The Big Story
Joint US-Nigerian Raid Kills ISIS Second-in-Command in Lake Chad-Borno Operation
A joint US-Nigerian special operation killed Abu-Bilal al-Minuki, the Islamic State group's second-in-command globally, in an overnight precision raid in the Lake Chad-Borno axis. No Nigerian soldier was killed in the three-hour air-ground assault. Military briefings cast al-Minuki as a "critical node" directing ISIS attacks, propaganda and weapons development across West Africa and the Sahel — making his removal one of the most consequential counter-terrorism successes in the Lake Chad conflict in years. [Vanguard]
What Else Is Happening
▪ WHO declares Ebola global health emergency as outbreak spreads in DR Congo.
At least 8 lab-confirmed cases and roughly 80 suspected deaths across Ituri Province. Nigeria's NCDC activated heightened surveillance and port-health screening, confirming no case detected in the country. [Nairametrics]
▪ APC in uneasy calm after first phase of primaries marred by imposed candidates and shock defeats.
Reports of parallel exercises and shock defeats for incumbents in Plateau and Ogun prompted the National Organising Secretary to centralise result announcements in Abuja and bar state committees from media briefings, raising legitimacy concerns ahead of 2027. [This Day]
▪ Senator Na'Allah withdraws from Kebbi APC senatorial primaries over credibility concerns.
The high-profile northern senator cited concerns about the integrity of the process in a letter dated May 17, urging state party leadership to protect its image — adding a prominent voice to growing internal APC dissent. [Daily Trust]
▪ Airbus proposes aircraft maintenance and hangar facilities in Nigeria.
Tinubu welcomed the proposal as a catalyst for local MRO capacity, reducing airlines' reliance on costly overseas checks and creating jobs through technology transfer into Nigeria's aviation supply chain. [TheCable]
Market Watch
FX Naira held at NGN1,371.04/USD as of May 15 — about 7.05% stronger than the NGN1,475 end-2025 baseline. Reserves have eased to around $48.33bn from $49.18bn in early April, keeping the CBN focused on liquidity management. [CBN]
Equities NGX ASI closed at 250,330.92 on May 15 — up 60.87% year-to-date vs the 155,613.03 end-2025 baseline. The index gained 2.27% over the week on buying in UBA, Access Holdings, Dangote Cement and Zenith Bank, though a 0.76% Friday pullback signals the rally is looking stretched. [NGX]
Macro This week's MPC meeting is the key event: headline inflation rose to 15.69% in April from 15.38% in March, yet 63.3% of CBN survey respondents want rate cuts from the current 26.5% MPR. The stand-off between rising prices and public pressure for relief defines the policy moment. [Premium Times]
Quick Hits
→ A coalition of APC stakeholders petitioned the party's national chairman over alleged irregularities in House of Representatives primaries, demanding transparent reviews and warning of court challenges and defections if grievances go unaddressed. [Daily Trust]
→ Police in Enugu arrested suspects linked to a series of alleged ritual killings, a case that has unsettled local communities and intensified pressure on security agencies to respond to cult-related violence in the South-East. [Vanguard]
→ The CBN's 50% cash reserve ratio is costing Nigerian banks an estimated NGN2.5trn in lost annual earnings. Analysts argue cutting CRR to 30% could release NGN8trn into the system and add NGN800bn to pre-tax profits. [Nairametrics]
On a Lighter Note
Heirs Holdings subsidiaries have been named among the Financial Times ranking of Africa's fastest-growing companies, highlighting the group's rapid expansion in power and financial services. It's a strong signal that Nigerian-led conglomerates are increasingly visible in continental growth conversations — and that the FT is paying attention. [TheCable]
Why It Matters
  The al-Minuki operation is the most significant counter-terrorism win for Nigeria in years — it changes the threat calculus in the Lake Chad basin and validates the US-Nigeria partnership. The APC primaries fallout is the first real test of whether the ruling party can manage dissent at scale — unresolved grievances historically translate into defections and court battles. The Ebola declaration is a reminder that Nigeria's health architecture is always one outbreak away from being tested. And the MPC decision this week will set the tone for credit and bank earnings through H2 2026.
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Produced with AI assistance using open-source web content. Sources have not been independently verified by Frontier Brief Media. Readers are encouraged to consult original sources before acting on any information herein.

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