Calabar news in brief for March 31: Tuesday’s top headlines

CBN Reaffirms Union Bank Stability

The Central Bank of Nigeria (CBN) has reaffirmed its oversight and assured the public of Union Bank’s stability following a recent court ruling. The apex bank stated that it remains committed to ensuring the soundness of the Nigerian financial system. This statement aims to quell any potential concerns arising from the legal proceedings, emphasizing that Union Bank continues to operate under the CBN’s regulatory framework. Source

NUPRC, SeaSeis Sign Offshore Exploration Deal

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No 5 agreement with SeaSeis Geophysical Limited. This landmark deal authorizes the company, in partnership with TGS, to acquire and process new 3D seismic and gravity data offshore the Eastern Niger Delta. The three-year agreement aims to unlock stronger prospectivity, enhance subsurface understanding, and support more efficient development of Nigeria’s hydrocarbon resources, matching with the Petroleum Industry Act (PIA) 2021. This initiative signals a growing appetite for exploration activities within the sector and is expected to provide operators with high-fidelity data for evaluating prospects with greater confidence. Source

FCCPC Market Sensitisation Campaign

The Federal Competition and Consumer Protection Commission (FCCPC) is intensifying its market sensitisation campaign across Nigeria, including commercial centres like Lagos. This initiative aims to directly engage traders and consumers, promoting awareness of consumer rights and regulatory compliance. The FCCPC is focused on building a culture of compliance from the grassroots, ensuring traders understand their obligations and consumers know their rights. While the commission does not regulate prices, it ensures fairness and healthy competition, warning against price fixing. The campaign also emphasizes that all products must be labelled in English for clarity. Consumers are urged to report unfair business practices to the FCCPC. Source

Microbial Advancements for Nigeria’s Challenges

Professor Simiat Jimoh of the Federal University of Health Sciences, Ila-Orangun, has stated that microbial systems can provide solutions for Nigeria’s health, agriculture, and energy sectors. Speaking at the university’s inaugural lecture, she highlighted that microbes can convert agricultural waste into valuable products like bioethanol, sweeteners, biosurfactants, and biodegradable plastics. This approach could reduce Nigeria’s reliance on imported goods, thereby conserving foreign reserves and encouraging industrial independence. The professor emphasized that advancements in industrial microbiology and biotechnology are key to achieving sustainable development and addressing pressing national challenges. Source

Journalists Train to Protect Ekuri Forest

An advocacy group, Renevlyn Development Initiative (RDI), has trained journalists in Calabar to enhance their reporting on the protection of the Ekuri Forest and its biodiversity. The training, held on March 25, 2026, focused on enabling women journalists to amplify the voices of Ekuri community members, particularly women, who are severely affected by illegal logging and environmental degradation. RDI highlighted that over 540 square miles of tree cover have been lost by 2024, with illegal logging operations allegedly met with harassment towards local resistance. The initiative aims to address policy gaps, strengthen legal frameworks, and increase media coverage to ensure accountability for the forest’s preservation. Source