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By Matthew Denis The Nigeria Customs Service (NCS) has engaged with a delegation from the African Continental Free Trade Area (AfCFTA) Secretariat on advancing the implementation of the Simplified Trade Regime (STR). The meeting, held at the NCS Headquarters in Abuja, focused on supporting small-scale cross-border trade. Representing the Comptroller-General of Customs, Deputy Comptroller-General (DCG) ...
The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have signed a Memorandum of Understanding (MoU) to embark on massive enlightenment against Ponzi schemes. Signing the MoU in Abuja Wednesday, the Director-General of SEC, Dr Emomotimi Agama, warned that fraudulent operations are not legitimate investments. Agama, represented by the Commission’s Executive Commissioner ...
Zenith Bank Plc has announced the appointment of Mr. Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026. The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management. Mr. Okwudili graduated with a Bachelor of Science ...
Moniepoint Inc. has officially acquired restaurant management startup Orda Africa. This strategic move is designed to expand Moniepoint's footprint into Africa’s rapidly growing food service industry, a sector currently valued at an estimated $50 billion across the continent. The acquisition will integrate Orda’s cloud-based restaurant software directly into Moniebook, Moniepoint’s comprehensive business management platform. This ...
Nigeria’s Eurobond market closed on a positive note last week, with yields declining across various maturities as investor confidence held steady in the face of ongoing global economic uncertainties. According to data from Lagos-based financial services firm Meristem, average yields on Nigeria’s Eurobonds fell by 7 basis points, dropping to 7.18 percent from 7.25 percent. ...
The Federal Government has officially inaugurated the Governing Board of the National Pension Commission (PenCom) weeks after the Nigerian Labour Congress (NLC) strongly demanded its constitution. The inauguration ceremony, held in Abuja, was supervised by the Secretary to the Government of the Federation (SGF), Senator George Akume. This development follows an October 2025 meeting between ...
United Capital has announced exceptional financial results for its impact investment vehicle, the United Capital Infrastructure Fund (UCIF), for the 2025 financial year. The fund delivered a remarkable 55 percent increase in total income, reaching ₦3.06 billion, in what management described as a testament to its steady growth and ongoing value creation for investors. The ...
By Matthew Denis The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have formalized a partnership aimed at eradicating the influence of Ponzi schemes. The two organizations recently signed a Memorandum of Understanding (MoU) at the NYSC headquarters in Abuja, establishing a specialized Community Development Service (CDS) group dedicated to financial ...
Global oil markets are bracing for extreme volatility, with Brent crude prices potentially averaging $120 per barrel throughout 2026 if the Strait of Hormuz remains effectively closed for six months, Fitch Ratings has warned. According to a newly published report by Fitch Ratings, even a shorter, three-month blockade of the critical maritime chokepoint would drive the ...
The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria's recent, marginal disinflation gains are highly fragile and face an imminent threat of reversal due to escalating global energy shocks. In a policy brief released on Sunday, CPPE Chief Executive Officer Dr. Muda Yusuf cautioned that while the February 2026 Consumer Price ...
The Director General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Professor Innocent Barikor, has publicly endorsed the National Single Window (NSW) project, labeling it a monumental breakthrough for trade facilitation in Nigeria. The Director General made these remarks on Wednesday in Abuja during a sensitization webinar organized by the NSW Secretariat. The ...
…as account falls to $14.04bn…Dangote imports $3.74bn crude Nigeria’s external financial position weakened significantly through 2025, as a sharp contraction in crude oil exports drove a 26 percent decline in the nation’s current account surplus. According to the 2025 Balance of Payments (BoP) report released by the Central Bank of Nigeria (CBN) on Wednesday, March ...
The Nigerian stock market retreated into bearish territory on Wednesday as investors aggressively offloaded positions across major sectors ahead of the scheduled Eid-el-Fitr public holiday. The downturn effectively eroded gains recorded in previous sessions, as selling pressure on high-cap and mid-cap stocks dampened market sentiment. The benchmark All-Share Index (ASI) fell by 0.69 percent to ...
The Nigerian naira has demonstrated resilience during the mid-week trading session, holding firm near the N1,850 resistance level against the British pound. Data from the official Nigerian Foreign Exchange Market (NFEM) window indicates the naira traded at an average of N1,844/£, maintaining a stable position despite broader pressures in the emerging market landscape. This stability ...
The Nigerian naira demonstrated notable resilience in the regulated market this Tuesday, appreciating by 0.99% to close at ₦1,344.42 per dollar. This strengthening of the local currency within the Nigerian Foreign Exchange Market (NFEM) signals a shift in market sentiment, as the pace of foreign payments slowed in comparison to available dollar liquidity. Data from ...
By Denis Matthew Moniepoint Microfinance Bank has formally dismissed allegations suggesting it orchestrated the arrest or detention of a customer in retaliation for public criticism. In an official statement addressing the controversy, the financial institution emphasized its respect for the fundamental right of consumers to voice opinions and highlight concerns regarding its service delivery. The ...
Odu’a Investment Company Limited (OICL) announces the completion of its acquisition of a 10% minority equity stake in the issued share capital of FCMB Pensions Limited, a subsidiary of FCMB Group Plc. The acquisition follows the receipt of the requisite approvals from the regulatory authorities, the National Pension Commission (PenCom) and the Central Bank of ...
The Naira on Monday further appreciated at the official market trading at N1,357.76 against the U.S. dollar. Data published on the website of the Central Bank of Nigeria (CBN) showed the Naira gained N8.46 during Monday’s trading session. The development reflects a 0.6 per cent increase when compared with Friday’s closing rate of N1,366.23 to ...
By Matthew Denis Nigeria recorded a slight moderation in its headline inflation rate for February 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday. The data reveals that the inflation rate dipped to 15.06 percent, representing a marginal decline of 0.04 percentage points from ...
NOVA Bank Limited has solidified its transition into the commercial banking sector by successfully meeting the Central Bank of Nigeria’s (CBN) new capital requirements well ahead of the March 31, 2026, regulatory deadline. To lead this new era of expansion, the Bank has announced the appointment of Jude Anele as its Managing Director and Chief ...
Joseph Olasunkanmi Tegbe, the Director-General and Global Liaison of the Nigeria-China Strategic Partnership (NCSP), has characterized the nation’s recently enacted tax framework as a cornerstone of fiscal transformation aimed at empowering ordinary Nigerians and small business owners. Speaking at the BusinessDay Tax Reform Conference 2026, Tegbe, who also chairs the National Tax Policy Implementation Committee ...
In a move aimed at strengthening financial stability, the Central Bank of Nigeria (CBN) has directed banks and other financial institutions to restrict services to large-ticket loan defaulters. In a circular dated March 12, 2026, signed by the Director of Banking Supervision, Olubukola Akinwunmi, the apex bank instructed all financial institutions to deny additional credit ...
