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The President of the Senate, Godswill Akpabio, has disclosed that the upper legislative chamber will pass the ₦48.472 trillion 2026 Appropriation Bill on March 31. This timeline was established just before the Senate adjourned for a brief Sallah recess, with Akpabio emphasizing that the break would not stall the budget process. The Senate President noted ...
…as reserves hit $50bn ….says Nigeria recorded 200% surge in capital inflows between 2023 and 2025 The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, declared a definitive end to the era of persistent naira devaluation on Thursday, citing the success of comprehensive monetary and foreign exchange reforms. Speaking at the Annual Distinguished ...
The Senate on Wednesday approved the second reading of the Federal Capital Territory Administration (FCTA) 2026 Appropriation Bill, authorizing the issuance of N2.2 trillion from the FCT statutory revenue fund. The bill, presented by Senate Leader Senator Opeyemi Bamidele (APC-Ekiti Central), provides funding for the operations and developmental programs of the FCT for the 2026 ...
Pres. Bola Ahmed Tinubu has approved the appointment of Lamido Abubakar Yuguda as the new Deputy Governor of the Central Bank of Nigeria (CBN). In a statement on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the nomination is made in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007. ...
FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has secured its international banking licence after obtaining all required regulatory approvals. The Group raised more than ₦400 billion through a series of transactions, including public equity offerings, a convertible instrument, and a minority divestment in one of ...
The Nigerian equities market began the trading week on a positive note, with the All-Share Index (ASI) gaining 161 points to close at 196,968.15. This upward movement pushed the market capitalization to approximately N126.59 trillion, reflecting continued investor confidence despite broader macroeconomic pressures. Monday's session saw a notable improvement in market activity, with trading volume ...
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has hailed the significant contributions of women to the Nigerian capital market. Speaking during an International Women’s Day event held on Monday, March 9, 2026, Dr. Agama praised the resilience, professionalism, and intellect of the commission’s female staff, noting that their dedication ...
Jaiz Bank Plc, Nigeria's premier non-interest financial institution, has officially announced the appointment of Omolara Muinat Ismail as Executive Director in charge of Business Development. This strategic move, which has received the formal confirmation of the Central Bank of Nigeria, is designed to strengthen the bank's leadership capacity as it seeks to accelerate growth within ...
...says Middle East crisis threatens Nigeria's fiscal gains Pedro Omontuemhen, the Oil & Gas Leader for West Africa at PwC Nigeria has warned that domestic refining cannot fully insulate the economy from a total global supply chain collapse. Speaking on CNBC Africa’s Closing Bell, Omontuemhen explained that Nigeria’s current output of 1.5 to 1.6 million barrels per ...
The Central Bank of Nigeria (CBN) has announced a significant milestone in its industry-wide recapitalization exercise, with 30 banks successfully meeting the new capital requirements ahead of the March 31st deadline. The recapitalization exercise launched in 2024, aims to fortify the stability and resilience of the nation’s financial system by ensuring lenders maintain robust capital ...
At the prestigious Africa Week 2026 hosted by King’s College London, Governor Babajide Sanwo-Olu pivoted the global conversation on urban governance, asserting that Lagos must no longer be viewed through the restrictive lens of a problem to be managed. Instead, he presented a compelling narrative of a city being strategically unlocked as a platform for economic agency, ...
Quest Merchant Bank Limited has officially fulfilled the ₦50 billion minimum capital requirement mandated by the Central Bank of Nigeria (CBN) for merchant lenders. In a statement released on Thursday, the bank noted that this achievement significantly strengthens its capital base and enhances its capacity to drive Nigeria’s economic transformation. This milestone is viewed as ...
In a decisive move to bolster national economic resilience, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced that the nation’s total gold reserves have reached $3.5 billion. This milestone, revealed during a workshop focused on maximizing Nigeria’s mineral wealth, marks a pivotal shift in the apex bank’s strategy to diversify foreign reserves and ...
No fewer than 12 states across Nigeria have officially enacted the Tax Harmonization Law, Dr. Taiwo Oyedele, the Minister of State for Finance (designate) has revealed. Speaking during the graduation ceremony for the MTN Foundation’s Young Innovators and Entrepreneurs Training Initiative held at the Continental Hotel in Abuja, Oyedele noted that the reform momentum is ...
By Matthew Denis Minister of State for Finance designate, Taiwo Oyedele has said Nigeria’s tax reforms offer a unified, transparent, and predictable framework for business planning, investment risk assessment, and productive capital flow. Speaking at the Third PUU Capital Market Colloquium in Abuja, Oyedele declared that the federal government’s tax and monetary policy reforms have ...
Following the Central Bank of Nigeria’s (CBN) decision to trim the Monetary Policy Rate (MPR) by 50 basis points to 26.50%, global brokerage firm EBC Financial Group (EBC) has warned that the success of this easing cycle hinges entirely on the stability of the Naira and foreign exchange (FX) liquidity. The rate cut, announced following ...
The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) formalized a landmark institutional alliance on Monday, signing a Memorandum of Understanding (MoU) designed to embed rigorous risk management into the core of Nigeria’s public contracting framework. Executed at NAICOM’s headquarters in Abuja by the Commissioner for Insurance, Olusegun Ayo Omosehin, and BPP ...
By Denis Matthew The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Michael Ango, has urged all taxable residents within the Federal Capital Territory (FCT) to file their personal income tax returns on or before March 31, 2026. He made the call as part of efforts to boost voluntary tax compliance ...
The World Bank Country Director for Nigeria, Dr Mathew Verghis, has commissioned seven legacy projects executed by the administration of Governor Babaganda Umara Zulum of Borno State. The projects, comprising a flyover bridge, three state-of-the-art mega schools and three dual-carriageway road projects, represent Zulum's giant strides in Borno’s post-insurgency urban renewal and human capital development ...
The Nigerian Naira faced a complex trading session on Thursday as the Central Bank of Nigeria (CBN) actively intervened in the foreign exchange market to manage the currency’s volatility. Following a significant policy shift by the Monetary Policy Committee (MPC) earlier this week, the Naira has shown contrasting movements across the official and parallel market ...
The Nigeria Deposit Insurance Corporation (NDIC) has intensified its efforts to recover outstanding debts from nearly 600 liquidated financial institutions to facilitate the payment of uninsured deposits. Speaking at a sensitization seminar for Debt Recovery Agents in Abuja on Thursday, Patricia Okosun, Director of the Asset Management Department, revealed that the Corporation is currently managing ...
In a strategic move to standardize and accelerate non-interest financial operations in Nigeria, The Alternative Bank (AltBank) has officially joined the International Islamic Financial Market (IIFM). This partnership integrates AltBank into a global network of elite institutions, ensuring that its Shari’ah-compliant transactions are governed by the same rigorous documentation and market guidance used in the ...
CEO of ThriveAgric, Uka Eje has advocated for data-driven agro-finance during a high-level engagement in Cairo last week. Uka joined a distinguished gathering of African Central Bank Governors, including Nigeria’s Olayemi Cardoso, to discuss the future of agricultural funding on the continent. Participating in a session titled “The Great Debate,” Eje represented the AgTech sector in a critical discussion ...
