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…
Author: Temitope N.
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…
Dangote Industries has unveiled plans to significantly boost its fertilizer production capacity with the construction of a $2.5 billion plant in Ethiopia, a move set to triple output and expand the company’s footprint in Africa’s agricultural sector. The announcement underscores Dangote’s commitment to addressing food security challenges, supporting agricultural development, and contributing to the continent’s industrial growth agenda. The plant is expected to become a major hub for fertilizer manufacturing, supplying both domestic and regional markets. According to Dangote executives, the new facility is strategically located in Ethiopia to leverage the country’s favorable logistics, access to raw materials, and growing…
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…
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’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 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,…
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 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 Nigeria Customs Service (NCS) has introduced a one-stop-shop initiative aimed at reducing demurrage charges and shortening cargo dwell time at the nation’s seaports, a move designed to improve efficiency in port operations and facilitate trade. The initiative seeks to streamline processes by consolidating multiple clearance procedures into a single point of contact, thereby addressing longstanding bottlenecks that have delayed cargo release and increased costs for importers and exporters. According to Customs officials, the one-stop-shop system integrates key port services, including customs inspection, documentation verification, payment of duties, and coordination with other regulatory agencies, within a unified framework. By centralising…
The Schneider Electric Foundation has donated state-of-the-art training equipment to students in Nigerian universities, reinforcing its commitment to advancing education and technical skills development in the country. The donation is aimed at equipping students with practical knowledge and hands-on experience in electrical engineering, energy management, and related technical fields, preparing them for careers in a rapidly evolving industrial and technological environment. Speaking during the presentation ceremony, a representative of the foundation emphasized that the initiative aligns with its global mission to foster energy access, sustainability, and workforce development. The foundation explained that providing students with modern equipment helps bridge the…
Lagos State government has earmarked N245 billion through bond issuance to finance key infrastructure projects aimed at enhancing transportation networks, improving urban development, and boosting the state’s economic capacity. The allocation forms part of the government’s broader strategy to leverage capital markets in funding high-impact projects that address the city’s growing population needs and support sustainable economic growth. According to state officials, the bond proceeds will be directed towards roads, bridges, drainage systems, public transportation, and other critical social and economic infrastructure. The government highlighted that prioritising such projects is crucial for easing traffic congestion, improving connectivity, and creating an…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged African nations to embrace bold, coordinated, and transformative economic reforms as a necessary pathway to unlocking sustainable growth across the continent. Speaking at a high-level continental forum focused on economic transformation, Edun stressed that Africa’s current pace of development is insufficient to meet the needs of its fast-growing population, and that governments must adopt policy measures capable of boosting productivity, improving revenue, and expanding investment opportunities. According to Edun, the continent stands at a defining moment where strategic policy choices will determine whether African economies can…
The Niger Delta Development Commission (NDDC) has extended relief materials and humanitarian support to victims of a recent fire outbreak in a Niger Delta community, reaffirming its commitment to assisting vulnerable residents affected by emergencies across the region. The intervention followed a devastating fire incident that destroyed homes, businesses, and properties worth millions of naira, leaving many families displaced and struggling to recover from the sudden loss. According to the Commission, the relief effort was initiated immediately after an assessment team visited the affected area to evaluate the scale of destruction and identify the immediate needs of the victims. The…
The Dangote Group has issued a strong warning to petroleum marketers over the growing use of leaking and poorly maintained tankers for the transportation of refined petroleum products across the country, describing the trend as dangerous and capable of triggering large-scale fire disasters, environmental contamination and loss of lives. The company said the increasing reports of product spillages from tankers belonging to some independent marketers have raised safety concerns, especially as more trucks now load products from the Dangote Refinery for nationwide distribution. According to the organisation, the warnings followed several incidents in which some marketers’ trucks were found to…
The Federal Inland Revenue Service (FIRS) has refuted claims circulating in parts of the public sphere suggesting that it granted monopoly rights to Xpress Payments in the nation’s revenue collection process. The agency described the reports as misleading, insisting that no single organisation has exclusive control or preferential access to government revenue channels under its supervision. It stressed that Nigeria’s tax administration framework is built on transparency, competition and accountability, making such a monopoly both illegal and impossible under current regulations. According to the Service, the misinformation appears to stem from a misunderstanding of the roles played by various payment…
The Central Bank of Nigeria (CBN) has stated that the Nigerian economy is beginning to show clearer signs of improvement, but it warned that significant work still lies ahead before the country can achieve full stability and sustainable growth. The apex bank noted that although key indicators are shifting in a more positive direction, the nation must maintain policy consistency, strengthen structural reforms and address long-standing weaknesses across multiple sectors to sustain the progress being recorded. According to the Bank, recent monetary tightening measures and stronger liquidity management have begun to ease inflationary pressure, even though inflation remains elevated. The…
United Bank for Africa (UBA) has urged Nigerians, financial institutions, and corporate organisations to strengthen vigilance and adopt more robust cybersecurity practices as digital fraud attempts continue to rise across the financial ecosystem. The bank said the increasing sophistication of cybercriminals requires a more coordinated response from both service providers and customers to safeguard accounts, digital platforms, and financial transactions. Speaking on the growing threat landscape, UBA officials stressed that cybertheft has evolved significantly in recent years, with fraudsters deploying advanced social engineering tactics, phishing schemes, identity theft, and malware to target unsuspecting users. They explained that cybercriminals now exploit…
The Central Bank of Nigeria (CBN) has stated that its recent monetary reforms are beginning to yield positive outcomes, citing early signs of easing inflationary pressures and improving stability in the foreign exchange market. According to the apex bank, the policy measures introduced over the past months—including tightened monetary conditions, improved liquidity management, enhanced market transparency, and coordinated fiscal-monetary actions—are gradually restoring confidence in Nigeria’s macroeconomic environment. CBN officials explained that the series of interest rate hikes, aimed at curbing excess liquidity and slowing the rapid rise in consumer prices, have contributed to moderating inflationary pressures across key segments of…