people here have two phones from different carriers as the services are known to go out every now and again. I signed up with MTN and was reasonably happy with it; I plugged it into my Ideos Android phone and used the prepaid airtime for voice, data, and to create a wifi hotspot for my laptop. Other major players are Airtel (Zain), and Etisalat.

Hotels: The hotels in Lagos are very expensive as the mid to high end hotel market is sparse. The Sheraton Four Points, Radisson Blu, Southern Sun, Eko, and Federal Palace are probably the most tourist friendly and range in price from $300 to $600 per night.

Getting Around: The people in Lagos are fairly aggressive, but they all mean very well and are generally quite kind. I found that I received amazing hospitality from friends and colleagues in Lagos. The Nigeria pride is real!

English is the primary language in Lagos, though you do hear Pidgin, Hausa, Yoruba, Ebo, and other languages. The best paper to get while here is "The Punch" – and , though there are about 4 mainstream papers, expect about half the pages to be filled with full page ads and "congratulatory" statements about public officials.

Food & Bars: You must try the local food when in Lagos, and specialities like Fufu, Melon Seed, Okrah Soup, Suya, and Pepper Soup are staples. If you like spicy food then you will love the food in Lagos.

Star beer dominates, and you can get a large bottle for 800 Naira ($5.) I strongly recommend Star over Gulder (the other local favorite), as it has a good taste and is fairly ubiquitous.

Electricity: Be warned - power transmission is very unpredictable in Lagos. Even in the most affluent neighborhoods one power outage a day is not uncommon and some areas will go for weeks without power. After the first two outages you will get used to it - just make sure that your phone, laptop, etc. are always charged up!

Summary: Overall, Lagos is a great experience. The frenzy, the opulence, the fashion, the food, the traffic, the beaches, the hospitality, and the excitement are all palpable. Enjoy your trip!

Local Content, Conversation & Branding in Africa

Late in 2010, TNS released a Kenya digital study as part of a three month study of the habits of online Africans; In Kenya it involved 800 interviews - 400 online, 400 face-to-face and tried to answer various questions like - Who is online? What are people doing online? How can brands connect? What messaging/digital communication channels are best?

Some findings included:
- Internet penetration: Kenya & Uganda is 10%, Tanzania is 1.6%, Nigeria is 29%, Egypt 22%, South Africa 11%. In local capitals - 49% of Nairobi residents have tried the internet, 53% in Kampala, 31% in Dar es Salaam (and 42% & 49% in Mombasa & Arusha respectively) for an average of 45% of EA urban nationals
- Cyber café are the primary mode (67%) of access Internet in Sub-Saharan Africa, but in Kenya its the mobile phone (60%)
- Many people started using Internet in last two years and are on a learning curve; Companies need to make sure they educate the users on how to use their sites more effectively. This is compared to countries like Japan which has high internet penetration but low interest (its a part of life, no longer exciting)
- In terms of daily media access, digital is still lower than conventional media – so companies/brands have to continue with old media; Also radio is very important, compared to global where radio trails TV
- Top e-mail sites: Gmail Yahoo, Facebook, MSN
- Top social networks: Facebook Google Yahoo Youtube
- Top knowledge sites: Google Wikipedia Yahoo DailyNation
- Top news sites: Google BBC Standard DailyNation
- Top multimedia sites: Youtube Google CapitalFM Facebook
- Very few people (7%) say they are shopping online
- Kenyans (and Africans) want to do more activities online - like internet banking, pay utility bills, watch TV, make travel bookings, submit taxes, advertise online. This will become an annual study by TNS to monitor trends in the online space.

One of their partners, VML (Kansas, US) also did a complementary study on digital monitoring of some Kenyan and African brands over several months this year using SEER ecosystem to find a link between bloggers and brands. They looked at mobile companies (Orange,Safaricom,Yu), countries as brands (Kenya,Nigeria,South Africa) and banks (Stanbic,Ecobank)

Some findings:

Mobile: Orange is way ahead of everybody else (846,000 mentions with 92% positive) but may have little to do with Kenya (more the international Orange brand)
- Safaricom had 11,000 conversations online, with people talking about the business, Michael Joseph (outgoing CEO), but not about products & prices. 66% was positive, and this varied from month to month, with some negative on their customer service and competition/regulation.
- Most intriguing - the bulk of conversation abut Safaricom does not happen in Africa - it's highest in US, UK, Germany. In Africa, there is some conversation in Kenya, Uganda, and South Africa - and in Kenya its associated with 4 blogs (Kenyanjobs, siku-moja, bankelele, kenyaprincessproject)

Banking: Ecobank has 5000 mentions, and Stanbic 900 mentions – but Ecobank spiked as a result of an unrelated Ecobank twitter account in Japan (not Africa) while for Stanbic it was due to coverage of a cricket tournament in Zimbabwe
- The highest conversation about Stanbic is in UK, while for Ecobank its in the US,
- These are very few conversations about banks or their business, and these are happening mainly outside Kenya and Africa (Ecobank is associated with this blog on the strength of a couple of blog posts about the bank’s 2010 AGM in Nairobi)
- There is an opportunity for banks, to engage, and not just about Internet banking products.

Tourism: Kenya tourism conversation is 81% positive, 16% negative – (jambo ad annoyed people on the net) - and again a lot of conversation in UK and US.
- While Kenya gets good conversation given the budget they spend, Kenyan tourism only get as much positive conversation as Nigeria – showing a need for more positive content creation and engagement online.
- Concern that despite the natural beauty of Kenya (wildlife, beaches, scenery), 0% is taking place on photo or image sites - a missed opportunity to create visual content.

Summary
- Very little conversation about African brands is originating in Africa, and there are opportunities for links to be created either with influential blogs, or social media etc.
- Complaints cause large spikes in conversation
- Companies need to monitor online conversation, beyond press clippings
- Companies need to incorporate digital plans in their branding exercise