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Nigeria’s ECN brokers and their policy towards COVID-19
The coronavirus outbreak was completely unexpected as it took a toll on the entire planet in a matter of a couple of months. The spread of the infectious disease that has long been declared as a global pandemic is the biggest threat humanity has faced in almost a century. The human cost is absolutely unprecedented, yet, the economic aftermath is also expected to break records of the 20th century. It has been forecasted that the novel coronavirus pandemic will push the global economy into a major recession not witnessed since the great depression.
The novel coronavirus, later named COVID-19, initially started in China, specifically in its Hubei province which is home to more than 58 million people. Roughly the size of Italy, the virus spread within the province and later across mainland China faster than anyone would have expected. The epicenter of the country was the capital of the province – Wuhan. The city of 11 million inhabitants became the first major area to go under strick lockdown in the world.
Nevertheless, despite strict measures and suspended flights from many countries to and from China, the virus still found its way out of the country. It first entered other Asian nations followed by first European and American cases in Bordeaux, France, and the State of Washington respectively. Soon, Italy became the global epicenter of the deadly virus pandemic, infecting tens of thousands and killing more than 24,000 people. The northern region of Lombardy, the economic driving force for the nation came under particular pressure as Milan and Bergamo were the first two urban areas to go into strict lockdown.
However, the virus would not stop there as it infected hundreds of thousands all across Europe. As of now, Spain is the main hotspot on the continent with over 200,000 confirmed cases. The situation in the United Kingdom is developing fast as well with the highest number of daily cases on the continent. The country’s prime minister Boris Johnson is still recovering from the virus after testing positive and spending a few nights in intensive care. This makes the situation for Britons even more unbearable and stressful.
The United States, due to its late response, is the most affected nation globally. The country has more than 820,000 confirmed coronavirus cases while the death toll has already exceeded 45,000. The nation’s and globe’s financial center, New York, has the highest concentration of cases per 1 million inhabitants across the US. This economic powerhouse remains closed, threatening millions of jobs and income sources for Americans, as well as for people from all around the world.
Nigeria unlike countries with tens of thousands of cases remains thoroughly stable in regard to the health system. It is not yet overwhelmed as the nation of almost 200 million has only 782 infections. However, the crude oil price slump in the US put Nigeria in a very difficult economic position. The country exports the vast majority of its oil products to the United States, the sector that generates 60% of the government revenues and represents 90% of all foreign trade.
As a result, the market prices of Nigerian companies are falling. So is the Nigerian Naira, which remains stable but is expected to drop dramatically following the plunge. People are particularly sensitive to recession fears in this country which remains utterly poor. People and households with some savings are trying to do their best in an effort to avoid the devastating impact of the upcoming economic crisis. Many people are finding the best solution in purchasing foreign sovereign currencies in Forex markets. As a result, a growing number of people are approaching entities on the ECN forex brokers list here in Nigeria.
How are ECN brokers reacting to the crisis?
The Forex platforms have been an important part of the financial industry for a while now. Many influential and well-known businessmen, including the famous Hungarian philanthropist George Soros, made their wealth out of Forex trading. It is playing a major role in the financial sectors of many countries, including Nigeria.
Nigeria is becoming increasingly globalized, with more international businesses present than ever before. Thus, in this process, ECN brokers became particularly popular. What is different with them? ECN brokers are financial experts that give their clients direct access to financial markets through electronic communications networks (ECNs). They are quite efficient, convenient, and fast while not including ‘middlemen” between the two sides.
Yet, their main trait is being utterly transparent. Nigeria is quite a corrupt nation, thus, the ability to see through every transfer and operation is a major asset. Transparency is crucial for many in this nation, but ECN brokers are often quite expensive.
Nevertheless, a soaring number of people are using ECN brokers to safeguard their future amid the global crisis. Such brokers, unlike others, are not allowed to trade against their clients, adding to the safety rank. Moreover, they usually charge fixed commissions which are rather attractive for many individuals.
Now, considering the growing demand as a result of the oil crisis, Nigeria’s ECN brokers are trying to make most out of the current situation. Some of them have already increased one-time commissions sometimes to unreasonably high rates. Despite this, they are not reporting the fall in demand following the increase. However, no one knows if the price will remain at this rate after the crisis. This would be highly unlikely as ECN brokers are much more expensive than regular ones and high prices would not sustain their business during the normal demand period.
However, others are doing the complete opposite, making their service more flexible and inclusive in an attempt to attract even more customers. Many in the industry are saying that this approach could be more liquid and stable for brokers during the crisis.
The Senate has announced that it will hold an emergency plenary sitting tomorrow (Tuesday).
The announcement was made yesterday in a statement signed by the Clerk of the Senate, Emmanuel Odo, who said all senators have been requested to attend.
“The President of the Senate, Godswill Akpabio, has directed the reconvening of plenary for an emergency sitting on Tuesday, February 10th, 2026,” the statement read.
The session is scheduled to commence at 12 noon.
This comes just days after the Senate passed the amendment bill on February 4, but voted down Clause 60(3), which would have required presiding officers to electronically transmit results from polling units directly to the Independent National Electoral Commission’s Result Viewing portal in real time.
The rejected clause aimed to make the process mandatory.
The lawmaker replaced it with the current discretionary “transfer” of results, which allows electronic transmission only after votes are counted and publicly announced at polling units.
Civil society groups and opposition figures in the country have condemned the Senate’s decision, labelling it a setback for Nigeria’s democratic progress.
Senate President Akpabio has, however, defended the Senate’s actions, insisting during a public event that the Senate did not reject electronic transmission and vowing not to be intimidated.
Tomorrow’s emergency sitting could see the Senate reconsider the rejected amendment amid public outcry and potential legal challenges from figures such as lawyer Femi Falana, with possible implications for Nigeria’s democratic processes and the balance between incumbency protections and verifiable voting technology.
The Socio-Economic Rights and Accountability Project (SERAP) has petitioned the Code of Conduct Bureau (CCB) to investigate members of the Senate and other public officers over alleged irregularities in the passage of the Electoral Act Amendment Bill and the Tax Reform Laws.
According to a statement issued yesterday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation is seeking a prompt, thorough, and effective probe into claims that some senators removed provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary, despite a majority having voted for their inclusion and without any debate on the proposed removal.
“According to our information, certain members of the Senate allegedly removed the provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary after the majority of the senators had voted for the inclusion of the provisions and without any debate on the proposed removal of the said provisions,” SERAP said.
The organisation also requested the CCB to investigate alterations in the Tax Reform Bills, which reportedly led to discrepancies between the harmonised versions passed by the National Assembly and the copies signed into law and gazetted by the Federal Government.
“Similarly, the National Assembly recently alleged that there are unlawful alterations and some material differences between the tax reform bills passed by the legislative body and the tax reform laws gazetted by the Federal Government.
“A Sokoto lawmaker, Abdussamad Dasuki, raised the issue under a matter of privilege, drawing the attention of the House to the alleged discrepancies between the harmonised versions of the tax reform bills passed by both chambers of the National Assembly and the copies gazetted by the Federal Government.
“The lawmakers said the alterations contained in the gazetted copies did not receive legislative approval. These alleged unlawful alterations raise questions over the legality and legitimacy of both the law-making processes and the versions of the tax laws circulated by the Federal Ministry of Information,” the petition added.
The Senate had denied removing the provisions on electronic transmission of election results, saying it only removed the term “real time” from the sentence, citing judicial concerns.
Similarly, the National Assembly had initiated investigations into the alleged discrepancies in the tax bill and released a “certified” version of the Acts to address the contradictions. The law took effect on January 1, 2026.
SERAP said the petition is submitted under paragraphs 1 and 9 of the Code of Conduct for Public Officers contained in the Fifth Schedule, Part 1 of the 1999 Constitution (as amended), and sections 5 and 13 of the Code of Conduct Bureau and Tribunal Act.
It alleged that the processes leading to the passage of the Electoral Act Amendment Bill and the signing of the Tax Reform Laws were marked by alterations to bill provisions without debate and due process of law, as well as alterations to the Tax Reform Bill without the approval of the National Assembly.
“The petition raises issues of conflict of interest, abuse of office, non-disclosure of interests, lack of due process, and erosion of the Code of Conduct for Public Officers in the exercise of legislative power.
“There are also allegations that certain amendments may have been removed or introduced to the Electoral Act Amendment Bill and the Tax Reform Laws to serve private or political interests rather than the public interest,” the petition reads.
Citing the Constitution, SERAP noted that public officers must not place themselves in situations where personal interests conflict with official duties.
Specifically, the organisation asked the Bureau to formally register the petition and “promptly, thoroughly, transparently, and effectively investigate the conduct of the lawmakers and officers of the executive branch allegedly involved;
“Examine whether inducements, benefits, or promises were offered or received in connection with those acts;
“Examine whether the alleged cumulative conduct of lawmakers and officers of the executive branch amounted to abuse of legislative power, conflict of interest, and breach of due process, contrary to the Code of Conduct for Public Officers;
“Refer any substantiated violations to the Code of Conduct Tribunal; and
“Take all necessary steps to uphold the principle that public office is a public trust.”
The petition requested that the Bureau consider the complaint within seven days, warning that legal action could follow if there is no response.
Dated February 7, 2026, the petition was signed by Oluwadare and sent to the Chairman of the Code of Conduct Bureau, Mr Abdullahi Bello.
The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.
The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.
The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.
In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.
With the flag raised, CCS was formally declared a member institution of the NRCS.
As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.
Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.
Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.
Also speaking, the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.
The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.
Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.
“It was awesome. We thought it would not be possible, but today it was glorious,” she said.
Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.
“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.
Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.
The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.
She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.
“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.
She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.
Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),
Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.
Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.
The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.
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