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 Nlewemchi
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 Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria’s removal from the Financial Action Task Force (FATF) grey list has restored an estimated $30 billion in previously lost investment potential, reaffirming the country’s credibility in global financial markets. Cardoso stated this while addressing journalists following the announcement of Nigeria’s exit from the list, noting that the development marks a turning point for investor confidence and international financial cooperation. Nigeria was placed on the FATF grey list due to concerns over anti-money laundering (AML) and counter-terrorist financing (CTF) compliance gaps. The classification had subjected Nigeria to…
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 given formal approval for the appointment of Aigboje “Abiagam” Aig-Imoukhuede as the new Chief Executive Officer of Coronation Merchant Bank, marking a significant leadership transition at one of Nigeria’s key investment and wholesale banking institutions. The approval, which follows a thorough fit-and-proper assessment by the apex bank, signals a new chapter for the bank as it seeks to strengthen its market position and deepen its financial services capabilities in an increasingly competitive and regulated environment. Abiagam’s appointment comes at a crucial moment for the banking sector, which has been undergoing reforms aimed at stabilising…
Lafarge Africa Plc has reaffirmed its dedication to community development across Nigeria by implementing projects that directly impact education, health, and social infrastructure, with a particular focus on improving learning environments in public schools. The cement manufacturing giant disclosed that its ongoing initiatives aim to provide quality education, promote social wellbeing, and empower local communities, highlighting the company’s broader corporate social responsibility (CSR) agenda. The company recently completed several interventions in schools located in communities surrounding its operations, including renovations of classrooms, provision of learning materials, and installation of essential facilities such as desks, chairs, and teaching aids. Lafarge Africa…
The Federal Government has disclosed that Nigeria’s refining capacity remains hampered by multiple structural and operational constraints, with crude supply shortages identified as the most significant factor limiting utilisation by as much as 62 per cent. This revelation highlights the persistent challenges undermining the nation’s long-standing ambition to achieve self-sufficiency in petroleum product refining and reduce reliance on expensive imports. According to government officials, although Nigeria hosts several refinery assets with the potential to meet a substantial portion of domestic demand, the performance of these facilities continues to fall far below expectations. The combination of inadequate crude supply, ageing infrastructure,…
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…
Google has announced a commitment of N3bn to strengthen Nigeria’s artificial intelligence capacity, marking one of the company’s most significant investments aimed at accelerating technological development in the country. The pledge, made as part of broader initiatives to support innovation across Africa, reflects Google’s strategic focus on expanding digital infrastructure, nurturing local talent, and promoting AI-driven solutions that can address Nigeria’s economic and social challenges. The investment comes at a time when Nigeria is increasingly positioning itself as a key player in the global tech landscape. With a growing population of young innovators, rising adoption of digital tools, and expanding…
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…
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 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’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,…
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…
A fire outbreak has ravaged facilities at the Ebonyi State Ministry of Health, destroying vaccines and property estimated to be worth millions of naira, in a development that has raised concerns about public health and emergency preparedness in the state. The incident, which occurred at the headquarters of the Ebonyi State Ministry of Health in Abakaliki, reportedly broke out in the early hours of the day, catching staff and security personnel off guard. Although no casualties were recorded, the extent of damage to critical medical supplies has sparked fears about potential disruptions to healthcare services. Eyewitness accounts indicate that the…
The Economic and Financial Crimes Commission has raised concerns over the rapid rise in cryptocurrency-related crimes, revealing that illicit transactions involving digital currencies surged to more than $160 billion globally in 2025. The disclosure was made by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime country programme for Nigeria (2026–2030) in Abuja. According to him, the scale of financial crimes linked to cryptocurrencies has grown significantly, posing new challenges for law enforcement agencies worldwide. Olukoyede noted that the increasing adoption of digital currencies has created new opportunities for criminal networks to move…