News & Events

Iran’s new Supreme Leader Mojtaba Khamenei has never held a formal position in government, but his appointment as his late father’s successor amid the US-Israeli war on his country was not unexpected. Iran’s Assembly of Experts appointed the 56-year-old mid-ranking religious scholar to the position on Sunday, just over a week after his late father, Ayatollah Ali Khamenei , was killed in United States-Israeli strikes. Khamenei, who has strong ties with the Islamic Revolutionary Guard Corps (IRGC) and his late father’s still-influential office, is seen as a hardliner who will provide continuity in the country. His appointment, which came after he lost both his father and his wife in strikes, was interpreted as a defiant choice signalling continuity as the Islamic Republic faces the biggest crisis in its 47-year history. Khamenei received immediate backing from figures in Iran’s political and security establishment, including IRGC leaders, President Masoud Pezeshkian and Ali Larijani , secretary of the Supreme National Security Council. Outside the country, reactions were mixed: Oman Oman was a mediator in recent talks between Iran and the United States, which collapsed when the US and Israel unleashed their war on Iran last month. Oman’s Sultan Haitham bin Tariq Al Said on Monday sent a “cable of congratulations” to Khamenei on his appointment as Iran’s new supreme leader, according to the official Oman News Agency. Iraq Iraqi Prime Minister Mohammed Shia al-Sudani also congratulated Khamenei on his appointment on Monday. “We express our confidence in the ability of the new leadership in the Islamic Republic of Iran to manage this sensitive stage, and continue to strengthen the unity of the Iranian people in facing the current challenges,” al-Sudani said in a statement. He reaffirmed Iraq’s solidarity and support for Iran and “all steps aimed at ending the conflict and rejecting military operations against its sovereignty, in order to preserve the stability of other countries in the region”.

The Nigerian banking sector is entering a decisive phase as the March 31, 2026 deadline set by the Central Bank of Nigeria for bank recapitalisation approaches. Recent reports show that 31 banks have already met the new minimum capital requirements, leaving only a few institutions still undergoing regulatory verification. The recapitalisation programme, which began in 2024 under CBN Governor Olayemi Cardoso, is designed to strengthen Nigeria’s banking system, increase resilience against economic shocks, and position banks to finance large scale investments in infrastructure and industry. This reform is one of the most significant banking sector overhauls since the 2004 consolidation carried out by former CBN Governor Charles Soludo, which reduced the number of banks from 89 to 25.