The Central Bank of Nigeria has generated N192 million from penalties imposed on 82 Bureau de Change operators over regulatory infractions, reinforcing the apex bank’s resolve to sanitise the foreign exchange market and enforce compliance within the sub-sector. The development reflects intensified supervisory actions by the CBN amid ongoing reforms aimed at restoring transparency, stability and confidence in the country’s foreign exchange framework. According to information from regulatory sources, the affected BDC operators were sanctioned for various breaches of operational guidelines, including non-compliance with reporting requirements, failure to render statutory returns, and other violations related to the conditions attached to…
Author: Temitope Nlewemchi
The Independent Petroleum Marketers Association of Nigeria has expressed optimism that sustained supply of Premium Motor Spirit from the Dangote Petroleum Refinery will lead to a significant reduction in petrol prices across the country. The association said increased availability of locally refined fuel would ease supply constraints, lower distribution costs and reduce the pressure that has historically driven up pump prices. IPMAN officials noted that the commencement and gradual expansion of PMS supply from the Dangote Refinery represents a major turning point for Nigeria’s downstream petroleum sector. For decades, the country relied heavily on imported petrol despite being one of…
The World Bank has approved a $500 million financing package to support micro, small and medium-sized enterprises (MSMEs) in Nigeria, aimed at tackling long-standing financing challenges in the sector. The programme, known as the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, is designed to expand access to affordable credit, foster innovation, and promote economic inclusion across the country. The package comprises a $400 million loan from the International Bank for Reconstruction and Development (IBRD) and a $100 million credit from the International Development Association (IDA). The funds will be channelled through the Development Bank of Nigeria (DBN), with…
The Central Bank of Nigeria has directed all banks and financial institutions to implement enhanced security measures for foreign card transactions across the country, reinforcing efforts to protect customers from fraud and strengthen confidence in electronic payments. The move comes amid rising concerns over unauthorised transactions and cybercrime targeting Nigerians using international payment cards. According to the apex bank, the directive requires banks to adopt robust authentication systems, including two-factor authentication, tokenisation, and real-time transaction alerts, for all foreign card transactions. These measures aim to minimise fraud risks and ensure that customers have full control over their accounts when making…
A disagreement between the House of Representatives and the Senate over the appropriate crude oil price benchmark has emerged as a major point of contention in the consideration of Nigeria’s 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The divergence has raised concerns over fiscal planning coherence as the Federal Government prepares to present the 2026 budget proposal. The crude oil benchmark, which plays a central role in determining projected government revenue and overall expenditure, has become the focal point of debate between both chambers of the National Assembly. While the House of Representatives approved a benchmark of $64.85…
The Federal Government has confirmed that 149 companies will continue to enjoy tax holidays under Nigeria’s newly revised fiscal and investment incentive framework, easing concerns among investors over the fate of pioneer status benefits following recent tax and economic reforms. The confirmation was made amid growing public debate triggered by the enactment of a new law aimed at tightening tax exemptions, broadening the revenue base and improving fiscal sustainability. While the reforms initially raised fears that several firms could lose long-standing tax incentives, government officials clarified that qualifying companies approved under the Pioneer Status Incentive (PSI) scheme would retain their…
Nigeria is on the brink of securing a major financial boost as the World Bank is expected to approve a $500 million loan facility aimed at expanding access to finance for micro, small and medium enterprises (MSMEs), a sector widely regarded as the backbone of the nation’s economy. The approval, scheduled for consideration by the World Bank’s Board, comes at a time when the Federal Government is intensifying efforts to stimulate growth, create jobs and support small businesses amid economic reforms. The proposed loan is designed to strengthen Nigeria’s financial ecosystem by improving credit availability for MSMEs, which account for…
Stanbic IBTC Holdings Plc has reinforced its commitment to social responsibility by empowering children across Nigeria through education-focused and skills-building initiatives, aimed at improving learning outcomes, promoting financial literacy and supporting vulnerable young people. The intervention aligns with the group’s long-standing strategy of investing in human capital development, especially among children and youths who represent the foundation of the country’s future workforce. The latest initiative, implemented through the Stanbic IBTC Blue Blossom Initiative (BBI) and other corporate social investment platforms of the group, targets pupils in public schools, children living with disabilities and those from underserved communities. It reflects growing…
The Rural Electrification Agency (REA) has partnered with global technology firm Huawei to carry out an extensive solar power safety and reliability test, as Nigeria intensifies efforts to expand off-grid and renewable energy solutions across underserved communities. The exercise marks another step in government’s drive to ensure that renewable energy installations deployed nationwide meet international safety and performance standards while delivering sustainable power to rural and peri-urban areas. The safety test, which was conducted on solar power components used in mini-grid and standalone solar projects, focused on assessing system durability, fire resistance, operational stability and compliance with established electrical standards.…
Nigeria’s crude oil industry is facing a fresh challenge as reports indicate that large volumes of Nigerian crude remain unsold, driven largely by global oversupply and market imbalances. Industry analysts warn that this situation could impact federal revenues, affect cash flow for oil companies, and complicate government budgeting plans for 2026. The persistent oversupply in the international crude oil market has led to weaker demand for Nigerian grades, particularly the lighter, sweet crudes that traditionally attract premium pricing. Trading sources indicate that while countries such as the United States and members of the European Union have reduced imports, other major…
The National Pension Commission (PenCom) has officially announced the extension of the pension fund administrators (PFAs) recapitalisation deadline to June 2027, giving operators additional time to meet the regulator’s revised capital requirements. The move underscores the commission’s commitment to ensuring a robust, well‑capitalised pension industry capable of protecting contributors’ savings and sustaining long‑term financial stability. The recapitalisation exercise, which aims to strengthen the financial and operational capacity of PFAs, was initially scheduled for completion earlier but had faced challenges as some operators struggled to meet the stringent capital thresholds. The new timeline provides PFAs with a strategic window to raise…
First Bank of Nigeria Limited (FirstBank) has announced a strategic partnership with the University of Benin (UNIBEN) to enhance digital banking services and financial inclusion for students and staff. The collaboration is aimed at providing seamless, cashless banking solutions, improving financial literacy, and encouraging the adoption of modern digital financial tools within the university community. Under the partnership, FirstBank plans to integrate its digital platforms with UNIBEN’s administrative and student service systems, allowing users to perform banking transactions, pay tuition fees, and access other financial services through mobile applications and online portals. The initiative also includes the deployment of dedicated…
The National Pension Commission (PenCom) has successfully recovered N4.04 billion in unpaid pension funds, reaffirming its commitment to safeguarding the retirement savings of Nigerian workers and ensuring timely benefits for contributors under the Contributory Pension Scheme (CPS). The recovered funds, traced to various employers who had defaulted on pension remittances, reflect PenCom’s intensified regulatory oversight and proactive measures to enforce compliance with pension laws. The commission emphasized that such recoveries are critical to maintaining trust in the national pension system and reinforcing the security of contributors’ investments. PenCom’s Director‑General stated that the recovery was achieved through a combination of audits,…
Commercial banks in Nigeria are undertaking significant measures to bolster their capital base in response to the Central Bank of Nigeria’s (CBN) tighter regulatory oversight and renewed focus on financial stability. The development comes amid growing concerns over liquidity management, risk exposure, and the need to safeguard the integrity of the country’s banking sector. The CBN has in recent months enhanced prudential regulations, emphasizing the importance of adequate capitalisation, robust risk management frameworks, and compliance with liquidity thresholds. The central bank’s initiatives aim to ensure that banks remain resilient to financial shocks, capable of meeting depositor obligations, and positioned to…
The Nigerian Ports Authority (NPA) has reported a staggering 1,085% surge in export container traffic during the third quarter of the year, marking a significant rebound in Nigeria’s export activities and highlighting the country’s growing role in global trade. According to reports from Punch and other Nigerian news outlets, the surge in export containers is attributed to a combination of factors, including improved logistics, enhanced port operations, and the growing demand for Nigerian goods in international markets. The NPA’s quarterly report revealed that containerised exports surged to record levels, with an increase in both the volume of goods and the…
No fewer than 132 Nigerian companies have accessed a combined N51.7 billion and $359 million in funding through local content intervention schemes coordinated by the Nigerian Content Development and Monitoring Board, highlighting sustained efforts to deepen indigenous participation in the oil and gas industry. Reports by Punch and other Nigerian news outlets indicate that the funds were disbursed under various financing initiatives designed to support capacity building, project execution, and long-term growth of Nigerian-owned firms. According to information released by the NCDMB, the funding was provided through structured local content financing programmes established in partnership with financial institutions. The intervention…
The Federal Government generated ₦12.81 trillion from crude oil exports in the third quarter of the year, underscoring the continued importance of oil revenue to Nigeria’s fiscal position despite ongoing efforts to diversify the economy. Reports by Punch and other Nigerian news outlets indicate that the figure was released by the National Bureau of Statistics as part of its foreign trade data for the period. According to the NBS, crude oil remained Nigeria’s dominant export commodity during the quarter under review, accounting for a substantial share of total export earnings. The strong revenue performance was attributed to a combination of…
Nigeria’s inflation rate eased to 14.45 per cent, providing cautious optimism for the economy as organised private sector groups renewed calls for stronger credit support for micro, small and medium enterprises to sustain growth and employment. Reports by Punch and other Nigerian news outlets indicate that the moderation in inflation reflects a slowdown in price increases across key consumer segments, although underlying economic pressures persist. According to data released by the National Bureau of Statistics, the latest inflation figure represents a decline compared to the previous period, driven largely by a moderation in food and core inflation components. Analysts noted…
The Nigerian Civil Aviation Authority has unveiled a new digital platform designed to accelerate the processing and issuance of pilot licences, marking a significant step in the modernisation of aviation regulatory services in the country. Reports by Punch and other Nigerian news outlets indicate that the initiative is aimed at reducing delays, improving transparency, and enhancing efficiency in the certification process for pilots and other aviation personnel. According to the NCAA, the newly launched platform digitises key aspects of pilot licensing, including application submission, document verification, payment processing, and status tracking. The authority said the system replaces largely manual and…
The Federal Government, states and local government councils shared a total of ₦1.93 trillion as revenue for the month of November, reflecting improved inflows from statutory sources amid ongoing fiscal pressures across all tiers of government. Reports by Punch and other Nigerian news outlets indicate that the allocation was approved at the meeting of the Federation Account Allocation Committee, where revenues collected by key government agencies were distributed in line with existing revenue-sharing formulas. According to details from the FAAC meeting, the shared amount was drawn from statutory revenue, value added tax, exchange rate differentials, and other income streams paid…