The Central Securities Clearing System has officially moved to a T+2 settlement cycle, marking a major advancement in Nigeria’s capital market and aligning the country with global settlement standards adopted by leading financial markets. The transition represents a significant step in reducing settlement delays, improving liquidity, strengthening market efficiency, and attracting more institutional investors who rely on faster and more predictable settlement timelines. With this move, transactions executed on the Nigerian Exchange and other participating platforms will now be completed within two business days after the trade date. The CSCS explained that the migration from the previous settlement framework to…
Author: Temitope Nlewemchi
The President of the ECOWAS Commission, Omar Alieu Touray, has projected that Nigeria could emerge as one of the world’s top five economies by the year 2100, describing the nation as a country with unmatched demographic strength, strategic influence and far-reaching economic potential. Touray made the statement during the launch of the ECOWAS National Biometric Identity Card in Abuja, where he praised Nigeria’s leadership role in regional integration and long-term development planning. According to Touray, the transformation already taking shape within Nigeria’s economic and institutional framework is laying the groundwork for long-term prosperity. He explained that the country’s youthful population,…
The Nigerian Exchange Limited (NGX) ended the week on a negative note as investors collectively lost N129 billion due to bearish trends across major sectors of the equities market. Market analysts attributed the decline to profit-taking activities, lingering economic uncertainties, and fluctuations in global commodity prices that influenced investor sentiment. The downturn reflects the fragile balance between market optimism driven by positive economic indicators and the caution exhibited by investors in response to domestic and international factors. Trading activity during the week was characterised by moderate volumes, with investors selectively buying into blue-chip stocks while exiting positions in cyclical and…
Nigeria has witnessed a significant rise in currency circulating outside the banking system, as cash held by individuals and businesses surged by N181.7bn within just one month. The development has raised concerns among financial experts and policymakers, who warn that the growing preference for cash-based transactions could undermine the country’s monetary stability, weaken financial inclusion efforts, and complicate the Central Bank of Nigeria’s broader economic reforms. According to recently released monetary data, the volume of money in circulation outside formal banking channels climbed sharply, reflecting a renewed shift toward physical cash despite ongoing initiatives promoting digital payments and regulated financial…
The Central Bank of Nigeria has confirmed that a total of 27 banks have successfully mobilised fresh capital as part of the ongoing recapitalisation programme designed to strengthen the financial system and enhance the resilience of deposit money banks. The disclosure marks a major milestone in the implementation of the banking sector reforms announced earlier in the year, aimed at ensuring that Nigerian banks possess the financial muscle required to support long-term economic growth, withstand external shocks, and compete effectively at both regional and global levels. According to the apex bank, the recapitalisation drive has continued to attract strong responses…
Nigeria has emerged as the leading African exporter of crude oil to the United States, recording shipments valued at $2.57bn within the first ten months of the year. The development marks a significant boost for Africa’s largest oil producer, reaffirming its position as a dominant player in the global energy market despite persistent domestic production challenges. The surge in exports to the US reflects both the country’s improved output levels and America’s renewed reliance on West African crude to balance supply disruptions and diversify its import sources. The United States has historically maintained a fluctuating relationship with Nigerian crude, with…
Nigeria’s equities market has recorded a remarkable N28.5 trillion gain over the first eleven months of 2025, reflecting strong investor confidence, improved market sentiment, and increased trading activities across various sectors. The surge underscores the resilience of the Nigerian Exchange (NGX) and highlights the attractiveness of local equities to both domestic and foreign investors seeking growth opportunities in Africa’s largest economy. Market analysts attribute the significant gains to a combination of factors, including robust corporate earnings, strategic policy interventions, and favorable macroeconomic conditions. Companies across banking, telecommunications, consumer goods, and industrial sectors posted strong performance figures, driving market valuations higher.…
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it spent N17.5 trillion over the past 12 months on securing fuel pipelines and other critical oil and gas infrastructure across the country. The disclosure underscores the persistent challenges the company faces in protecting vital energy assets from vandalism, theft, and sabotage, which have historically disrupted supply, caused revenue losses, and undermined investor confidence. The investment is part of a comprehensive strategy to safeguard national infrastructure, ensure uninterrupted fuel supply, and protect government revenue. NNPCL officials explained that the funds were deployed across multiple security initiatives, including the recruitment and…
The Central Bank of Nigeria has disclosed that commercial banks extended a total of N74.41 trillion in credit to the private sector in a single month, highlighting the continued expansion of lending activities and the central role of banks in supporting economic growth. The report underscores the resilience of Nigeria’s financial system and signals the banking sector’s readiness to provide liquidity to businesses across various industries, including manufacturing, agriculture, trade, and services. According to the apex bank, the increase in private sector credit reflects sustained confidence in economic recovery, improved credit management practices, and regulatory measures designed to enhance the…
The Securities and Exchange Commission has issued a firm directive requiring all capital market operators to register their investment instruments before January, marking a significant step in its ongoing efforts to strengthen regulatory oversight, improve investor protection, and restore confidence in the nation’s financial markets. The instruction is part of a broader push to enhance transparency and ensure that all products traded within the Nigerian capital market meet the minimum standards of disclosure, compliance, and risk management expected by the regulator. According to the Commission, the January deadline is non-negotiable and applies to all instruments currently in use, including those…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded an extensive appraisal of the Petroleum Industry Act’s (PIA) impact on the country’s oil and gas sector, while the Institute of Energy Administration (IEA) has underscored the transformative effects of the legislation on regulatory frameworks, investment, and operational efficiency. The assessment and commentary signal a growing consensus among industry stakeholders that the PIA is reshaping Nigeria’s petroleum landscape, enhancing transparency, and promoting sustainable development within the sector. According to NUPRC officials, the appraisal focused on the PIA’s influence on key operational and financial aspects of upstream activities, including licensing, production optimisation,…
OPay, one of Nigeria’s leading fintech companies, has officially inaugurated a new office in Ibadan, signalling the company’s continued commitment to expanding its operations, enhancing customer engagement, and strengthening its presence in key regional markets. The move reflects OPay’s strategic focus on deepening financial inclusion, improving access to digital payment services, and supporting small businesses and individuals across Nigeria’s rapidly growing fintech ecosystem. The Ibadan office is expected to serve as a regional hub, providing both operational support and customer service for OPay’s expanding user base in the Southwest. Officials explained that the new location will enable quicker response times,…
Nigeria has attracted a total of $20.98 billion in foreign capital inflows over the first ten months of 2025, reflecting a growing investor confidence in the country’s economic prospects and financial markets, according to financial strategist Cardoso. The figure underscores the resilience of the Nigerian economy, the effectiveness of policy reforms, and the increasing appeal of local markets to foreign portfolio and direct investors alike. The inflows are reported to have spanned multiple sectors, including banking, manufacturing, telecommunications, and the capital markets, highlighting the diversity of investment interest in Nigeria. Analysts note that foreign capital plays a critical role in…
Nigeria’s National Bureau of Statistics has reported a remarkable 38 percent growth in Company Income Tax (CIT) revenue in the first half of 2025, underscoring the government’s success in revenue mobilisation and the resilience of the corporate sector amid economic challenges. The increase reflects both improved tax compliance by businesses and the ongoing reforms in tax administration aimed at broadening the tax base and enhancing efficiency in collection. According to the NBS, the surge in CIT receipts was driven by increased earnings among major corporations, enhanced monitoring of taxable activities, and stricter enforcement of tax obligations. The financial and telecommunications…
The Nigerian Navy has dismantled an illegal crude oil refining operation in Rivers State, recovering large quantities of stolen petroleum products as part of intensified efforts to curb economic sabotage in the Niger Delta. The operation, conducted by the Nigerian Navy Ship (NNS) Pathfinder Anti-Crude Oil Theft patrol team under the flagship maritime security initiative Operation Delta Sentinel, targeted illegal activities in the Ogba/Egbema/Ndoni area of the state . According to a statement released late Saturday on the Force’s official X handle, troops uncovered a tampered wellhead belonging to Renaissance African Energy Limited, which had been illegally connected to an improvised…
Abuja – The Federal Government has released emergency contact numbers for Nigerian nationals residing in the Middle East, as regional tensions escalate following coordinated military strikes involving Iran, Israel and the United States . The Nigerians in Diaspora Commission (NiDCOM) and the Ministry of Foreign Affairs issued separate advisories over the weekend, activating dedicated hotlines through Nigerian diplomatic missions across the region . The move comes as several countries have issued safety alerts to their nationals amid concerns that the conflict could broaden. In a statement posted on its official X handle, NiDCOM Chairman Abike Dabiri-Erewa urged citizens in affected countries to…
Geneva – Women now hold just 27.5 per cent of national parliamentary seats worldwide, marking the slowest growth in nearly a decade and raising fresh concerns about the pace of progress toward gender equality in political decision-making . The latest report from the Inter-Parliamentary Union (IPU), released ahead of International Women’s Day, shows a meagre 0.3 percentage point increase from 2025 – matching the previous year’s sluggish rate and representing the weakest annual improvement since 2017 . The stagnation persists despite growing international recognition that diverse leadership strengthens democratic governance and policy outcomes. The findings come as women’s leadership in parliament has…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…
The Nigeria Customs Service has issued a stern warning to importers and licensed clearing agents, declaring its intention to impose strict sanctions on operators who fail to comply with customs laws, procedures and documentation requirements. The Service said the move is aimed at strengthening compliance, protecting government revenue and improving transparency within the nation’s ports and border operations. Customs authorities explained that non-compliance by some importers and agents continues to undermine trade facilitation efforts and distort the integrity of the clearance process. According to the Service, infractions such as false declaration, under-valuation, concealment, misuse of licences and diversion of cargo…