The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to commence disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF) following presidential approval.

Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Thursday, during the commissioning of the NIMASA–UNILAG Institute of Maritime Studies building at the University of Lagos.

According to the minister, President Bola Tinubu has approved the commencement of the fund’s disbursement.

It will be recalled that NIMASA opened the application portal for the intervention fund on January 22, 2026, inviting eligible indigenous shipowners to apply for the $25 million CVFF.

About 60 applicants were said to have indicated interest through the application portal.

However, Oyetola, at the institute launch, enthused that the funds, when disbursed are expected to boost indigenous shipping capacity and create up to 30,000 jobs.

However, stakeholders were cautious in this optimism over the Minister’s pronouncement of the presidential approval.

They said the same approval was allegedly secured by the erstwhile Minister of Transportation, Mu’azu Jaji Sambo, who claimed that the then President Mohammed Buhari has given his approval for the disbursement and swore with his honour that the CVFF would be disbursed before he left office.

“Until he left, the disbursement was carried out in the fertile imagination of Minister Mu’azu. We hope Oyetola’s assurance of disbursement would not go through the same route” a ship owner based in Apapa declared.

Meanwhile, the Minister, while commissioning the institute, reaffirmed the Federal Government’s commitment to advancing Nigeria’s marine and blue economy through sustained investment in human capital and infrastructure.

The facility, donated by the Nigerian Maritime Administration and Safety Agency (NIMASA), is equipped with modern lecture rooms, laboratories, and specialised facilities to support teaching, research, and innovation in the maritime sector.

Describing the project as a milestone, Oyetola said the initiative reflects the government’s resolve to strengthen institutional capacity and position the blue economy as a key driver of national prosperity.

“The future of the blue economy will be shaped not just by natural endowments, but by the quality of minds we nurture within institutions such as this,” the Minister said.

He emphasised that with over 90 per cent of Nigeria’s trade conducted via maritime channels, the sector remains critical to economic diversification, job creation, and sustainable development.

Highlighting ongoing efforts to build manpower, Oyetola disclosed that 2,459 Nigerians have been sponsored under the Nigerian Seafarers Development Programme (NSDP) for training in maritime institutions across countries including the United Kingdom, Egypt, the Philippines, India, and Romania

He added that 1,088 beneficiaries have obtained their Certificates of Competency.

The Minister also pointed to opportunities in fisheries and aquaculture, noting that Nigeria’s annual fish demand of 3.6 million metric tonnes presents significant potential for food security and employment.

On April 1, 2026, a new chapter began for agent banking in Nigeria, as the Central Bank of Nigeria (CBN) introduced updated guidelines to regulate the operations of Point of Sale (PoS) operators and financial service providers. These changes are not just about rules; they are about building a safer, more reliable system for tens of millions of Nigerians who depend on agent banking services every day.

Agent banking has become a key part of daily life in Nigeria. From quick cash withdrawals to transfers and bill payments, PoS operators serve as an important link between financial services and people. With this new policy, the CBN is strengthening that link by ensuring the system works better, more safely, and more transparently for everyone.

One of the major changes is that each PoS agent must now work with only one financial institution. In the past, many agents used multiple terminals from different providers to manage downtime or compare benefits. Now, agents must make one clear choice. This makes the decision more important than ever, because the platform an agent chooses will directly affect their daily business, income, and customer trust.

The new guidelines also bring more structure. Agents must use dedicated accounts, adhere to transaction limits, and operate from approved locations using properly registered devices. These changes reduce fraud, improve transparency, and make the system easier to monitor. While this may require some adjustment, it ultimately creates a more stable and professional environment for agents to grow their businesses.

For everyday Nigerians, the impact is simple but important. These changes mean safer transactions, fewer errors, and more confidence when using PoS services. People want to know that when they send money or withdraw cash, the process will be fast, secure, and reliable. The new guidelines are designed to ensure exactly that.

However, in this new era, one key question stands out for agents: which provider can truly support my business under these guidelines?

First, reliability matters more than ever. When an agent is limited to one provider, there is no room for frequent downtime or failed transactions. OPay has built a strong and stable system that processes transactions quickly and consistently. For an agent, this means less waiting time and more completed payments, leading directly to higher daily earnings.

Second, speed and efficiency are critical. Customers often choose PoS points based on how fast they are served. OPay terminals are known for quick response times, which helps agents serve more customers in less time. In a busy environment, this can make a big difference in daily income.

Third, trust is everything. OPay is already used by tens of millions of Nigerians, which builds confidence. When customers see an OPay terminal, they are more comfortable making transactions because they recognise the brand and trust the system. For agents, this trust translates into repeat customers and steady business growth.

Fourth, strong support is essential under stricter regulations. Agents now need guidance to stay compliant and operate correctly. OPay provides structured support, clear processes, and ongoing assistance to help its network of over 2 million POS and merchant service points navigate these rules without stress. This reduces the risk of errors and helps agents focus on running their business.

Fifth, security is a major concern for both agents and customers. With the new CBN guidelines emphasising transparency and fraud prevention, working with a secure platform is non-negotiable. OPay’s systems are designed to protect transactions and reduce risks, giving both agents and customers peace of mind. This is also evident in the continuous rollout of security innovations.

For everyday Nigerians, choosing where to carry out transactions is just as important. Using a reliable terminal like OPay means faster, secure, reliable service and a better overall experience.

In the end, this policy change is not about restrictions; it is about raising standards. For agents, it is an opportunity to build stronger and more profitable businesses. For Nigerians, it is a chance to enjoy safer and more dependable financial services. And in this new reality, choosing the right platform is no longer optional; it is the foundation for success.

To learn best practices and access tools to grow your business, please visit www.opayweb.com and follow OPay Business on LinkedIn, @opaybusiness on X, and @opaybusiness on Instagram to stay ahead in this new era of agent banking.

About OPay

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfers, bill payments, card services, airtime and data purchases, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customers’ funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

The African Export-Import Bank has underwritten $2.5 billion of a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals.

A syndicated loan is a financing arrangement involving a large sum of money provided by a group of lenders.

In a statement confirming the deal, Afreximbank disclosed that it and Access Bank have been appointed as co-mandated lead arrangers for the five-year facility.

The bank stated: “Afreximbank is pleased to announce that it has underwritten $2.5 billion in the $4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

“The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day.”

According to the bank, the facility will enhance DPRP’s balance sheet flexibility, strengthen its financial position, and support its role as a strategic supplier of refined petroleum products to African and global markets.

Afreximbank further noted that since the refinery commenced operations in February 2024, it has supported the project with a $1 billion working capital facility and served as financial adviser on the Naira-for-Crude initiative. The initiative facilitates the purchase of crude oil and the sale of refined products in local currency, thereby reducing dependence on foreign exchange.

Commenting on the development, George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the bank takes pride in being the largest financier of the Dangote Group.

“We do so primarily because Dangote is African. When we invest in ourselves, we do more than create jobs, wealth, or expand government revenues; we build a secure and resilient future for our continent.

This is why we are pleased to have invested about $15 billion in the Dangote Group since 2015,” he said.

He added that Afreximbank remains committed to supporting transformative indigenous industrial projects.

The Dangote Refinery stands as a bold symbol of what African ambition, African capital, and African execution can achieve at scale. Beyond expanding refining capacity, it strengthens Africa’s energy security, reduces dependence on imports, and opens new frontiers for intra-African trade and industrial development,” he said.

The refinery also expressed appreciation for the bank’s continued support and confidence in its vision to build world-class industrial capacity serving Nigeria, Africa, and global markets.

The statement added that the syndicated loan attracted strong interest from a consortium of African and international financial institutions, reflecting sustained confidence in the refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.

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The Executive Secretary/Chief Executive Officer of the Nigerian Shippers Council, Akutah Pius, has urged freight forwarders to adopt dialogue as a constructive approach to resolving disputes, cautioning against industrial actions that could disrupt the nation’s economy.

He made the appeal in response to the picketing of the offices of Mediterranean Shipping Company, MSC, by freight forwarders protesting the recent increase in shipping line tariffs.

Despite the protests, the Council’s attempt to engage the aggrieved freight forwarders in discussions was resisted, as the protesters insisted that there was no basis for dialogue.

They also vowed to continue the protest on Monday until the increment in charges is reversed.

But Akutah stressed that dialogue remains the most effective and modern dispute resolution mechanism, noting that it is faster, more humane, and more productive than what he described as a “bottled anger approach.”

He warned that prolonged industrial disputes within the maritime sector could disrupt port operations and negatively impact trade and economic activities.

While acknowledging the right of stakeholders to express their concerns, the Council condemned what it described as the unprofessional conduct of some freight forwarders, particularly the act of blocking regulators from accessing the MSC premises to address the matter.

The Council boss also recalled that during a similar protest over the same tariff increment a few weeks earlier, the Council intervened and compelled MSC to suspend the collection of the disputed charges for two days while discussions were ongoing.

He reiterated the Council’s commitment to mediating between shipping companies and freight forwarders to ensure fair practices and stability within the maritime industry.

Culled from vanguard

The Federal Government, FG, has commenced implementation of the Oil and Gas Revenues Executive Order 09.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosing this in a statement yesterday said a Technical Committee has been set up to ensure payment of the affected revenues into the Federation Account, in compliance with the provisions of the Order.

He disclosed that the Implementation Committee of the Executive Order held its inaugural meeting on February 26, 2026.

According to him, “The meeting was held in pursuance of Executive Order 9 of 2026, issued by President Bola Ahmed Tinubu, to safeguard Federal revenues and strengthen the management of petroleum revenue flows.

The statement added, “The Committee reaffirmed the President’s directive that revenues accruing to the Federation from petroleum operations must be handled in a manner that upholds constitutional principles, protects revenues accruable to the Federation, and supports the fiscal stability of all three tiers of government.

In line with the President’s directive, NNPC Limited shall cease, with immediate effect, the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs).

“Additionally, all remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended with immediate effect, in line with the Executive Order.

“With respect to Section 2, Sub-section 3 of the Executive Order on direct payments by contractors into the Federation Account, the Committee agreed that this transition must be implemented in a manner that respects existing contractual and financing arrangements, and maintains investor confidence.

“For this reason, the Committee approved a defined transition period for the operationalisation of direct payments by contractors of profit oil, royalty oil, and tax oil into the Federation Account.

Until the Committee issues detailed guidelines, contractors will continue to remit under the current process.

During the transition period, the Committee will issue clear, standardised guidance to ensure an orderly changeover.

To this end, the Committee approved the establishment of a Technical Subcommittee to: (i) develop the detailed guidelines for the transition to direct remittance within three (3) weeks, and (ii) commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken Federation revenues.

“The Technical Subcommittee will be led by the Special Adviser to the President on Energy, and will include the Solicitor-General of the Federation and Permanent Secretary Federal Ministry of Justice, the Chairman of the Nigeria Revenue Service, and the Chairman of the Forum of Commissioners of Finance, representatives of the Minister of State Petroleum Resources, Oil, with secretarial support from the Budget Office of the Federation.”

Culled from vanguard

The data, among other things, revealed sharp increases in maximum lending rates across key segments of the economy.

The data showed that while deposit rates remained largely stable between January 2 and February 6, 2026, lending rates — particularly maximum lending rates — rose in several banks and sectors.

A breakdown of the figures indicated that Stanbic IBTC recorded the highest lending rate in the industry at 60 per cent, applicable across multiple sectors including Agriculture, Forestry and Fishing, Manufacturing, Professional Services, Information and Communication, Finance and Insurance, as well as Mining and Quarrying.

The development underscores mounting credit pressures on productive sectors already grappling with high energy costs, foreign exchange volatility and weak consumer demand.

Further analysis showed that Ecobank Nigeria posted a maximum lending rate of 48 per cent in Administrative and Support Services, while Polaris Bank recorded 47.31 per cent in the manufacturing sector. Similarly, FCMB applied rates as high as 46.10 per cent across several sectors including agriculture and manufacturing.

The surge in lending ceilings is coming amid relative stability in deposit rates. Savings deposit rates across most Deposit Money Banks were held at an average of 8.10 per cent during the review period. First Bank of Nigeria offered the highest savings deposit rate at 8.25 per cent, while Globus Bank followed with 8.18 per cent.

Demand deposit rates posted marginal increases at some banks. For instance, Access Bank raised its average demand deposit rate slightly, while Zenith Bank recorded a modest uptick within the period.

On the prime lending side, the trend was mixed. Zenith Bank reduced its prime lending rate from 25.00 per cent to 24.23 per cent, while Access Bank maintained its prime rate at 25.50 per cent throughout the period.

However, several institutions adjusted their maximum lending rates upward. Nova Bank increased its general maximum lending rate from 31.38 per cent to 33.56 per cent, while FSDH Merchant Bank raised its ceiling from 28.00 per cent to 30.00 per cent.

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Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s leading manufacturers of construction machinery, in a move set to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to become the largest refinery in the world.

The agreement will enable the Group to acquire an additional wide range of advanced construction equipment to support ongoing and forthcoming projects across refining, petrochemicals, agriculture and large-scale infrastructure development.

The new equipment will complement existing assets deployed for the refinery expansion, which is expected to be completed within three years.

Beyond refining, the expansion programme will see polypropylene production increase from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.

Urea capacity in Nigeria will be tripled from 3 million to 9 million metric tonnes per annum, in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s position as the largest urea producer globally.

Production capacity for Linear Alkyl Benzene (LAB) will also be increased to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and strengthening supply to the detergent and cleaning agents manufacturing industry.

Additional base oil production capacity also forms part of the broader expansion programme.

In a statement, the Group described the agreement as a strategic investment aimed at deepening its construction footprint and accelerating its ambition to build a $100 billion enterprise by 2030.

“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” the statement said.

Dangote Group is currently accelerating expansion and regional market development as it advances toward its long-term vision of building a $100 billion enterprise by 2030.

Culled from vanguard

The Central Bank of Nigeria (CBN) has established New Minimum Standards for ATM Deployment, Operations, Maintenance, and Security.  

The apex bank said the new ratio contained in its circular titled, “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines (ATMs) in Nigeria,” released weekend,   supersedes previous ATM regulations.

According to the new regulation, all card issuers must deploy at least one ATM per 5,000 payment cards issued.

This, the apex bank directed, must be fully achieved within three years (100% by 2028), starting with 30% in the first year (2026).

It added that ATMs must be located in a way that guarantees safety and security of users and confidentiality of transactions. They should not be placed outside buildings unless bolted to the floor.

CBN further directed: “ATM deployment, redeployment, and decommissioning require prior written approval from the CBN.

“Independent ATM Deployers (IADs) must obtain prior written approval from CBN and satisfy licensing/registration requirements, including evidence of partnership with a bank for cash provisioning.”

On failed transactions and refunds it directed that On-us ATM Transactions (using a bank’s own ATM), reversal of a failed transaction must be instant. If instant reversal fails due to technical issues, the timeline for manual reversal shall not exceed 24 hours.

Not-on-us ATM Transactions (using another bank’s ATM): refunds shall not exceed 48 hours”.

Other regulations included: Other provisions of the new directive are, “Automatic Refunds: Acquirers must adopt appropriate mechanisms to immediately initiate refunds for non-dispense errors without the prompting of the issuing bank or the customer.

“Security: All ATMs must have cameras that record all persons and activities (card insertion, cash withdrawal, etc.), but should not record customers’ keystrokes. Networks used must be tested and proven for data confidentiality.

“Anti-Skimming: ATMs shall be installed with anti-skimming devices to mitigate fraud.

“PIN/Keys: ATM keys must be changed regularly (every year), and the same keys are not to be used for multiple ATMs. Customers can change their PIN free of charge.

Standards: All ATM deployers/acquirers must comply with Payment Card Industry Data Security Standards (PCI DSS).

ATM Operations and Maintenance Downtime: The technical downtime for an ATM shall not exceed 72 consecutive hours. Customers must be informed if this is not practicable.

“Cash Provisioning: Cash shall be made available at all ATMs at all times. The bank that entered into an agreement with a non-bank institution for deployment is solely responsible for cash provisioning.

Information: Helpdesk contacts, charges, and fees must be adequately displayed to customers.

“Receipts: ATMs must issue receipts for all requested transactions, except for balance enquiry.

Monitoring: CBN will conduct periodic audits and onsite checks to ensure compliance with the guidelines and availability of cash and service.

Reporting: All institutions must render a monthly return to CBN, including new deployments, no later than the 5th of the following month.

“Penalties: Appropriate penalties shall be imposed on institutions that fail to comply.”

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The price of silver reached $100 for the first time on Friday, profiting from its safe-haven status amid unrest surrounding the policies of US President Donald Trump.

Silver, which has doubled its price in just 3.5 months, hit a record $100.29 an ounce in trading, also on strong demand for the metal that is used in solar panels and electronics, as well as for making jewellery.

Sister metal gold was closing in on an all-time peak of $5,000 an ounce Friday as investors increasingly turn to the go-to commodity in times of economic turbulence.

“As high-risk as gold may be, it has nothing on silver, which continues to outperform in the most extraordinary fashion,” noted David Morrison, senior market analyst at Trade Nation.

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Silver is in tight supply as buyers snap it up, also to be used in data centres for artificial intelligence.

The metal had on October 9 reached a record $50 an ounce, which was the highest level since 1980.

AFP

Banks and other financial institutions recorded a 51 per cent  year-on-year decline in fraud losses to N25.85 billion, down from N52.26 billion in 2024.

Managing Director/Chief Executive, Nigerian Interbank Settlement System, NIBSS, Mr. Premier Oiwoh disclosed this in a keynote presentation at the Nigeria Electronic Fraud Forum, NeFF, Technical Kick-Off Session held yesterday in Lagos. 

He also disclosed that  the number of fraud cases declined by four per cent, to 67,518 cases in 2025 from 70,111 cases in 2024.

Oiwoh also disclosed that Internet and Mobile platforms remained the most targeted channels by volume, accounting for 27,460 and 22,470 cases respectively during the year.

According to him, Internet Banking emerged as the most financially damaging channel, recording losses of N13.37 billion from just 4,507 cases. 

The data further showed that social engineering remained the most significant fraud threat in 2025, accounting for 47 per cent of total fraud volume and N17.84 billion in losses.

Other fraud techniques by volume included card theft, which accounted for 17 per cent, and robbery, with 11 per cent, reflecting the continued overlap between physical and digital crime.

Lagos leads fraud map

Geographically, Lagos State maintained its position as the country’s major fraud hotspot, accounting for over 63 per cent of total fraud volume in 2025. 

The Federal Capital Territory, Abuja, and other major urban centres were also identified as emerging operational bases for fraud activities.

Reporting gaps raise concern

Despite the decline in losses, NIBSS boss raised concerns over declining fraud-reporting compliance within the industry. 

According to Oiwoh, the number of institutions actively reporting fraud cases dropped from a peak of 45 in the second quarter of 2024 to 34 by the fourth quarter of 2025.

Emphasizing the need for reporting and other measures to checkmate electronic fraud, Oiwoh said: “Reporting is critical. Fraud reporting is not just about recovery; it enables tracking and prevention. We have seen cases where fraudsters left one bank and moved to another simply because there was no reporting. That must stop. There must be zero tolerance for non-reporting, whether the fraud is internal or external.

In collaboration with the Central Bank, the Nigerian Financial Intelligence Unit (NFIU) and security agencies, NIBSS has built a Person of Interest Portal. Since 2019, about 3,417 individuals involved in fraudulent activities have been captured on the portal, complete with names and photographs. This portal is actively used by security agencies.

“All industry watchlists, the CBN database and the Person of Interest Portal have been integrated. Over 214,000 politically exposed persons (PEPs) are captured—not as criminals, but in line with regulatory requirements. APIs allow banks to validate and verify identities in real time.

Proper validation of BVN and NIN is non-negotiable. Simply collecting these identifiers without validation is dangerous. With the systems we have built, banks can validate identities through APIs and resolve up to 95 percent of KYC challenges if fully implemented.

Routine staff profiling, job rotation and mandatory vacation are critical to preventing internal fraud. Lifestyle monitoring should not be ignored. Many fraud cases could have been detected early if red flags had been questioned.

“Banks must cooperate, share intelligence and trust one another. Fraudsters succeed when institutions operate in silos. Collaboration is key.”

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The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has defended the Nigeria Tax Act, NTA, clarified the policy intent, stating that KPMG Nigeria does not understand the reform.

Oyedele made the points in a statement on Saturday, following KPMG’s analysis of the NTA, where they pointed point perceived weaknesses.

KPMG said: “There are certain errors, inconsistencies, gaps, omissions, and lacunae in the new tax laws that need to be urgently reconsidered to ensure the attainment of the stated objectives,” and called for reviews

Reacting, Oyedele said: “We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws.

“We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues.

“However, the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.

“A significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either:

“The firm’s own errors and invalid conclusions,

“Issues not properly understood by the firm,

Missed context on broader reforms objectives,

Areas where KPMG prefer different outcomes than the choices deliberately made in the new tax laws, and

“Obvious clerical and editorial matters already identified internally.

“While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps.

“KPMG would have been more effective if the firm adopted a similar approach like other professional firms who engaged directly providing the opportunity for clarifications and mutual-learning.

It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm’s preference.”

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After making a point-by-point rebuttal of KPMG’s arguments, Oyedele noted that “While acknowledging the objectives of the reform, KPMG could have highlighted the major structural improvements under the new laws, including:

“Simplification and tax harmonisation,

“The scope for reduction in corporate tax rate from 30% to 25%,

“Expanded input VAT credits for businesses,

“Tax exemption for low-income earners and small businesses,

“Elimination of minimum tax on turnover and capital, and

“Improved investment incentives for priority sectors. A balanced assessment would have recognised these transformative elements, among others.”

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He added that “The tax reform is the result of an extensive consultation with various stakeholder groups in addition to the legislative process that included widely publicised public hearings, avenues intended for all stakeholders including international firms to provide technical expertise at the formative stage.

“In any comprehensive overhaul of a nation’s tax framework, clerical inconsistencies or cross-referencing gaps may occur, and these are already being identified within the government.

The tax reform represents a bold step toward a self-sustaining and competitive Nigeria. An effective review needs to connect identified gaps to clear policy intents and the reality of modern-day tax systems within the context of economic development and global competitiveness.

“At this stage, the effectiveness of the tax law depends on administrative guidance, clarifications from the tax authority, and regulations to complement precise statutory provisions where necessary pending future amendments.

“We urge all stakeholders to pivot from a static critique to a dynamic engagement model, which allows for clarifications and a productive partnership in the implementation of the new tax laws.”

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There are fresh signs of cautious optimism in Nigeria’s economy as both consumers and businesses reported improving sentiments in December 2025, driven by moderating prices, better economic outlook and rising confidence in macroeconomic stability, even as concerns linger over high interest rates on bank loans.

This is contained in the Central Bank of Nigeria’s (CBN) latest Consumer Expectations Survey and Business Expectations Survey for December 2025, released yesterday.

According to the CBN, consumers said prices of household goods and food items showed signs of moderation in December, with the Consumer Sentiments Index on price changes improving to -1.4 points, from -2.0 points in November 2025. The apex bank noted that this improvement suggests a prevailing perception that, although prices remain high, the pace of increase is slowing.

Overall consumer confidence also strengthened, as the Overall Consumer Sentiment Index rose sharply to 4.8 points in December from 1.9 points in November, marking the second consecutive month of optimism among respondents since May 2024.

Further reinforcing this positive shift, the Economic Condition Index increased to 9.7 points, from 6.3 points in November, indicating growing optimism about the broader economy. Similarly, households reported an improvement in their financial situation, with the Family Financial Situation Index rising to -5.4 points from -10.3 points, reflecting reduced pessimism about household finances.

Family income expectations also improved, as the Family Income Sentiment Index climbed to 10.2 points, compared with 9.8 points in the preceding month.

Despite the improving mood, consumers remain wary of borrowing costs. The CBN disclosed that 36 per cent of respondents observed a rise in interest rates on bank loans over the past three months.

However, fewer respondents – 30.9 per cent – expect interest rates to rise further in the next three months, suggesting expectations of relative stability ahead.

On prices, consumers still perceive the average prices of selected items as relatively high, with the Consumer Sentiments Index for average prices at 25.9 points in December. Interestingly, prices of food and other household items were viewed as low, with an index of -25.3 points, underscoring mixed price dynamics across consumption categories.

Looking ahead, consumers expect a slight increase in average prices over the next six months, pointing to expectations of gradual market adjustments rather than sharp price spikes.

On the business side, optimism about the macroeconomy strengthened further, with firms’ Confidence Index rising to 37.5 points in December 2025. According to the CBN, this optimism is expected to deepen, peaking at 52.5 points over the next six months.

“All sectors expressed optimism on the business outlook of the macroeconomy in the current month,” the CBN said, with the industrial sector leading at 38.7 points. While services sector optimism is expected to slow slightly in the near term, confidence is projected to rise again over the next three and six months. Industry and agriculture are expected to maintain sustained positive outlooks across all reviewed periods.

Firms also expect improvements in key macroeconomic indicators. Survey respondents anticipate a steady appreciation of the naira against the dollar, as reflected by positive exchange rate indices across the review periods. They also foresee a continued positive outlook for borrowing rates, despite prevailing tight financial conditions.

Inflation expectations further eased in December, as the Inflation Expectations Index fell to 41.7 points, from 43.5 points in November, indicating improved sentiment about price pressures. This improvement was driven by both businesses and households.

Among businesses, micro enterprises reported the highest perception of high inflation at 52.8 per cent, while medium-sized firms recorded the lowest at 45.5 per cent. For households, urban respondents perceived inflation as higher (52.9 per cent) than rural respondents (51.6 per cent). Income analysis showed that households earning between N30,001 and N100,000 monthly had the highest proportion of respondents who viewed inflation as high.

Energy, transportation, exchange rate movements, insecurity and interest rates were identified as the top five drivers of inflation perceptions in December 2025.

Notably, confidence in the apex bank’s communication remained strong, with 93.4 per cent of respondents affirming that the CBN was transparent in its inflation communication during the review period.

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Nigeria has reaffirmed its commitment to strengthening strategic, bilateral trade and economic partnership with China, reflecting positively on the progress recorded in relations between both countries throughout 2025.

The reaffirmation followed the elevation of Nigeria–China relations to a Comprehensive Strategic Partnership, agreed by President Bola Tinubu and President Xi Jinping during his state visit to China in September 2024. Since then, engagements between both countries have intensified across political, economic and technical levels, further consolidating a relationship built on mutual respect, development cooperation and shared interests.

Over the past year, cooperation expanded in key priority areas such as infrastructure development, trade and investment, industrial capacity building, technology exchange and people-to-people relations. These engagements, Nigerian officials say, have helped to deepen institutional linkages and provide a clearer framework for achieving mutually beneficial outcomes.

In a statement, Director General and Global Liaison of the Nigeria–China Strategic Partnership, Mr. Joseph Tegbe, said Nigeria’s relationship with China remains guided by the country’s long-standing foreign policy principles, including respect for sovereignty and territorial integrity, as well as adherence to established international norms.

He noted that in this context, the Federal Government has consistently upheld the One-China principle as the foundation of its diplomatic relations with the People’s Republic of China.

Looking ahead to 2026, he expressed the readiness of the country to consolidate and deepen the Comprehensive Strategic Partnership in more practical and results-driven ways. He noted that emphasis will continue to be placed on cooperation that directly supports Nigeria’s development priorities, including economic diversification, infrastructure delivery, human capital development, technology transfer and long-term sustainability.

Commenting on the future of the partnership, Tegbe expressed confidence that cooperation between both countries would continue to mature.

According to him, sustained engagement and shared commitment would ensure the delivery of lasting outcomes that advance the common vision of a China–Nigeria community with a shared future.

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Stock markets mostly fell Wednesday in thin trading, following a year of record gains for key assets as central banks cut interest rates and the tech sector boomed on growth of artificial intelligence.

London’s benchmark FTSE 100 index closed down 0.1 percent in a shortened trading day, having reached a record high Tuesday close to 10,000 points.

The index jumped more than 21 percent in 2025 — the biggest gain for 16 years — thanks to interest-rate cuts from the Bank of England as well as US Federal Reserve following drops to inflation.

Across the globe, stock markets have struck record highs and enjoyed double-digit gains in 2025.

“To push meaningfully higher in 2026, equities will need confirmation that the Fed can deliver at least the two rate cuts still priced by the market, with growth unimpeded,” noted Stephen Innes of SPI Asset Management.

The Federal Reserve’s monetary easing in the second half of this year has been a key driver of global market improvements, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into AI.

Minutes of the Fed’s policy meeting in December, which were released on Tuesday, indicated that most of its officials see future rate cuts as appropriate, should inflation cool over time as expected.

At the same time, concerns that valuations of AI stocks are too high gnawed at investors late in 2025.

AI chip juggernaut Nvidia became the world’s first $5 trillion company at the end of October, while its current worth stands at around $4.5 trillion.

The price of gold, seen as a safe haven investment, scored multiple record highs this year.

The precious metal has benefitted from weakness to the dollar caused by the Fed’s rate cuts and economic growth concerns triggered by President Donald Trump’s war on tariffs.

Oil prices have retreated nearly 20 percent over the year, pressured by an oversupplied market.

Bitcoin, emphasising the volatile nature of the cryptocurrency sector, soared to a record high above $126,000 in October before ending the year around $88,000.

In stocks trading Wednesday, the Paris market closed down 0.2 percent after Hong Kong ended the year with a loss of nearly one percent.

Over the year, Hong Kong’s Hang Seng index won 28 percent.

Tokyo trading had ended Tuesday, with the Nikkei 225 jumping more than 26 percent this year and Seoul rocketed 75 percent.

Frankfurt, which also ended its trading year Tuesday, rallied 23 percent in 2025, while Paris saw an annual gain of more than 10 percent.

On Wall Street, which holds a half day of trading on Wednesday, the main indices are set for double-digit annual gains with the tech-heavy Nasdaq Composite up over 21 percent for the year.

The MSCI All Country World Index, featuring a cross-section of major global companies, has an annual gain of around 21 percent.

On Wednesday, the price of silver slid further having struck record highs in December.

– Key figures at around 1300 GMT

London – FTSE 100: DOWN 0.1 percent at 9,931.38 points (close)

Paris – CAC 40: DOWN 0.2 percent at 8,149.50 (close)

Frankfurt – market closed for holiday

Hong Kong – Hang Seng Index: DOWN 0.9 percent at 25,630.54 (close)

Shanghai – Composite: UP 0.1 percent at 3,968.84 (close)

Tokyo – market closed for holiday

New York – Dow: DOWN 0.2 percent at 48,367.06 (close)

Euro/dollar: DOWN at $1.1755 from $1.1774 on Tuesday

Pound/dollar: DOWN at $1.3466 from $1.3503

Dollar/yen: UP at 156.62 yen from 156.00 yen

Euro/pound: UP at 87.29 pence from 87.15 pence

Brent North Sea Crude: UP 0.3 percent at $61.50 per barrel

West Texas Intermediate: UP 0.3 percent at $58.12 per barrel

AFP

The Nigerian National Petroleum Company Limited has begun moves to sell stakes in some of its oil and gas assets, a new report by Reuters has revealed.

This is as the state-owned energy firm seeks to optimise its portfolio and attract fresh investment into the sector.

An invitation document released on Monday indicated that the national oil company has solicited bids from interested investors, although it did not disclose the size of the stakes on offer or the amount it aims to raise from the exercise.

The report read, “The Nigerian National Petroleum Company Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids.”

NNPC holds interests in several oil and gas assets, some of which it owns outright, while others are operated in partnership with international oil companies, including Shell, Chevron, Eni, and TotalEnergies.

According to the document, which was circulated late last week, prospective bidders are required to register online by January 10. This will be followed by a pre-screening process, after which qualified firms will be granted access to a secure virtual data room containing detailed information on the assets.

The document stated that prequalification would be based on the technical and financial capacity of bidders, with subsequent stages involving document evaluation, negotiations, and the securing of relevant regulatory approvals.

“According to the invitation document, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow, and qualified firms will gain access to a secure virtual data room. Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations, and regulatory approvals,” the report added.

The move aligns with earlier indications by the national oil company that it was considering the sale of at least 25 per cent of the equity it holds in select oil and gas fields, either through outright divestments or reductions in its interests, as part of a broader portfolio optimisation strategy.

That draft plan, however, had attracted opposition from oil sector unions, who raised concerns over potential job losses and the strategic implications of asset sales. NNPC did not respond to a request for comment on the latest invitation at the time of filing this report.

Nigeria, Africa’s largest oil producer, has struggled in recent years to boost crude oil output and attract sustained investment, amid regulatory uncertainty, oil theft, and ageing infrastructure. The country is now banking on incremental production growth, particularly from marginal onshore fields vacated by international oil companies, as it seeks to shore up revenues and stabilise output.

The proposed stake sales could help unlock capital, improve asset performance and draw in technically capable operators, provided the process is transparent and supported by clear regulatory approvals.

Culled from punch.

The supply of Premium Motor Spirit (PMS), also known as petrol, increased to 71.5 million litres per day in November 2025 from 46million litres per day in October, indicating an increase of 55 per cent.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the volume supplied came from both the domestic and the international market. 

According to its November 2025 report – Fact sheet – released yesterday, the agency said the nation’s consumption also increased by 44.5 per cent to 52.1 million litres per day in November 2025, against 28.9 million litres in October, showing an excess of 37.4 million litres.

The agency said that the significant increase in petrol supply in November 2025 was on account of the imports by the Nigerian National Petroleum Company Limited (NNPC Ltd.). 

NMDPRA noted that the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.

Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities and twelve vessels programmed to discharge into October which spilled into November.”

The report revealed that the domestic refineries supply in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day. 

It also noted that no production activities were recorded in all the state owned refineries – which included Port Harcourt, Warri and Kaduna refineries – in the period, as the refineries remained shut down

On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October. 

Also, the Nigeria LNG Trains 1-6 maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October. 

The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.

It stated: “As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent. 

Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation.”

The report also indicates that supply to the power sector increased slightly to 0.645 bscf per day in November, compared with 0.641 bscf per day recorded in October. 

Gas supply to the commercial hubs also recorded an increase in the period, rising from 0.522 bscf per day in October to 0.581 bscf per day in November.

It stated: “Breakdown of domestic gas utilisation showed that the power sector remained the largest off taker, consuming 0.645 bscf per day, followed by the commercial segment at 0.581 bscf per day and gas based industries at 0.420 bscf per day. “Export volumes remained strong during the month, with the Nigeria LNG Limited exporting an average of 101,555 cubic metres of LNG per day, equivalent to 45,966 metric tonnes, while natural gas exports through the West African Gas Pipeline averaged 0.121 bscf per day.”

Culled from vanguard.

The Securities and Exchange Commission, SEC has directed  capital market operators  to renew their registration from January 1 to 31, 2026.

In a bid to make the process as seamless as possible,  the Commission also disclosed that it will commence electronic receipt and processing of applications for registration and updates of registration information in the first quarter of 2026.

Director General of the SEC, Dr. Emomotimi Agama stated this during an interview in Abuja at the weekend.

According to Agama, “These initiatives reflect our commitment to leveraging technology for faster, more transparent, and efficient regulatory processes. The Commission is taking deliberate steps to make regulatory processes faster, more transparent, and technology-driven. We are investing in automation, database supervision, and secure infrastructure to improve how we interact with the market.

The SEC boss stated that through its Digital Transformation Portal, the Commission has automated registration and licensing end-to-end as operators can now submit applications, upload documents, and track approvals online, cutting down manual processing time and reducing the need for physical visits.

He said the Commission has also rolled out the Commercial Paper issuance module, which allows operators to file documents, monitor progress, and receive approvals electronically while feedback from early users shows a clear improvement in turnaround time.

“Work is ongoing to automate quarterly and annual returns submissions, with structured templates and system checks to ensure accuracy. A returns analytics dashboard is also in development to support risk based supervision and exception reporting.

“To back these changes, we have started upgrading our IT infrastructure, servers, storage, networks, and security layers, to boost speed and reliability. Selective cloud migration is underway for platforms that need scalability and external access, while core internal systems remain on premisev5p for now as we assess security and cost implications.”

Director General of the SEC, Dr. Emomotimi Agama stated this during an interview in Abuja at the weekend.

According to Agama, “These initiatives reflect our commitment to leveraging technology for faster, more transparent, and efficient regulatory processes. The Commission is taking deliberate steps to make regulatory processes faster, more transparent, and technology-driven. We are investing in automation, database supervision, and secure infrastructure to improve how we interact with the market.

The SEC boss stated that through its Digital Transformation Portal, the Commission has automated registration and licensing end-to-end as operators can now submit applications, upload documents, and track approvals online, cutting down manual processing time and reducing the need for physical visits.

He said the Commission has also rolled out the Commercial Paper issuance module, which allows operators to file documents, monitor progress, and receive approvals electronically while feedback from early users shows a clear improvement in turnaround time.

“Work is ongoing to automate quarterly and annual returns submissions, with structured templates and system checks to ensure accuracy. A returns analytics dashboard is also in development to support risk based supervision and exception reporting.

“To back these changes, we have started upgrading our IT infrastructure, servers, storage, networks, and security layers, to boost speed and reliability. Selective cloud migration is underway for platforms that need scalability and external access, while core internal systems remain on premisev5p for now as we assess security and cost implications.”

Culled from vanguard

Nigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports.  

The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by 0.8 per cent while total import rose by 25.09 per cent during the month. 

The report said: “The trade surplus narrowed to $1.39 billion, from US$2.14 billion in the preceding period, reflecting both marginal decline in export performance and higher import bills.  

“Export receipts fell by 0.80 per cent to $4.93 billion, largely, on account of lower earnings from the export of crude oil products, while import bills rose by 25.09 per cent to $3.54 billion, driven by increased import of oil and non-oil products.  

“Analysis of export by composition showed that crude oil, gas and refined petroleum products accounted for 84.88 per cent of the total while non-oil constituted the balance. In terms of imports, non-oil import accounted for 74.50 per cent, with oil constituted the balance.

“Export earnings from crude oil, gas and refined petroleum products moderated slightly in the review period, reflecting weaker crude oil prices, amid elevated global inventories and sustained supply. Total receipts from crude oil, gas and refined petroleum products exports fell to $4.18 billion, from $4.29 billion in the preceding month.  

“A disaggregation indicated that crude oil export receipts decreased to US$2.55 billion, from $2.74 billion in the preceding month. Earnings from the export of refined petroleum products fell to $0.53 billion from $0.95 billion in June 2025.  

“Gas export earnings, however, increased to $1.10 billion from $0.95 billion in the preceding month. The improvement in gas receipts was supported by firmer international prices, as colder-than-average temperatures in Europe boosted demand for space heating.

‘Non-oil export earnings increased in the review period, largely on account of higher receipts from mineral products. Non-oil export earnings increased to $0.75 billion, from $0.68 billion in the preceding month.  

Merchandise imports rose, due to increase in the importation of both oil and non-oil products.   Import bills increased by 25.09 per cent to $3.54 billion, from $2.83 billion in the preceding month. A disaggregation indicated that non-oil imports increased by 23.30 per cent to $2.64 billion from $2.14 billion. Similarly, the importation of petroleum products increased to $0.90 billion from $0.69 billion in the preceding month.”

Dangote Group has announced a strategic partnership with Honeywell International Inc. to support the next phase of expansion at the Dangote Petroleum Refinery.  

The company in a statement said that the collaboration is expected to boost the refinery’s processing capacity to 1.4 million barrels per day by 2028, moving it closer to becoming the world’s largest petroleum refining complex.

Under the agreement, Honeywell will provide advanced catalysts, specialised equipment, and process technologies that will enable the facility to refine a wider range of crude grades while improving product quality and operational efficiency. Honeywell, a Fortune 100 technology and industrial company, has a long-standing relationship with Dangote through its UOP division, which has supplied proprietary refining systems, catalyst regeneration units, column trays and heat exchanger technologies since 2017.

Beyond refining, Dangote Group is expanding its petrochemical operations. The company plans to scale its polypropylene production to 2.4 million metric tons annually using Honeywell’s Oleflex technology. Polypropylene is a critical industrial material used across packaging, manufacturing and automotive industries.

The Group is also accelerating its fertiliser expansion programme. According to a statement from the refinery, Dangote will increase its urea production capacity from 3 million to 9 million metric tons annually. The current plant consists of two trains of 1.5 million metric tons each, while the expansion will add four additional trains to meet rising demand across Africa and global markets.

Dangote Group reaffirmed its commitment to building world-class industrial capacity, enhancing Nigeria’s energy security and driving sustainable economic growth through long-term investment, innovation and strategic global partnerships.

The Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has said the country’s dwindling revenue requires reforms.

Adedeji stated this in Ilesa, Osun State, on Friday while delivering the University of Ilesa 2025 Distinguished Lecture Series titled “Economic Resilience in an Era of Dwindling Revenue”, the first in the series. He said to weather the storm of unstable revenue, the country must embrace reforms anchored on four pillars.

Using Nigeria’s key economic indicators—such as Gross Domestic Product growth, tax-to-GDP ratio, oil revenue share, and debt service to revenue ratio—Adedeji said the country has made progress.

Despite the improvement, he declared that the country’s fiscal condition remained fragile, making rationalised expenditure, expansion of the tax base, and adoption of stronger fiscal rules such as debt ceilings, among others, a necessity.

The FIRS boss also said the country must have a broadened and equitable revenue system. He listed disciplined and transparent public financial management, a diversified economic base, and strong and accountable institutions as additional reforms that must be implemented.

He warned that the country’s revenue situation could not be addressed with half measures or politically expedient actions, but requires strategic foresight, institutional resilience, and intergenerational thinking.

He further said, “One truth stands out: dwindling revenue is not the end of the road; it is a call to reform. Our fiscal pressures are undeniable; debt service obligations are high, traditional revenue sources are evolving, and societal demands are intensifying.

Yet history teaches us that the most resilient economies are not those that avoided hardship, but those that embraced adversity as a catalyst for transformation.

“This moment must not be seen as a crisis to be managed but as an opportunity to reimagine, innovate, and rebuild with courage, clarity, and conviction.”

In addressing the country’s revenue situation, Adedeji said FIRS, under his leadership, has embarked on various initiatives to transform it into a modern, technology-enabled, intelligence-led revenue authority.

Earlier, the Vice Chancellor of Unilesa, Prof. Femi Ashaolu, commended the FIRS chairman for his efforts to redefine the country’s tax system.

Ashaolu also said Unilesa has been recording steady growth on all fronts, adding that it currently runs about 97 NUC-accredited courses.

makes special offer to customers

The United Bank for Africa (UBA) Plc, has reiterated its commitment towards supporting the growth of Small and Medium Enterprises, SMEs, for global impact, as it headlines the sponsorship of the Lagos International Trade Fair (LITF) for the seventh consecutive year.

Organised by the Lagos Chamber of Commerce and Industry (LCCI), this year’s trade fair, which was flagged off last weekend, at the Tafawa Balewa Square, Lagos, will be open till next week Monday and is expected to attract thousands of exhibitors, investors, and visitors from across Nigeria and beyond.

In line with its customer-first philosophy, UBA will host a rewarding experience for its customers with a dedicated, full-service branch within the trade-fair ground.

A statement from the bank said, “Account holders who perform any transaction, such as deposits, withdrawals, or transfers, etc, at this branch will be instantly eligible to participate in a special “Lucky Dip” draw, which will offer them the chance to win a variety of premium prizes”.

Speaking during the opening ceremony of the fair, UBA’s Head, SME Banking, Babatunde Ajayi, underscored the strategic importance of the longstanding partnership with LCCI while reaffirming that this collaboration is a critical component of the bank’s core mission to mobilise capital as  well as empower enterprises of all scales, with a focus on growing SMEs for global impact.

“Our consistent support for the LITF and our strategic, bank-wide initiatives around the AfCFTA are interconnected,” Ajayi stated, adding, “They are two sides of the same coin, and it reflects a deep-seated commitment to building the robust financial architecture that is required to empower African businesses and enable them trade seamlessly across borders.”

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, positioned the bank’s participation within the context of its vision for Africa’s economic transformation, as detailed in its recently published white paper on achieving a $4 trillion continental economy.

The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025. Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.

“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said as reported by Reuters.

His remarks come just weeks after the President of the Dangote Group, Aliko Dangote, revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.

“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” he said, mirroring a playbook established by the group’s cement and sugar businesses. We don’t want to keep more than 65 per cent to 70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said. This move would represent a fresh investment of almost 13 per cent above its current 7.2 per cent stake.

The announcement also comes on the heels of NNPC’s ongoing search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation funding, the refineries have remained idle, forcing the country to rely heavily on imported petroleum products.

It is believed that if the Dangote refinery reaches full operational capacity and NNPCL completes its refinery rehabilitation programme, Nigeria could finally achieve self-sufficiency in refined petroleum products, a goal that has eluded Africa’s biggest crude producer for decades.

Ojulari further noted that the state-owned oil company had made significant progress in enhancing transparency across its operations as it prepares for its much-anticipated initial public offering.

“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” the NNPC boss noted. “Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust and accountability.”

With the company’s IPO plans still in view, Ojulari said NNPC was positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability. “We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he said.

In a statement on Sunday, the fintech firm said that the conference will bring together stakeholders from academia, the private sector, and the media to reflect on the milestones achieved in the past year and discuss how greater collaboration can amplify the impact of social investments in Nigeria.

Since its inception, OPay’s N1.2bn Scholarship Programme has become a cornerstone of the company’s corporate social responsibility vision. In its first year, the programme successfully onboarded 20 tertiary institutions nationwide, enabling hundreds of students across all six geopolitical zones to access financial assistance for tuition, accommodation, and essential study materials.

OPay said that the inaugural edition of the Empowering Futures Conference will not only celebrate this progress but also mark the official unveiling of the OPay CyberLab Initiative,  a forward-looking project aimed at advancing digital literacy and innovation across Nigeria’s higher institutions.

The conference will also spotlight the Graduate Recruitment Initiative, which connects top graduates with job opportunities within OPay’s ecosystem. Together, these programmes reflect the company’s broader mission to empower the next generation with the skills and opportunities needed to thrive in a digital economy.

The Chief Commercial Officer at OPay, Elizabeth Wang, said, “At OPay, our belief is simple: access to quality education and technology creates lasting change. Through the Scholarship Programme, Graduate Recruitment, and now the CyberLab Initiative, we’re helping young Nigerians turn potential into purpose. The Empowering Futures Conference is our way of celebrating these strides and inspiring even greater collaboration for national impact.”

The Empowering Futures Conference 2025 represents a defining milestone in OPay’s CSR journey; a moment to celebrate achievements, unveil new initiatives, and reaffirm the company’s commitment to empowering Nigerian youth through education, innovation, and opportunity.

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others. Renowned for its super-fast experience and reliable network, OPay is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Commission with the same insurance coverage as commercial banks.

The Dangote Petroleum Refinery yesterday resumed full operations while raising the gantry price of Premium Motor Spirit, PMS, also known as petrol by seven per cent to N877 per liter from N820 per litre.

Checks by Vanguard indicated that oil marketers buying two million litres and above would benefit from the relatively low price.

The refinery gantry price remains lower than the N890 – N900 per litre depot price charged by many depot owners.

According to data released by Petroleumprice.ng, yesterday, depot owners such as Pinnacle and Rainoil put their depot prices at N890 and N885 per liter, respectively.

The data also showed that Optima and Matrix put their depot prices at N880 and N890 per liter, respectively.

Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, “The downstream sector continues to witness the price war. With its huge size and capacity, the 650,000 barrels per day refinery continues to determine the pace. Depot owners and others have to follow. So, we expect depot prices to reduce in the coming weeks. We also hope that the expected low prices will be extended to the filling stations nationwide.”

Checks by Vanguard yesterday showed that many filling stations sold the product in excess of N900 per litre.

The President of the Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Obasi, said: “The management and staff of Dangote Refinery should be commended for the successful commencement of operations and their resilience in overcoming various economic and operational challenges posed by saboteurs within the oil and gas value chain.”

Obasi said the establishment and success of the Dangote Refinery represent a significant milestone in Nigeria’s quest for energy independence and economic stability. He assured that OGSPAN remains committed to partnering with the refinery in advocacy and public enlightenment efforts aimed at educating Nigerians on the immense benefits of local refining to the national economy, job creation, and foreign exchange stability.

culled from vanguard.

President/Chief Executive, Dangote Petroleum Refinery, Aliko Dangote, has declared that since the refinery began producing petrol a year ago, Nigeria’s five-decade-long struggle with fuel queues has finally come to an end.

Speaking at a conference to mark the first anniversary of the launch of petrol from the 650,000 barrels-per-day refinery, Dangote highlighted that Nigerians have endured persistent fuel queues since 1975. However, this issue has been steadily resolved since the refinery commenced production on 3rd September 2024.

“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” he said.

Acknowledging the numerous challenges, the refinery has faced since its inception, Dangote emphasised the company’s unwavering commitment to Nigeria and Africa.

“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true. What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he added.

Reflecting on the challenges faced during the refinery’s development, Dangote disclosed that the project involved enormous risk. He received repeated warnings from industry experts, investors, local and foreign government officials, who argued that only sovereign nations undertook such large-scale refinery ventures. He admitted that had the project failed, he would have lost all his assets to lenders.

“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.

Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841 in the Southwest, Abuja, Delta, Rivers, Edo, and Kwara. With the gradual rollout of CNG-powered trucks, Dangote anticipates this price reduction will soon be felt nationwide.

He noted that the refinery has sufficient capacity to meet Nigeria’s domestic demand while also generating foreign exchange through exports.  He revealed that between June and first week of September 2025, the facility had exported over 1.1 billion litres of Premium Motor Spirit (PMS), underscoring its capacity to meet domestic demand and contribute significantly to foreign exchange earnings.

Emphasising job creation, he stated that the refinery has no intention of displacing workers but is instead generating thousands of new employment opportunities. The deployment of 4,000 CNG-powered trucks is expected to create at least 24,000 jobs across Nigeria.

“We have not displaced any jobs; we are creating many more. The CNG trucks will not be operated by robots. Our employees earn salaries three times the minimum wage. Our drivers receive a living wage, life insurance, health insurance covering themselves, their spouses, and up to four children, as well as a lifelong pension. We are not only employing drivers but also mechanics, fleet managers, and other professionals to support the CNG fleet.”

Dangote clarified that while the company respects trade unions, membership is a personal choice for each driver.

He reaffirmed his commitment to Nigeria’s industrialisation, describing it as essential for the continent’s development. Dangote emphasised the urgent need for Nigeria to protect its local industries and discourage the dumping of cheap foreign goods, citing the collapse of the once-thriving textile sector as a cautionary example.

He noted that Nigeria’s path to sustainable economic growth lies in industrialisation, which not only boosts local productivity but also supports a circular economy.

“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Without this, how can others invest? That is why I believe the National Assembly should enact legislation to support the Federal Government’s ‘Nigeria First’ policy. My goal is to see Africa prosper, as we have the fastest-growing population in the world. Relying on imports means exporting jobs and importing poverty. Many individuals with greater financial resources than myself want to invest, but the challenges we face discourage them. Numerous sectors are still in urgent need of industrialisation,” he said

Culled from Vanguard.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has said that consumption of Premium Motor Spirit, PMS, otherwise known as petrol, dropped to 1.44 billion litres in June 2025 from 1.76 billion litres in May 2025, indicating a month-on-month decrease of 16.42 per cent.

The Director of Public Affairs, NMDPRA, George Ene-Ita, who confirmed the consumption level on Wednesday, said the nation’s average consumption stood at 48 million litres per day.

He stated: “The total fuel evacuation for June was precisely 1,440,768,129 litres, representing a 16.42 per cent decrease, compared to May’s total supply of 1,768,812,804 litres, a drop of over 290 million litres.”

According to him, the figure represents a daily average evacuation of 48,025,604 litres, which is obtained by dividing the total monthly volume by the 30 days in the month under review.

However, NMDPRA’s report showed that in June, the supply of diesel increased slightly by 1.73 per cent to 432.18 million litres from 424.83 million litres in May 2025.

It showed that the supply of Household Kerosene and distribution both recorded a 13 per cent decrease, with June figures at 7.79 million litres, down from nearly nine million litres in May.

The sharpest decline was seen in automotive gasoline supply, which dropped by nearly 48 per cent from 72.36 million litres in May to 37.66 million litres in June.

Distribution also fell by 16.54 per cent within the same period.

The NMDPRA’s report also detailed fuel truck-out volumes to individual states, totalling the 1.44 billion litres evacuated in June.

The report showed that “Lagos received the highest volume at 205.66 million litres, followed by Ogun with 88.69 million litres, the Federal Capital Territory with 77.51 million litres, and Oyo with 72.81 million litres.

“The decline in overall supply and distribution suggests continued challenges in the petroleum midstream and downstream sectors, impacting national fuel consumption patterns in June.”

Meanwhile, reacting to the recent Dangote Petroleum Refinery reduction in petrol price to N820 per litre from N828 per litre, oil marketers, yesterday, reduced their depot prices to N825 per litre.

The breakdown indicated that Bovas reduced its price to N825 per litre from N850 per litre while Sobaz reduced its depot price to N855 per litre rom N858 per litre.

Also, MRS (Tincan) reduced its depot price to N825 per litre from N849 per litre while Matrix (Warri) reduced it to N853 per litre from N855 per litre.

cupped from Vanguard.

The Corporation on its official X, said that payment of the insured sum had been ongoing and the Corporation had continued to pay the depositors their insured sum.

The News Agency of Nigeria (NAN) reports that NDIC was responding to appeals by customers of the failed Bank who were yet to receive their insured deposits

We apologise for the delay in your payment and any challenges you may have experienced.

”Kindly note that NDIC has continued to pay depositors.

”Payment has been ongoing and the Corporation is committed to successful reimbursement to all eligible depositors.

”Those with outstanding issues may wish to send a message to us so we can confirm their status towards resolving any challenges,” the Corporation said on its X handle.

NAN recalls that NDIC had said that it had substantially paid almost all insured depositors of the failed bank.

”The only group of insured depositors that we have not paid are those with no alternate account and have not come forward to provide one so that we can pay them.

”Also, insured depositors whose account is on post no debit order either by order of court or by regulatory agencies due to issues around fraud and Know-Your-Customer (KYC) have not been paid.

Once those orders are vacated, we are going to pay them,” the Corporation said.

The Corporation had also said they had commenced the payment of the first tranche of liquidation dividends totaling N46.6 billion to depositors of the defunct Heritage Bank whose funds were above the insured deposit of N5 million.

NDIC said the money was gotten from proceeds of sales of the defunct bank’s assets and recovery of debts owed the bank.

The Corporation also said that debtors who neglected to pay back their loans in failed banks caused delays in the payment of liquidation dividends.

NDIC said it was committed to the recovery of all debts and sales of assets of failed banks to ensure full payment to depositors. (NAN)

The World Bank yesterday said Nigeria recorded a $2 billion   trade deficit   in   cereal in 2023. 

The World Bank disclosed this in a Report titled: “Transport connectivity for food security in Africa, Strengthening supply chains”.

The report, which   examines how four major staples: cassava, maize, rice, and wheat, move across the continent noted   that Africa’s agricultural supply chains are strained from the local level to the national, regional, and global levels.

“In 2023, the net cereal trade balance picture varied widely across the continent, with the two largest economies at opposite ends: Nigeria had a negative balance of $2 billion, and South Africa had a net positive balance of $170 million. “Seven countries had negative balances of more than $500 million, 24 had negative balances of $100–$500 million, and 17 countries had negative balances of up to $100 million.  

“The region had a negative balance of more than $13 billion on cereals alone.”

World Bank report also stated   that Nigeria which is among the largest consumer and major producers of rice   still have a spatial mismatch between production and  

consumption, for which an efficient transport system is needed to move food around.

“About half of the rice consumed in Sub-Saharan Africa is grown in Africa, and the other half is imported. Many of the largest consumers, such as Nigeria and Tanzania, are also major producers.  

“Although some countries in Sub-Saharan Africa are self-sufficient in rice at the national level (e.g., the Democratic Republic of Congo, Nigeria, and Tanzania), they still have a spatial mismatch between production and consumption, for which an efficient transport system is needed to move food around.  For example, central Nigeria produces more rice than it consumes; the surplus is transported to the north and south of the country.”

The Federal Government has lamented the   poor   performance of electricity distribution companies in the Nigerian Electricity Supply Industry, NESI, describing it as disappointing.  

The Minister of Power, Chief Adebayo Adelabu who expressed this position   at a two-day retreat organized by the Senate Committee on Power, noted the DisCos have been frustrating the efforts by the government to improve power supply.

A statement by the Special Adviser, Strategic Communication and Media Relations to the Minister, Bolaji Tunji said Chief Adelabu spoke on the persistent crisis threatening to derail progress in the sector which is chronic underinvestment in distribution infrastructure, which continues to cripple service delivery nationwide in spite of landmark reforms in the electricity sector.

The Minister revealed glaring disparities in distribution company performance, with aging networks, rampant electricity theft, and poor investment deepening reliance on unsustainable subsidies and leaving millions in darkness. 

We need to get tough with the DisCos, as they can easily frustrate all the gains we have made. They have disappointed us in performance expectations. Whatever we do in generation does not mean anything to consumers if it is frustrated at the distribution points”.

He noted that in the 2003 restructuring of the sector, the DisCos were supposed to have technical partners, but a lot of them showed partnership with foreign companies for that purpose which lasted for about three months. Immediately they took over, those companies left. So we need utility companies that can invest in the sector to improve infrastructure, improve service”, adding that, “a lot of them went to the banks to take loans to buy the assets, after taking over, instead of providing infrastructure they are taking out the money to pay the loans”.

According to the Minister, despite tariff adjustments that boosted market liquidity by 70 percent—raising sector revenue from ¦ 1 trillion in 2023 to ¦ 1.7 trillion in 2024—the distribution segment remains the weakest link.  

“In the fourth quarter of 2024, DisCos in the North remitted just ¦ 124.4 billion (30 percent) of their ¦ 408.86 billion invoice, with Abuja DisCo accounting for 85 percent of Northern payments. Southern DisCos fared slightly better, remitting ¦ 254.6 billion (67 percent), though 70 percent of this came from Lagos DisCos alone. These discrepancies are due largely to crumbling infrastructure outside economic hubs, where underinvestment has left networks dilapidated”.

The Minister explained that the metering gap, a key driver of revenue loss and consumer distrust, underscores systemic neglect adding that the government has launched a ¦ 700 billion Presidential Metering Initiative (PMI) and a World Bank-backed program targeting 4.3 million meters by 2025, 75,000 units were deployed in April 2024 while additional 200, 000 is expected in May.  

Closing this gap is fundamental to fair billing and financial sustainability,” the Minister acknowledged, “but we are not there yet due to underinvestment and operational inefficiencies.” 

The sector also faces a ¦ 4 trillion subsidy backlog owed to generation companies, including ¦ 1.94 trillion for 2024 alone. With monthly subsidy shortfalls now hitting ¦ 200 billion, the Minister warned that maintaining current tariffs is “unsustainable,” straining public funds needed for infrastructure upgrades.  

“To salvage the sector, we will soon embark on restructuring underperforming DisCos and tightening enforcement of performance benchmarks. However, without urgent capital injection into distribution networks, gains in generation—including a historic 6,003MW output in March 2025—and transmission upgrades, such as 61 new transformers deployed in 2024, will fail to translate to reliable household supply

The Minister highlighted plans to attract private investment into grid infrastructure and regionalize transmission networks to reduce failure risks noting that the 70 percent remittance by the two DisCos in Lagos reflects better infrastructure than what obtains in the northern networks.

He called on the National Assembly to enact stricter legislation aimed at safeguarding Nigeria’s power infrastructure from acts of vandalism. Emphasizing the need for enhanced legal measures, Adelabu stressed that robust laws are critical to deterring the destruction of vital energy assets and ensuring the stability of the nation’s electricity supply. 

Nigeria’s headline inflation rate eased to 23.71 percent in April 2025, reflecting a 0.52 percentage point decline from the 24.23 percent recorded in March.

This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS).

The report also showed a decline in the food inflation index, which dropped by 0.53 percentage points to 21.26 percent in April from 21.79 percent in March. The decrease was attributed to the reduction in the prices of staple food items, including maize (corn) flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

According to the NBS: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.”

On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100.”

The report further noted that the food inflation rate on a year-on-year basis stood at 21.26% in April 2025, marking a 19.27 percentage point reduction compared to 40.53% in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations.

On a month-on-month basis, food inflation was recorded at 2.06% in April 2025, a slight drop of 0.12% from 2.18% in March 2025.

“The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added.

The easing of both headline and food inflation is seen as a positive development for consumers, although economic analysts have called for sustained policy measures to ensure price stability in the coming months.

Truck Transit Parks, TTP, technical partners to the Nigerian Ports Authority, NPA, has increased its charges for short messages (SMS) alerts to truckers operating in the ports by 100 percent apparently in response to the increase in telecom tariff by telecom companies.

In a notice to maritime stakeholders, the management of TTP, operators of the Electronic call up system, said SMS alerts remain an important way to stay informed and in control of a trucker’s activities.

Part of the notice reads: “Due to a recent increase in telecom rates by service providers, the cost of sending SMS alerts has gone up. As a result, from today, the first of May, the SMS alert fee will be adjusted from N4 to N8 per message.  

SMS alert remains an important way to stay informed and in control of your account activity.”

Speaking with Vanguard, Mr. Sani Mohammed, General Secretary of the Association of Maritime Truck Owners, AMATO, said he would not want to be dragged into the situation adding that some banks have also increased their SMS alerts from N4 to N6.

He stated: “I do not know why TTP would increase their alert fee by 100 percent.

“While the banks have increased their SMS charges by 50 percent, TTP is increasing its own by 100 percent. I think they should reconsider their action.”

Government deposits with the Central Bank of Nigeria,  CBN,   grew   by 46.9 percent year-on-year, YoY, to N24.9 trillion in 2024 from N16.94 trillion in 2023.

This is contained in the recently released Financial Statement of the CBN.

The growth in government deposits reflects the  increase in money supply during the review period.  

Data from the CBN Money and Credit Statistics showed that Money Supply (M²) grew by 42.4 percent YoY to N133 trillion in 2024 from N79.3 trillion in 2024, reflecting the impact of  inflationary pressure.

The period saw the CBN implementing various measures to absorb excess liquidity and manage inflation. 

According to the data, the government deposits comprised deposits in capital and settlement accounts which stood at N14.6 trillion in 2024 rising by 78 percent YoY from N8.2 trillion in 2023.

Deposits in domiciliary accounts rose by 138.6 percent YoY to N8.83 trillion from N3.7 trillion in 2023.

However, government deposits in other accounts fell by 71.6 percent to N1.43 trillion from N5.04 trillion in 2023.

Further analysis of data showed that financial institutions deposits with CBN stood at N27.5 trillion in 2024 with bank reserve accounts’ deposits leading other   accounts with N26.2 trillion rising by 29.7 percent YoY from N20.2 trillion.  

In its latest Money and Credit Statistics,   banks reserves with CBN stood at N28.5 trillion as at March.

The deposit of government and financial institutions resulted in a   total deposit of N52.38 trillion in 2024 representing a 37 percent increase from N38.2 trillion in 2023.

The naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar.

Data from the Central Bank of Nigeria website showed that the Naira lost N5.49.

This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1.

The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at N1,599.95, N1,599.71, and N1,596.69, respectively.

The local currency, which closed the current week on a negative note, had also opened the trading week with a minimal loss of 0.02 per cent.

Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.

Two traders on the CBEX platform confirmed  on Wednesday that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.

According to the sources, an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.

They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.

This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.

CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2tn after it collapsed on April 14, 2025.

Miffed by the development, the EFCC declared eight persons wanted for promoting the program. They include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

On Monday, Adefowora Abiodun, a prominent leader and trader on the platform, voluntarily surrendered himself to the anti-graft agency for interrogation.

Other regulatory agencies, such as the SEC, also condemned the operations of the suspected Ponzi scheme, warning Nigerians to exercise extreme caution and steer clear of investment platforms that offer unrealistic returns under the guise of digital trading.

However, in defiance of regulatory warnings, fresh findings by The PUNCH on Wednesday revealed that more Nigerians are still being lured by promises of quick profits, with new users flocking to the platform in hopes of cashing in on its resumed operations.

One of the sources told one of our correspondents in confidence due to lack of authorisation to speak on the matter, that withdrawal options on the CBEX platform had been reactivated, noting that while new accounts could process withdrawals, funds from older accounts—allegedly wiped—remained inaccessible for now.

The trader noted that the platform is making efforts to clear its name of any allegations of fraud or any association as a Ponzi scheme.

The source said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.

“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.

“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”

Another source explained that fresh investors are currently able to register new accounts, fund them, and withdraw profits without restrictions, as the newly created accounts are not subject to ongoing audits.

According to the source, only the old accounts remain under financial review.

The promoters also refute allegations of fraud, insisting that funds remain intact and that the ongoing audit was focused on reconciling discrepancies in old accounts.

“Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review

What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.

“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.

When questioned on why the audit was not conducted by the Nigerian government, a source explained, “The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here. In fact, they also have branches in Kenya, South Africa, and Egypt.”

Similarly, messages sent to a new Telegram group created for information sharing showed that a person could withdraw referral bonuses.

Addressing concerns from interested members in a user group, an admin identified simply as Laura stated that the specific cause of the platform’s issues was still under investigation, adding that the findings of the ongoing probe by the UK government would determine what is eventually made public.

The message read, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with.

“This is why some users who did not turn on HOSTING were able to survive. And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action

The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.

“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”

According to her, users must first accept the claims process initiated by the insurance company linked to the ST Fund firm.

She said, “We need to accept the claims processing of the insurance company that the ST fund company is tied to.”

The process involves verifying the authenticity of each account before any compensation can be issued for losses allegedly caused by the AI-related incident on April 14.

She added that many users have already begun receiving compensation.

“Moreover, the impact of this incident on the Internet has seriously exceeded our expectations. The UK government has also been negotiating with the Nigerian government.

So the EFCC of Nigeria also contacted the CBEX official yesterday and provided absolute evidence through ST, proving that the ST fund company has indeed compensated users for their losses. You know the EFCC of Nigeria… If they are not absolutely sure, how can they have such courage to say to the public, ‘you will get your money back?’”

Efforts to get the EFCC’s spokesman, Dele Oyewale, reaction on the latest development proved abortive. He did not pick up calls to his line and was yet to respond to a message sent to him on the matter.

However in furtherance of its investigation, the anti corruption agency has declared a foreign national, Elie Bitar, wanted for his alleged involvement in a cryptocurrency investment fraud linked to the online trading platform, Crypto Bridge Exchange.

In a bulletin released on Wednesday via the commission’s official social media platforms, the EFCC called on members of the public with useful information about Bitar’s whereabouts to contact any of its offices nationwide or reach out through its hotlines and email.

His last known address, according to the EFCC, is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos.

It read, “The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the statement read.

Meanwhile, the Nigerian Financial Intelligence Unit has issued a strong advisory warning Nigerians against engaging in unregulated digital asset investment platforms, many of which exhibit traits of Ponzi and pyramid schemes.

In an advisory released on Wednesday, the NFIU flagged multiple online platforms—including eWealth Connect, WWCoin (also known as TOFRO), Delux, and ADK—as posing significant financial risks due to lack of regulatory oversight, unrealistic profit promises, and deceptive marketing tactics.

Among the platforms named, the NFIU described ADK, an investment and betting platform as dangerous to invest in due to its deceptive profit claims, multi-level agent system, and predatory practices in jurisdictions with limited investor protection.

The advisory partly read, “ADK is a high-risk investment and betting platform that profits through a 9 per cent withdrawal fee and investor losses, particularly targeting users in regions without compensation agreements.

“It operates with a multi-level agent system (e.g Junior/Gold Agents) where earnings depend on recruitment and trading losses, while advertising a deceptive 97 per cent win rate that hides low-profit margins. With its reliance on unsustainable recruitment rewards and selection. ADK exhibits strong red flags of a potential Ponzi scheme or scam, making it a dangerous platform for investors.”

The advisory also said EWC was identified as a community-driven trading platform launching on the Solana blockchain, offering daily P2P auctions and tiered investment packages.

NFIU said, “eWealth Connect is a decentralised, community-driven platform built on the Solana blockchain, designed to revolutionise digital asset trading through peer-to-peer (P2P) auctions. Launching in Q4 2024, it offers features like dual daily trading sessions, transparent pricing, and real-time settlements, with a focus on emerging markets like Nigeria.

‘’The platform’s native EWC token provides utility such as reduced fees, governance rights, and exclusive trading benefits. EWC emphasizes community empowerment, allowing users to participate in platform development and governance while offering tiered investment packages with projected returns. Despite its ambitious roadmap, including international expansion and NFT integration, the platform’s sustainability and regulatory compliance remain to be tested, warranting cautious evaluation by potential users.“

Despite its innovative design and roadmap, the NFIU cautioned that its regulatory compliance remains untested.

The NFIU also cautioned the citizens especially students, freelancers and content creators among others about Delux, a platform designed to help users to monetize their activities online.

“Delux is a platform designed to help users monetise their online activities, particularly through social media engagement (like TikTok), content creation, and completing daily tasks. It promotes financial freedom by offering flexible earning opportunities, such as referral rewards, task-based income, and content monetisation, with an emphasis on simplicity and accessibility.

“While it targets students, freelancers, and creators, users should verify its legitimacy, payment proofs, and terms to ensure it’s not a pyramid scheme or scam. Always research before investing time or money, “ the advisory stated.

The NFIU flagged WWCoin (TOFRO) as exhibiting “classic Ponzi characteristics with its unrealistic daily returns of up to 6 per cent, alongside aggressive deposit incentives and high withdrawal fees.

“WWCoin (aka TOFRO) is a newly launched trading platform (as of October 2024) that offers daily trading signals, deposit bonuses, and promises high returns (1 per cent profit per signal, totaling 6 per cent daily). Key features include a minimum deposit of $100, withdrawal fees (20 per cent before doubling funds, 10 per cent after), and extra signals for larger deposits.

“However, the platform raises significant red flags, such as unrealistic profit claims, high withdrawal fees, lack of regulatory transparency, and aggressive deposit incentives, all common traits of Ponzi schemes or high-risk scams,” the advisory noted.

The advisory highlighted common red flags Nigerians should watch out for, including guaranteed high returns with zero risk and the absence of regulatory approval or licensing.

“Unrealistic or Guaranteed Returns: Promises of fixed daily, weekly, or monthly ROI, e.g “5 per cent daily for life” or “15 per cent or more monthly return.” Claims like “your money works for you 24/7 with zero risk.” It is suspicious because legitimate investments tied to market performance cannot guarantee consistent high returns, especially with crypto volatility, “the advisory stated.

The advisory warned against schemes whose revenue depends on referrals rather than product or service delivery.

It said, “Overemphasis on Referrals and Affiliates: Income is primarily earned from recruiting new investors, not from actual product or trading activity. Referral bonuses or commissions for every new investor brought in. Classic pyramid and Ponzi structures rely on continuous recruitment to fund payouts. Use of Newly Created or Unknown Tokens: Platform issues its own token (e.g., “XToken” or “Pinkoin”) with no market value or external exchange listing. Promotes speculative token value without utility or governance model. Many Ponzi schemes mint fake tokens to simulate value and lure victims.

“Fake Partnerships and Credentials: False claims of affiliations with International Organisations like the United Nations, World Bank, Binance, Coinbase, etc. Fabricated endorsements by celebrities or government officials.”

The advisory added, “Opaque Business Model: Vague explanations of how profits are generated e.g.g “AI-driven crypto trading” or “quantum blockchain technology” with no evidence). No whitepaper, audited financials, or identifiable fund managers. It is a red flag because transparency is a hallmark of legitimate financial operations.

“Pressure to Act Quickly: Limited-time offers, countdown clocks, or “investment windows” that push urgency. Fear-of-missing-out (FOMO) tactics like “Top 100 users get double ROI!”. This discourages due diligence and encourages impulse investment. “

The NFIU urged investors to conduct due diligence, consult licensed financial advisers, and report suspicious platforms to relevant authorities.

Furthermore, the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has warned Nigerians that registration with the Corporate Affairs Commission and the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission does not confer legitimacy on any investment scheme operating in the country.

Speaking during a sensitisation tour against Ponzi schemes at the Garki Market in Abuja, Agama said, “CAC registration and EFCC certificate is not enough to show that a company is registered with SEC. These are red flags Nigerians must look out for.”

He noted that several companies, both Nigerian and foreign, have taken advantage of citizens by luring them into unregistered investment schemes, adding that the government will not sit back and allow billions of naira to be lost to such operations.

“It is disheartening that some Nigerians and foreign companies have specialised in duping people. The government won’t sit and watch Nigerians being defrauded. That is why the SEC is coming out to educate the people. If it’s too good to be true, then it is likely fraudulent,” Agama said.

The SEC boss added that the Investments and Securities Act, recently signed into law, provides a N20m fine and a 10-year jail term for those involved in Ponzi schemes. He said this new legal framework gives the Commission stronger enforcement powers to tackle illegal investment operations.

Agama further advised Nigerians to always verify the registration status of any investment platform with the SEC before committing their money, warning that training programmes used to lure people into such schemes are also illegal.

The total amount of naira in circulation decreased to N5tn as of March 2025, marking a decline from N5.04tn recorded in February 2025.

This represents a further reduction from N5.24tn in January 2025, according to the latest money and credit statistics on the website of the Central Bank of Nigeria.

Naira in circulation is the total amount of physical currency circulating in the economy, representing money that is available for daily transactions, investments, and savings.

A decrease in currency in circulation can be part of efforts to reduce inflationary pressures and manage economic stability

In addition to the naira in circulation, the CBN’s bank reserves have increased to N28.52bn in March 2025, up from N27.57bn in February 2025. In January 2025, the reserves stood at N27.43bn.

Meanwhile, the special intervention reserves remained unchanged at N284.36m during the three-month period

Bank reserves refer to the funds held by the Central Bank and commercial banks to ensure liquidity and financial stability within the banking sector. The steady rise in bank reserves is an indication of the CBN’s efforts to maintain financial security and stability in the economy.

As of the same period last year, The PUNCH reported that the value of Nigeria’s currency in circulation had risen to N3.87tn by the end of March 2024.

This marked an increase from N3.69tn in February and N3.65tn in January. In addition, the currency outside of banks also saw a steady rise throughout the first quarter, growing from N3.28tn in January to N3.41tn in February, and reaching N3.63tn in March.

Also, Nigeria’s money supply recorded its first decline in 2025, falling to N110.32tn in February from N110.94tn in January, data from the Central Bank of Nigeria showed.

The 0.56 per cent month-on-month drop comes amid continued efforts by the apex bank to manage liquidity in the system, following earlier signals of monetary tightening and foreign exchange adjustments

A Public Relations Monitoring and Measurement expert, Philip Odiakose has identified the inability of chief executives to connect with reports from PR teams as a key reason such teams are seen as fund-guzzling centre.

Odiakose, who gave this explanation in a paper, tagged: “Why Your PR Report Must Include CEO Metrics—Or Risk Losing Their Interest Entirely,” argued that for a PR report to get the buy-in of company’s chief executives, it must incorporate the role of such chief executives in PR performance report being written.

The Chief Media Analyst at P+ Measurement Services, believes executives struggle to sign off on measurement budgets because of their inability to neither relate nor connect with the report.

He noted that even while a PR report has successfully raised brand awareness, and met all other PR performance indexes, it remains incomplete without speaking directly to the leadership role in such performance.

Odiakose argued that though PR may seem intangible to some business executives, it however remains the only business function working daily to maintain the public reputation of the brand the CEO leads.

He, however, believed that despite the value PR teams bring to the table, they are often discarded by CEOs, since their reports are always silent on the performance of such CEO.

You’ll be surprised how fast a CEO’s interest sparks when they see their name with a performance score next to their competitors. It is about relatability. One of the major reasons why some executives see PR teams as a cost centre,  and why they struggle to sign off on measurement budgets  is because they simply can’t connect with the report.

“Yes, the brand got 500+ mentions. Yes, the sentiment was 80% positive. Yes, you landed an exclusive in a top-tier publication. Yes, you have raised brand awareness. But guess what? If nothing in that report speaks directly to the leadership role, you are missing a critical link,” the P+ Measurement Services boss argued.

Odiakose advised that PR should not only be about brand exposure and reputation, but should also be made to accommodate brand leadership visibility.

“When a report is full of brand numbers but doesn’t show how the leadership contributed or is being perceived, it loses the executive audience quickly,” he stated.

The P+Measurement explained that the decision of the PR monitoring agency’s decision to develop a proprietary framework (P+MCA), stemmed from the need to capture CEO-specific performance metrics.

This, he added, is not just to capture the presence of the CEOs’ names in headlines, but how they rank in sentiment, thought leadership, share of voice and positioning versus competitive CEOs.

Nigeria’s credit rating was upgraded to B by Fitch Ratings, remaining in the speculative-grade category, citing improved policy credibility and reduced near-term risks to macroeconomic stability.

“The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies,” Fitch said in a statement Friday.

The rating agency in May lifted its credit outlook for Africa’s largest oil producer to positive from stable, citing government efforts to restore economic stability, while leaving the rating on its long-term foreign currency debt at B-.

Single B ratings are defined as below investment grade and highly speculative.

Nigerian President Bola Tinubu has made significant policy changes, including phasing out costly subsidies for fuel and allowing the naira to trade more freely on the foreign exchange market. The reforms were welcomed by international observers including the World Bank but caused pain at home by sending inflation soaring.
The upgrade comes as Nigeria faces heightened budget strains caused by a slide in the price of oil, the mainstay of the nation’s economy which funds around 50% of the federal budget and provides the bulk of its foreign exchange earnings.

The budget assumes oil prices of $75 per barrel but these slumped this week to $63 per barrel after US President Donald Trump’s trade war fanned fears of a slowdown in global economic growth.

Digitally driven financial institution VFD Microfinance Bank has returned to the path of profitability in the 2024 financial year as it recorded N366.6m profit after tax from the N333m loss it had suffered in the previous year.

The audited results of the bank were revealed at its third Annual General Meeting, which was held on Thursday under the theme ‘Banking with Purpose, Delivering with Impact’, a statement from the bank indicated.

At the AGM, the board and management of the bank acknowledged the significant macroeconomic headwinds that characterised 2023, including high inflation, currency depreciation, and sluggish GDP growth, which impacted the financial services sector. While VFD Microfinance Bank reported a loss of N333.3m for the 2023 financial year, the leadership emphasised that this period served as a critical inflection point, leading to strategic adjustments and a strong turnaround in the subsequent year.

Speaking on the floor of the AGM, the Board Chairman, Collins Chikeluba, said, “The year under review was one of unprecedented macroeconomic and operational challenges. While the loss in 2023 was disappointing, it reflects both the external constraints and the internal adjustments we undertook. Importantly, our 2024 audited financials reflect a positive turnaround, with significant revenue growth and a return to profitability. We are laying a solid foundation for sustainable profitability and future dividend payouts, driven by our focus on deepening financial inclusion and leveraging technology.

Managing Director/Chief Executive Officer of the bank, Rotimi Awofisibe, commented, “The year 2023 was a testing period, but it sharpened our strategic clarity and operational discipline. Despite the recorded loss, we took decisive steps to reposition the bank, and the indicators from our 2024 performance, including a 39.8% revenue growth and a profit of N366.6 million, demonstrate the effectiveness of these actions.

We remain focused on enhancing our digital footprint, scaling our customer base, and maintaining financial discipline to deliver long-term value to all our stakeholders.”

In the year under review, VFD Microfinance Bank recorded a revenue growth of 39.8 per cent, increasing from N3.2bn in 2023 to N4.5bn in 2024.

At the AGM, the bank underscored its commitment to driving financial inclusion through digital innovation, tailored SME solutions, and enhanced customer engagement. The bank also highlighted its strengthened risk management framework and strategic partnerships to expand its reach and improve service delivery.

Speaking on the operational improvements, Chief Operating Officer Theodore Asamoah noted, “Our team has worked diligently to optimise our operations and enhance efficiency. The significant revenue growth and return to profitability in 2024 are a testament to our collective efforts and the resilience of our business model. We remain committed to leveraging technology and innovation to improve our service delivery and expand our reach, ensuring we continue to deliver with impact.”

VFD Microfinance Bank reiterated its commitment to its strategic objectives of deepening financial inclusion, leveraging technology for scalability, and delivering sustainable value to its stakeholders. Although no dividend was declared for the period under review, the bank remains optimistic about its prospects for future profitability and sustained value creation.

Credit Direct, a prominent Nigerian financial services company has announced its transformation from lending to a comprehensive digital finance company with the  launch of several innovative fintech products.

At its “This is Credit Direct” product demo event in Lagos on March 29, the company unveiled digital offerings targeting retail investments, payments for individuals and businesses, and a Buy Now, Pay Later solution for merchants and individuals.

The company, which has historically operated as a lender for 18 years, is now positioning itself as a digital-first financial technology company that provides financial access through multiple channels, including mobile and web app, USSD, API links for their Buy Now, Pay Later Solution on merchant sites, WhatsApp, and AI intelligence.

The new product lineup includes the Credit Direct Mobile App, an all-in-one platform where customers can pay, invest, and grow their finances with an interest-earning wallet that grows money daily with no restrictions on fund access. 

CLARA serves as an intelligent Credit, Lifestyle, and Revenue Assistant powered by AI that simplifies users’ financial lives. Credit Direct Checkout provides Nigeria’s first truly digital Buy Now, Pay Later platform designed for merchants and trusted by customers.

Yield by Credit Direct offers an end-to-end digital wealth creation platform for individuals and businesses where money grows daily.

The product launch represents the culmination of a deliberate digital transformation strategy that began in 2022. In just three years, Credit Direct has increased its revenue from N1.6 million per hour to over ¦ 9 million per hour, while expanding its market share from 18% to 30% of Nigeria’s Consumer Lending Industry.

“Today isn’t just about launching products. It’s about telling a bigger story of transformation, intent, and market leadership,” said Chukwuma Nwanze, Managing Director and CEO of Credit Direct. 

“We are a digital-first, capital-efficient, and purpose-driven finance company. We’ve built one of the most efficient financial platforms in the country, delivering over ¦ 90 billion in cumulative profits, achieving a return on equity above 80%, and maintaining one of the lowest Non Performing Loans, NPL ratios in the industry. 

All this without a primary capital raise in over fifteen years.  The company’s digital transformation has reduced loan processing time from an average of 8 hours to under 5 minutes, while staff productivity has doubled and employee net promoter scores have increased from 32 to 75.

Credit Direct Mobile App is not just another app. It was built with everyone’s real financial lifestyle in mind. Just by keeping money in it, you earn daily interest, no minimums, nolock-ins, no extra steps,” said Nifemi Oluboyede, Chief Product Officer at Credit Direct. “ That means even when you are not investing yet, your money is already working for you quietly, consistently, in the background. We’re building a platform you’ll want to open every time there’s a money decision to be made, whether it’s sending, investing, or getting credit.

Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.

The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.

Driven by the critical role housing plays in both individual well-being and economic growth, RayStar Homes Limited was established to bridge the housing gap in Nigeria. 

With a strong presence in Lagos and Ogun State presently, the company is committed to providing affordable, high-quality homes and landed properties tailored to low, middle, and high-income earners.

"We understand that the demand for decent housing has outpaced government efforts, which is why RayStar Homes Limited actively partners with individuals, groups, and government bodies to make homeownership a reality for more Nigerians".

Beyond affordability, RayStar Homes Limited is dedicated to crafting unparalleled living experiences for the discerning elite offering a seamless blend of timeless elegance and modern sophistication. 

"Our developments serve as an oasis of luxury and comfort, elevating lifestyles while addressing the housing deficit".

"With a relentless drive, integrity, and a vision for a better future, we are committed to reducing the number of Nigerians without decent shelter including providing homeownership opportunities for Nigerians in the diaspora".

RayStar Homes Limited is renowned for the prompt delivery of quality homes across Nigeria and remains open to partnerships that contribute to solving the nation’s housing challenges.

"Your shelter is our mission, let’s build a better future together".

The first quarter of 2025 has been a defining period for Nigeria’s tier-1 banks with significant shifts in share prices, reflecting investor sentiment, earnings strength, and broader economic conditions.

Among the five leading banks—First Bank Holding (FirstHoldco), United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Bank, and Zenith Bank — GTCO emerges as the top-priced stock at N68.80, while Access Bank lags behind at N22.35.

This follows an unprecedented performance of the banks in 2024 with the likes of GTCO and Zenith Bank posting over N1 trillion each in profit-after-tax, signalling strong market hold.

But what do these numbers tell us? Analysis by BusinessDay examines the top five banks and what their share price looks like so far in 2025.

A share price is the cost of a single share of a company’s stock. It reflects the company’s market value as determined by supply and demand in the stock market.

Share prices fluctuate based on investor sentiment, company performance, economic conditions, and industry trends.

The market’s favourites: GTCO and Zenith Bank

GTCO’s N68.80 per share valuation makes it the most expensive among its peers, reinforcing investor confidence in its profitability, brand strength, and digital banking dominance.

This is as the bank delivered the most return on equity (ROE) at 37.53 percent, utilising shareholders’ funds more than any other bank.

The bank’s strategic expansion into fintech and wealth management appears to be paying off, attracting both retail and institutional investors.

Zenith Bank follows closely with a N47.00 share price, a sign of its continued market leadership in corporate banking and dividend payouts.

Investors seem to favour its strong balance sheet, reflecting resilience in the face of macroeconomic uncertainties.

UBA’s strong rally: breaking into the big league?

UBA’s share price at N36.90 suggests a growing market perception that the bank is no longer playing second fiddle to its peers

EdThe increase could be attributed to its aggressive African expansion strategy, which has strengthened its revenue base beyond Nigeria. If this momentum continues, UBA could be on track to challenge GTCO and Zenith in valuation.

FirstHoldco and Access Bank: undervalued or underperforming?

FirstHoldco’s N28.50 share price and Access Bank’s N22.35 suggest that the market is pricing them lower than their competitors.

Access Bank’s relatively lower valuation is surprising given its status as Nigeria’s largest bank by assets. This could indicate investor concerns about the bank’s aggressive acquisitions and integration risks.

However, for long-term investors, this presents a potential bargain opportunity if the bank successfully translates its expansion into higher earnings.

Similarly, FirstHoldco—formerly First Bank—seems to be navigating a period of transformation. Despite its rich history and strong retail banking network, its share price indicates that investors may still be cautious about governance issues or its ability to compete with more tech-savvy rivals.

What does this mean for investors?

Growth investors may see GTCO and Zenith as solid picks, given their premium pricing and market confidence whereas value investors might consider Access Bank and FirstHoldco as stocks with potential upside if they execute their strategies effectively.

UBA stands out as a bank that is actively reshaping its market perception, possibly positioning itself as the next major force in Nigeria’s banking sector.

As the economy continues to evolve, these banks’ share price movements will serve as a barometer for investor confidence, operational efficiency, and strategic execution in 2025.

The Nigeria Customs Service (NCS) yesterday announced the exemption of raw materials for the production of healthcare products in the country from both duties and Value Added Tax (VAT).

Customs Spokesman, Abdullahi Maiwada (AC), in a statement,  said  that the move was in line with President Bola Tinubu’s Executive Order, aimed at driving down prices of such projects. 

He said: “The Nigeria Customs Service (NCS) is pleased to announce that His Excellency, President Bola Ahmed Tinubu GCFR, through the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has approved the comprehensive guidelines to actualise these objectives.

“Consequently, critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and Value Added Tax (VAT) for a period of two years. 

“This exemption covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.” 

The NCS disclosed that the exemption would be for a period of two years and limited to only manufacturers recognised by the Federal Ministry of Health. 

According to the statement, “To ensure that these fiscal incentives are fully utilised, eligibility is limited to manufacturers of pharmaceutical products recognised by the Federal Ministry of Health and Social Welfare, provided they possess a valid Tax Identification Number (TIN). 

“This measure ensures that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.”

In commitment to transparency and effective monitoring, the NCS promised to compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives. 

The Manufacturers Association of Nigeria (MAN) has stated that the production of polypropylene by the Dangote Petroleum Refinery & Petrochemicals will revive Nigeria’s struggling textile industry and save the country $267 million in import costs.

In an interview on the Channels Business Incorporated Programme, the Director-General of MAN, Segun Kadir-Ajayi, highlighted the struggles of the textile industry, which was once thriving and employed over 25,000 workers aged between 18 and 40 in the northern region alone. He explained that many companies have been forced to shut down due to the absence of local polypropylene production and the scarcity of foreign exchange required for imports.

He further stated that the production of polypropylene by Dangote Refinery and Petrochemicals will ensure that Nigeria, which currently imports 90% of its annual polypropylene requirements (amounting to 250,000 metric tonnes), will now become a net exporter, generating foreign exchange to strengthen the economy.

For us in the manufacturing sector, this is a welcome development. It more than covers the 250,000 metric tons that constitute our national demand, which has been severely lacking. You can imagine the sectors it will impact—the textile industry, the plastic industry, the furniture industry. We are looking at an amount in the region of $267 million being saved. This is the amount spent every year in scarce dollars to import these materials. It is a welcome development for manufacturers, as it will incentivize investment in the sector,” he said.

Dangote’s $2 billion Petrochemical Plant in Ibeju-Lekki, Lagos, is designed to produce 77 grades of polypropylene. With a capacity of 900,000 metric tonnes per year and a turnover of $1.2 billion, it aims to meet the growing demand in plastic processing industries both in Africa and globally. The plant is expected to boost investment in downstream industries, create jobs, increase tax revenues, reduce foreign exchange outflow, and contribute to the country’s GDP growth.

Depositors of Heritage Bank with deposits exceeding N5 million have appealed to the National Assembly to intervene and assist   in the resolution   of the bank’s license by the Central Bank of Nigeria (CBN).

The depositors claimed   that the revocation has left them in financial distress, with their livelihoods and businesses hanging in the balance.

In a statement, the depositors expressed frustration that despite previous assurances from the CBN that the bank was not in distress, they have been unable to access their funds.

The situation, according to them, has led to widespread economic hardship with businesses shutting down, life savings crumbling, and daily expenses coming to a standstill.  

The statement reads, “Some depositors have died from heart attacks, while others are hospitalized. We are at a loss, and our families are suffering.

“We are perplexed by the action exhibited by the CBN after Unity Bank merged with Providus Band, which ensured a smooth transition of depositors. We are aware that First Bank was paid N460b of its deposits in Heritage Bank before its liquidation. Why should we be treated differently, subjected to an everlasting process to recover our funds from the sale of Heritage Bank’s properties?

“We plead that you intervene by advising CBN to pay all depositors in full without further delay. Advise that a few other banks absorb the depositors while ensuring a smooth transition as was done in the case of Unity Bank and Providus Bank.

“Utilize Heritage Bank’s reserve ratio to settle depositor’s claims. Treat depositors equally as was done with First Bank and verify NDIC’s claim of paying the insured sum to 85% of depositors and ensure prompt payment to all eligible depositors.”

The United States Coast  Guard has commended Nigeria, and the Nigerian Maritime Administration and Safety Agency (NIMASA), for what the Coast Guard described as considerable progress in the implementation of the International Ships and Ports Facility Security (ISPS) Code.  

This was made public by Joe Prince Larson of the US Coast Guard who led a team from the International Port Security Programme on a Working Tour of some Terminals and Ports in Nigeria to ascertain the level of implementation of the ISPS Code across Nigerian ports facilities.

The team had earlier conducted assessment visits to the Dangote Port and Lekki Free Trade Zones in Lekki, Lagos State, as well as private port facilities operated by Matrix Energy and Julius Berger in Warri, Delta State.

While delivering an interim assessment report to NIMASA Management, Larson noted that Nigeria’s compliance with the ISPS Code ranks amongst the best globally.

He added that his team would report their findings to the leadership of the US Coast Guard accordingly and expressed confidence that NIMASA had the capacity to maintain the high standards attained to date.

He stated further: “We had the pleasure of visiting Matrix and Julius Berger in Warri, Delta State before proceeding to the Lekki Deep Seaport and Dangote Port in Lagos, with the overall assessment being very positive. We noted that there is a clear and deep understanding on the implementation of the ISPS Code in Nigeria with the level of compliance observed to be at par with some of the best maritime nations globally. We would report our findings back to US Coast Guard headquarters accordingly.”  

The Director General of NIMASA, Dr. Dayo Mobereola, reaffirmed the Agency’s commitment to maintaining the improved compliance standards at Nigeria’s ports.

He said: “I must express my happiness at the positive feedback we have received from the USCG delegation as it serves as reward for the Federal Government’s commitment to the develop of the sector, and the work of the Agency, under the supervision of the Federal Ministry of Marine and Blue Economy, to ensure international standards are adhered to in the area of port security”.

The USCG has consistently partnered with NIMASA to conduct on-the-spot assessments of the compliance level of Nigerian ports with the ISPS Code. These evaluations, which commenced last year as part of a three-year plan, are geared towards providing actionable insights and data-based decisions to lift the Condition of Entry (CoE) placed on vessels departing Nigeria for the United States of America.  

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the tax reform bill will eliminate regulatory bottlenecks and boost micro small and medium enterprises’ (MSMEs) growth.

Charles Odii, SMEDAN’s director-general (DG), spoke on Friday during a stakeholder engagement on tax reforms organised by the agency in Abuja.

The event, themed “Understanding the Tax Reform Bills: Benefits and How MSMEs Can Maximise Tax,” brought together key industry stakeholders, offering business owners an opportunity to seek clarification and gain insights into the provisions of the tax reform bill.

Odii said that once passed into law, the bill would remove multiple taxation and exempt businesses with annual earnings below N100 million from key tax obligations.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs) in Nigeria, and the first step towards ensuring their success is sensitisation,” he said.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes.”

The DG further said the reform aims to encourage business formalisation and expansion by removing excessive taxation fears.

He also commended the House of Representatives for passing the bill and urged the senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” Odii said.

Abdulrashid Yerima, president of the Nigeria Association of Small and Medium Enterprises (NASME), also lauded the proposed reforms, emphasising that they address key challenges faced by small businesses, particularly multiple taxation and arbitrary levies by regulatory agencies.

Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments,” Yarima said.

The chairman of the tax reform committee has clarified that many of these burdens will be eliminated once the bill becomes law.”

Yerima further stressed the need for proper implementation to prevent unauthorised tax collectors and non-state actors from imposing levies on small businesses.

The ongoing dispute over the ownership and control of Emerging Markets Telecommunication Service, EMTS, which is the holder and operator of 9Mobile Telecommunication licence has got messier as a Federal High Court sitting in Abuja resumed hearing in the suit.

Keystone Bank has brought a motion seeking to be joined as a party to the suite, a proposed statement of defence and counter-claim which discloses triable issues and also demonstrates applicant’s interest in the subject of this suit.

The bank in its counter-claim is seeking among other reliefs that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counter-claim from N90, 000,000 to N2, 000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counter-claim to approximately 4.5 percent is null and void.

The plaintiff, Abubakar Funtua had dragged General Theophilus Danjuma (retd) and his company LH Telecommunication Limited, as well as the other defendants to court over the ownership and control of EMTS trading under the name of 9Mobile.

The other Defendants are Seltrix Limited (sued as the 1st defendant), the Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, Hayatu Hassan Hadeija, Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.

At the resumed hearing in the case, parties were confronted with a motion by Keystone Bank seeking to be joined as a party to the suit with a statement of defence, counter-claim and allegation of fraud against some parties in the suit No. /ABJ/CS/1971/2024.

The motion states among other things that: “The applicant, Keystone Bank, also intends to present a counter-claim and has prepared a proposed statement of defence and counter-claim which discloses triable and fecund issues and also demonstrates applicant’s interest in the subject of this suit.

“The case of the applicant, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.

“The case of the applicant, as set out in the proposed statement of defence and counter-claim, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.

The applicant also asserts in the proposed statement of defence and counter-claim that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counterclaim from N90,000,000 to N2,000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counterclaim to approximately 4.5 perceent is null and void.

The applicant intends to seek the following reliefs, endorsed on the proposed statement of defence and counter-claim, at the hearing of the case: “A declaration that the 1st defendant to counterclaim is not a shareholder, either directly or indirectly, of the 6th defendant to counterclaim.

Changpeng Zhao (CZ), former Binance CEO, has forecasted that only a small fraction of crypto participants will succeed long-term.

On March 17, CZ responded to an X post by crypto influencer EmperorBTC, who analyzed market psychology, stating, “The bar to succeed in crypto is very low.”

He claimed 80% of investors are “tourists” swayed by news, over 10% follow “foolish influencers,” and only 5% truly grasp crypto.

CZ noted that even among this 5%, most can’t outperform Bitcoin.

“4% actively trade or work on projects but won’t outperform Bitcoin. Holding BTC surpasses 99% of crypto participants and other asset types, by doing practically nothing,” he said.

After several months of trial and error, the Central Bank of Nigeria, CBN, is finally on the right track. Exchange rate is stabilising; the gap between official and parallel market rates has been closed. For the first time in years, Nigeria is close to having a relatively stable exchange rate which will make planning possible. But, as Bismarck Rewane has, rightly, pointed out, the CBN has been supporting the Naira without saying  so. It is unclear how long the CBN will be able to continue the support – without which the gains made  so  far might be temporary and the rates start moving up again.

  Monetary policy alone, however sound, cannot sustain any economy. Just as sound fiscal policies must complement it for the gains made to be consolidated.

Central to fiscal policy is productivity growth. For the country’s Gross Domestic Product, GDP, to grow, Nigeria needs higher real productivity – not rebasing or other gimmicks which have now taken centre stage.

  Four key areas requiring more output are:    petroleum sector (upstream and downstream), agriculture, manufacturing and essential services – particularly, telecommunications, transportation, education, hospitality and health. Failure to significantly increase productivity in all these sectors will roll back the gains made by the CBN.

Lately, officials in the crude oil sector have been announcing that Nigeria now has the capacity to produce up to 2.24 million barrels per day, mbpd. That is political declaration not a realistic estimate. Potential is different from actual. Nigeria has had the capacity for this quantum of output in the past without achieving it. Even now, January 2025 output was far less than that; and it is unlikely that February production will reach 2mbpd. Cumulatively, the production for the first two months will record negative variance which might not be corrected this year.

At any rate, there is OPEC quota to consider – in addition to global demand for crude. The Organisation of Petroleum Exporting Countries has pegged Nigeria’s quota at 1.7mbpd – excluding condensates. Nigeria as the weakest member of the organisation cannot exceed the quota without inviting backlash which will drive down the price of crude. Global demand for crude is unstable at the moment; but, the long term trend is not favourable to producers. The world is literally driving away from fossil fuels; leaving Nigerian alone still clinging to crude oil for its economic survival. It is a defective economic model in the long term.

  Agriculture appears promising. The FG and some states have increased spending on agriculture. Unfortunately, the responses have been traditional; not imaginative. Tractors from Belarus have arrived; but, not in numbers large enough to make a significant impact. Furthermore, tractors from foreign lands have always arrived in Nigeria; and the results have always been the same. Without trained operators and spare parts, each tractor is only useful until its first breakdown for any reason. Then it is abandoned, sometimes, in a farm far from the nearest town. The Nigerian landscape is littered with thousands of tractors which are now being cannibalised by scrap iron dealers.

Other inputs might create problems. From reliable sources close to farms, the cost of fertiliser has gone up; and farm workers are hard to find. Bandits have made farming perilous business. Still, there is hope.

Manufacturing is in a period of uncertainty. Members of the Manufacturers Association of Nigeria, MAN, want to increase capacity utilisation in order to drive down costs and reduce prices. Increased energy, power and communications tariffs, as well as high interest rates are defeating the objective.

Increased taxes and levies by government agencies continue to raise production costs and prices – resulting in declining demand. Consumer purchasing power continues to slide downwards and it is difficult to determine when the expected turnaround will occur.

  Interest rates constitute a major determinant of long term investments and short-term borrowing. Manufacturers expected a reduction in interest rates after rebasing slashed 10 per cent from inflation rates. They were disappointed when the best they could get from CBN was no increase from existing rates. That means the heavy burden of high interest rates persists.

  Essential services are also feeling the impact of low purchasing power. General Hospitals, hitherto the last hope of the masses, are enjoying diminishing patronage. Charges for laboratory tests, as well as the prices of drugs available in the pharmacy, have all gone up. Nigerians in droves are drifting to alternative health care providers.

ICT growth drops to 5.42%, lowest since 2022 —NBS.

VAANGUARD, March 3, 2025.

The Information and Communications Technology sector is one of the largest in the economy; it is also one of the most infinitely elastic sectors. Consumers can use as much as they want. In 2022, the sector accounted for 9.76 per cent of the economy; in 2023, the percentage dropped to7.91%. In 2024, it was down to 5.2% — reflecting what everybody is experiencing. Calls have been drastically reduced and duration of chats slashed. ICT is no longer top priority. MTN’s result for the year 2024 – when a huge loss was recorded – says it all. The network is pressing for another upward review of charges; which will probably be granted eventually.

FG REVENUE: THE BIG ELEPHANT IN THE ROOM

Crude oil revenue still constitutes the backbone of the Nigerian national budget and economy. The FG has been unable to realise the revenue estimated from it in the last ten years. On account of the annual shortfall generated from that item, projected deficits were exceeded every year, debt increases annually and the percentage of revenue used to repay debt increases. Invariably, the first casualty of unrealistic crude revenue estimate is capital budget. Roads and infrastructures are under-funded; power supply remains poor, education and health services suffer and damns are not maintained until they collapse.

The pattern of failure is repeating itself right now. The FG, States and Local Governments (where they exist and are allowed to function) collect nominally more revenue allocation. In reality, all the three tiers of government are getting poorer; their abilities to redeem political promises have been impaired by inflation. Exchange rate is a double edged sword for governments. Publicly, they support the CBN’s effort to crash exchange rates. Privately, they are against it. Devaluation of the naira and high prices have driven up Value Added Tax, VAT,  collection. Reversal will reduce the revenue allocated to each of them.

At the moment, the FG and some of its agencies are falling behind in their monthly payments. National Youth Service Corps, NYSC, is symptomatic of the problems several Federal Ministries, Departments and Agencies, MDAs are experiencing. Governments are finding it difficult to pay.

Follow me on Facebook @ J Israel Biola.

The harsh economic environment led to the closure of about 30 percent of Micro and Small Medium Enterprises (MSMEs) in Nigeria, amounting to about 7.2 million of the country’s estimated 24 million MSMEs, between 2023 and 2024, the Nigerian Economic Summit Group (NESG) has stated.

Chief Economist and Director of Research at NESG, Dr. Segun Omisakin, disclosed this during the launch of the 2025 Private Sector Outlook, while highlighting key economic trends, challenges, and opportunities for businesses navigating the evolving Nigerian economy. 

He noted that the development underscored the country’s economic vulnerability, adding that Nigeria also lost an estimated N94 trillion to multinational divestments and business closures during the period.

“Between 2023 and 2024, multinational divestments and business closures led to an estimated 94 trillion Naira economic loss. Additionally, 30% of Nigeria’s 24 million registered MSMEs shut down during this period, underscoring the country’s economic vulnerability,” he stated.

Giving an in-depth analysis of the private sector’s performance and economic risks in 2024, Omisakin noted that while foreign exchange availability improved due to policy reforms, the nation’s currency depreciated significantly, with the official exchange rate averaging 1,479.9 Naira to the US dollar in 2024.

According to him, although trade surpluses and increased foreign capital inflows were recorded, fiscal constraints persisted, with public debt rising to N142.3 trillion as of September 2024.

Projecting into 2025, he emphasised the need for businesses “to adapt to economic uncertainties and employ strategic measures for growth and resilience”.

In her opening remarks, NESG Board Director, Mrs. Wonu Adetayo, emphasised the vital role of the private sector in shaping a resilient economy.

According to her, despite structural weaknesses and macroeconomic volatility, Nigeria experienced an economic growth improvement in 2024, driven by reform efforts that enhanced investment levels.

She pointed out that Nigeria’s economy expanded by 3.4% in 2024, the highest growth since 2021, with the number of expanding activity sectors increasing from 32 in 2023 to 38 in 2024.

Adetayo however noted that stagnant productivity and persistent macroeconomic imbalances led to deteriorating living standards and heightened economic distress.

Panelists at the event noted that foreign direct investors prioritise policy stability over the exchange rate itself, emphasising that investors are willing to engage regardless of currency value, as long as policies remain consistent.

On the need for private sector inclusion in policy formulation, the panelists called for stronger collaboration between the public and private sectors, stressing that business associations like the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Nigeria Employers’ Consultative Association (NECA) must be actively involved in economic decision-making.

They warned against government over-reach into private sector affairs, urging policymakers to recognise business organisations as essential stakeholders in negotiations on trade and investment.

President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, who is also the Chairman, Organised Private Sector of Nigeria (OPSN), stated: “Government must act as a facilitator, not a competitor, in economic affairs. Business organisations should always be in the room when key negotiations take place to ensure broad-based economic benefits.” 

…As AfDB facilitates $230m package for Nigerian SMEs

The African Development Bank (AfDB) is facilitating a $230 million trade finance package to Access Bank Plc to support small and medium-sized enterprises (SMEs) in Nigeria.

The funding is a strategic investment aimed at providing Nigerian SMEs with better access to foreign exchange (forex), supporting trade, and ensuring financial stability.

The $230 million package consists of two key components – $170 million Trade Finance Line of Credit (TFLoC), a three and a half-year loan designed to provide businesses with much-needed forex liquidity, by helping Nigerian SMEs pay for essential imports and keep their operations running smoothly; and $60 million Transaction Guarantee (TG), a three-year guarantee that will protect confirming banks from the risk of non-payment on trade finance transactions. 

This will enable Access Bank to offer more trade finance options to businesses without worrying about payment defaults.

The funds will be managed through separate agreements to ensure transparency and accountability: The TFLoC agreement will outline how the funds can be used, repayment conditions, and reporting requirements. It will also include environmental and social responsibility guidelines. 

The Issuing Bank agreement for the TG facility will establish the responsibilities of AfDB and Access Bank, and define which transactions qualify for guarantees and how approvals will be granted. 

Before funds are disbursed, the Central Bank of Nigeria (CBN) must approve the project, ensuring it complies with local forex regulations.

The funding is expected to bring several benefits to Nigeria’s economy, including: Growth of SMEs; Support for Women Entrepreneurs; and Improved Access to Imports.

The Securities and Exchange Commission (SEC) has warned the public against investing in ‘Pro-vest’ investment scheme and ‘My Share’ operating under UYJ multi trade Ltd.

SEC in a notice in Abuja on Friday said Pro-vest was being promoted by Promiseland Estates Ltd., and Promiseland Building & Construction Ltd. which called themselves Investment Advisers/Fund Managers in the country’s capital market.

The commission said that MY SHARE operating under the name, UYJ Multi trade Ltd., was also parading as an Investment Adviser/Fund Manager in the market.

SEC said both companies were not registered to operate in any capacity in the country’s capital market.

The commission described the investment schemes as illegal and warned the public against dealings with them.

”The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.

”The public should also refrain from engagement with MY SHARE and UYJ Multi trade Ltd. or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

”The investing public is, therefore, reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting with them,” the commission said

SEC reiterated that transacting in the country’s capital market with unregistered and unregulated entities would expose investors to the risk of fraud and potential loss of investment.

These two agro-based companies were able to weather the storm of inflation and Naira devaluation to record the highest after-tax profit in a decade where Presco recorded 4088.7 percent growth and Okomu oil recorded 1188.3 percent growth from 2015.

“The highest oil palm commodity comes from Edo state because the land is very good for oil plantation and the best oil is recorded in that axis. Edo state has Okomu oil and Presco which shows the plantation yield more in Edo state which is why they recorded the highest production of oil,” said Femi Oke, chairman of All Farmers Association Of Nigeria at Lagos/Southwest zone.

Godwin Obaseki, the immediate past governor of Edo State had said May, last year, that on the back of reforms in the agriculture sector to boost oil palm production and economic growth, the state has emerged as Nigeria’s number one oil palm producing state, contributing about 12 percent to the aggregate palm oil production in Nigeria.

He stated that Edo State is closely followed by Akwa-Ibom and Cross River State who contribute between five to eight percent.

The governor through the Edo State Oil Palm Programme (ESOPP), aimed at de-risking the oil palm value chain by providing contiguous land to investors for sustainable production has allocated over 70,000 hectares of land for oil palm development and attracted over $500 million in investment, the largest of its kind in sub-Saharan Africa.

“Apart from Okomu and Presco, the two largest agric companies quoted on the Nigerian Stock Exchange, the State today plays host to over ten companies that have been allocated land including Dufil Prima Foods, the makers of Indomie Noodles; Saro Oil Palm; Flour Mills Nigeria Plc; an American Company called Fayus, and Saturn Farms, among others,” he said.

Okomu Oil recorded 61.9 percent growth year-on-year while Presco Plc recorded the largest growth of 217 percent which is an improvement in their financial performance in 2023.

Further analysis reveals that both firms recorded revenue growth, and profit growth which poised resilience given the challenges of the flying wings of inflation and Naira depreciation.

Okomu Oil and Presco has gained profitability in a season where many consumer goods companies struggled with losses.

Okomu Oil Plc’s share price traded at N545 with 142,467 volumes traded and 953.9 million shares outstanding as of 12:58 pm on February 28, 2025.

Presco Oil’s share price traded at N785 on February 28, 2025. About 140,996 volumes were traded on that day with 1 billion shares outstanding as of 1:01 pm.

Presco Plc, Nigeria’s biggest palm oil maker, is set to raise N100 billion in Series 1 of its N150 billion bond program. This would mark the largest corporate bond issuance in the industry. The bond will have a 7-year tenure with a yield range of 23.25 percent to 23.75 percent.

Presco Plc boasts a strong credit profile, with an Aa rating from Agusto & Co. and an A- rating from GCR.

This bond issuance represents Presco Plc’s second venture into the capital market, following the successful raising of N34.5 billion in 2022 under Series 1 of its N50 billion issuance programme. That issuance was also a 7-year bond, carrying a coupon rate of 12.85 percent.

Okomu Oil Palm, the older and the larger of the two companies, was incorporated in 1979 and listed its shares on the Nigerian Stock Exchange (NSE) in 1991, the same year Presco was incorporated.

Both Okomu Oil Palm and Presco are integrated agricultural companies with oil palm plantations, palm oil mills, crushing plants, and oil refining plants. They engage in the cultivation of oil palm and the extraction and refining of palm oil into finished products. They are major suppliers of specialty fats and oils to several large and medium companies.

While the Nigerian palm oil industry is experiencing a boom due to increased investment, demand, and market activity, Henry Olatunoye, former national president of the National Palm Produce Association of Nigeria (NPPAN), highlighted a concerning trend.

He told BusinessDay that the Naira devaluation has significantly impacted the cost of essential goods in the country. “This devaluation has also made investments denominated in Naira less attractive compared to those in stronger currencies like the dollar.”

Nigeria’s palm oil industry, which was a revenue spinner for the country in the 60s before the discovery of crude oil in commercial quantities, is still in its embryonic stage and it is in dire need of funding and transformation policies.

Palm oil is rich in Vitamin A for good eyesight. It also fights cancer, brain disease, aging, malaria, high blood cholesterol, and high blood pressure. Additionally, it is effective against cyanide poisoning, assists in weight loss as well as increasing body metabolism.

Nigeria is the largest consumer of palm oil on the African continent but compared with the low level of production it has a deficit of 1.6mmt. Palm oil producers have had to deal with insecurity and poor transportation, including high fertilizer prices, in 2024.

Alphonsus Inyang, the president of the National Palm Produce Association of Nigeria said in a NAN report that Nigeria could save $600 million annually by investing in the domestic palm oil sector.

He stated that Nigeria’s current reliance on palm oil imports has created a substantial financial drain that could be mitigated by revitalising the domestic palm oil sector.

“Nigeria spends 600 million dollars on palm oil importation annually. The money could be saved and injected into the economy if successive governments gave the palm oil sub-sector due attention,” Inyang said.

He stated that due to neglect and lack of strategic investment in the sector by successive governments, Nigeria’s production capacity has dwindled, adding that the country ranks fifth globally in palm oil production, lagging behind Indonesia, Malaysia, Thailand, and Colombia.

Presco Plc

The sectors that serve as economic backbone which can lead to massive turnaround in the Nigerian economy have been adjudged stagnant

Professor of Economics and Data Analytics at the Lagos Business School, Pan-Atlantic University, Bongo Adi, who made the assertion lamented that the sectors are either stagnant or going down.

In a keynote address titled: “Nigeria’s Economy: 2024 Review and Outlook for MSMEs in 2025”, at the FATE Foundation’s 10th Business Outlook and Annual General Meeting, Adi said that the economy has managed to maintain some sort of resilience to growth.

Adi who said that the nominal sectors of the economy seem to be dragging the real sector, lamented that it was not a very good thing.

He said: “The economy has managed to maintain some resilience to growth, but the nominal sectors of the economy seems to be dragging the real sector and it is not a very good thing.

“The resilience of the economy of output in 2024 was driven by three key sectors: banks; oil and gas and the telcos, but these three sectors have no employment capability, how many jobs do they generate and what is their contribution to job growth to the economy, it is very small.

“What this means is that the sectors that can lead to massive turnaround of this economy are not growing; they are either stagnating or going down. And you have a total of 68 percent of the economy not growing; leaving us with just 32 percent of the economy. So, for the economy to really turn around, it is important that we have at least 50 percent of the economy, recording significant positive growth”.

Meanwhile, he pointed out that the Nigeria economy would thrive on export oriented industrialization, adding that global value chain orientation among Nigerian entrepreneurs is crucial to growing the country’s economy.

He advised the economy to grow its GDP by piloting the amount of products and services it contributes into the products citizens consume.

According to him, “Nigerians consume products from other countries such as Korea, Japan and China, among others, such as cell-phones, electronics, air-conditioners, among others.

“Looking at the amount we spend on importing these products, we should strive to produce some parts of these products we consume,” he added.

Investors on the Nigerian Stock Exchange (NGX) traded 1.848 billion shares worth N51.387 billion in 63,090 deals during the week.

NGX, in its weekly report, made available in Lagos, said this n contrast to 2.001 billion shares valued at N49.486 billion that exchanged hands last week in 70,853 deals.

Consequently, the value of transactions traded by investors on the Exchange advanced by 3.84 per cent

The Financial Services Industry led the activity chart with 1.296 billion shares valued at N26.914 billion traded in 29,140 deals.

This contributed 70.13 per cent and 52.38 per cent to the total equity turnover volume and value respectively.

The Services Industry followed with 129.443 million shares worth N719.218 million in 3,657 deals.

Third place was the Consumer Goods Industry, with a turnover of 116.696 million shares worth N4.185 billion in 7,452 deals.

Trading in the top three equities namely Zenith Bank, FCMB Group and Access Holdings accounted for 539.768 million shares worth N16.528 billion in 7,392 deals.

This contributed 29.21 per cent and 32.16 per cent to the total equity turnover volume and value, respectively.

The NGX All-Share Index and Market Capitalisation depreciated by 0.62 per cent to close the week at 107,821.39 and N67.193 trillion respectively.

All other indices finished lower with the exception of NGX AseM, NGX Oil and Gas, NGX Lotus II, NGX Sovereign Bond and NGX Commodity which appreciated by 0.04, 0.60, 0.33, 0.81 and 0.53 per cent, respectively.

27 equities appreciated in price during the week, lower than 28 equities in the previous week.

60 equities depreciated in price, higher than fifty-eight 58 in the previous week, while 63 equities remained unchanged, lower than 64 recorded in the previous week.

The top five decliners for the week were Sunu Assurances, Euni Interlinked, Learn Africa, Guinea Insurance, International Energy Insurance as they lost N1.29, N2.25, N0.65, N0.12 and N0.35 each.

PZ Cussons Nigeira, Caverton Offshore Support, Livestock Feeds, UH Real Estate Investment Trust and Associated Bus Company were the top five gainers for the week as they grew in 31.1, 22.92, 22.81, 20.90 and 15.45 per cent each

The companies gained N8.40, N0.55, N1.38, N7.65 and N0.19, respectively. (NAN)

Bitcoin dived Friday to trade under $80,000 for the first time since November.

Its low of $78,225.84 was more than 25 percent off levels touched last month as Trump, a strong backer of the cryptocurrency sphere, entered office.

Bitcoin had traded at around $95,000 at the start of the week before a mass exodus by investors seeking liquidity for assets deemed safer.

– Fresh scandals –

"Sentiment in the crypto market is on the floor,” noted Simon Peters, an analyst at traders eToro.

“The Bybit hack… shook investor confidence, as well as escalating trade concerns with tariffs on Mexico and Canada going ahead.”

Dubai-based cryptocurrency exchange Bybit last week reported that it had been robbed of $1.5 billion worth of ethereum, the second-biggest crypto token after bitcoin.

The US Federal Bureau of Investigation has accused North Korea of being behind what is the largest crypto heist in history.

The sector’s “downturn is attributed to several factors, including significant crypto scandals”, said Naeem Aslam, an analyst at Zaye Capital.

Earlier this month, Argentine President Javier Milei denied promoting a cryptocurrency that crashed, losing investors billions of dollars and prompting a flood of complaints and an investigation.

Argentina’s federal prosecutor’s office will examine whether Milei engaged in fraud or criminal association or was in breach of his duties when he praised the $LIBRA cryptocurrency on social media.

The currency’s value soared then crashed, and Milei deleted his blessing hours later, saying he had made a mistake.

– From ‘scam’ to $TRUMP –

Cryptocurrencies are based on blockchain technology, which publicly records transactions between people holding and exchanging them.

That has not kept a lid on theft, however, with an estimated $2.2 billion worth of the assets stolen last year, according to a report from specialist data firm Chainalysis.

Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.

It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.

Cryptocurrencies have since become targets of choice for online criminals, who often exploit weaknesses in major trading platforms or individual users’ digital wallets.

Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and was a major advocate of them during his election campaign.

Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and was a major advocate of them during his election campaign.

When bitcoin reached the landmark $100,000 level at the start of December following his presidential vote win the previous month, Trump wrote on his Truth Social platform:

CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Trump has vowed to make the United States the “bitcoin and cryptocurrency capital of the world” and recently launched a meme coin called $TRUMP.

Future first lady Melania Trump also issued her own cryptocurrency, $MELANIA, to mark her husband’s inauguration.

After enjoying strong demand on launch, the prices of both quickly collapsed.

“Trump’s meme coin launches may have been damaging,” Neil Roarty, cryptocurrency analyst at ClickOut Media, told AFP.

It has not been all doom and gloom for the sector, however.

Crypto giant Coinbase said last week that the US Securities and Exchange Commission had agreed to drop its 2023 lawsuit against the company.

Trump had already delivered on a promise to end tight oversight of the industry by picking veteran Washington attorney Paul Atkins, who has worked with the crypto industry, to chair the SEC.

He replaced Gary Gensler, who had termed the cryptocurrency sector the “wild west”.

Among the biggest fallouts was FTX, a crypto platform that went bankrupt at the end of 2023, with its founder Sam Bankman-Fried later found guilty on several counts including fraud, conspiracy and money laundering.

AFP

According to the analysts the development has largely been spurred by the impact of the Central Bank of Nigeria (CBN) reforms in the financial sector now spreading across key sectors of the economy.

The country is now getting a favorable nod from investors, pushing stocks higher and bond yields lower as painful reforms restore confidence.

Already, Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy.

While US President Donald Trump’s widening trade war has taken emerging markets on a wild ride, Nigeria has quietly held its own, attracting foreign capital reassured by currency reforms and other measures designed to revive the economy of Africa’s most-populous nation.

“Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital.

He stated further: “Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira.

“We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community.” “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc, told Bloomberg.

“Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he added.

Yields on Nigeria’s $1.5 billion eurobond due in 2034 have declined to 9.69 per cnt, the lowest since its early December launch, and a domestic debt auction was three-times oversubscribed recently, with the Open Market Operation bills allotted at 21.45 per cent versus 22.65 per cent. 

Economic prospects turn positive 

The Nigeria’s economy and businesses will have so many things to cheer in 2025 and the impact of the economic reforms in FX market, exchange and huge budget outlays begin to pay off for them.

Nigeria’s economy is already  exiting the most painful phase of the reform adjustment process in 2025, Non-Executive Director of Parthian Partners, Bismarck Rewane has predicted.

Rewane projected that the economy would begin to recover from the toughest phase of its reform adjustments by 2025, emphasizing the importance of strategic policy implementation and institutional reforms.

He noted that while the fundamentals of Nigeria’s exchange rate indicate that the Naira should be stronger, achieving stability depends on an efficient and effectively managed FX system. He stressed that the primary challenge lies not in the reforms themselves but in their management, citing poorly sequenced policy changes and insufficient structural reforms as significant obstacles.

He underlined the critical role of investment in driving economic growth. “Revenue alone is not enough,” Rewane stated. “Investment is key, but it will be influenced by confidence, transparency, and the right policies.”

He also called attention to persistent challenges such as power supply inefficiencies and the lack of transparency in the oil and gas sector, which require immediate attention through structural reforms.

Rewane said that 2025 is going to be less hard, less painful, less difficult than last year. He said the fact that things were so difficult in 2024, does not in anyway indicate that the difficulties will persist this year.

Associate Dean of Lagos Business School, Professor Olayinka David-West,   emphasized the importance of adopting a “digital-first mindset,” advocating for the use of technology and AI to improve fiscal discipline and economic planning.

Director-General /CEO of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona,   identified high energy costs as a major driver of inflation and stressed the need to resolve power supply issues to stabilize prices.

CEO of NGX Regulation Limited, Olufemi Shobanjo,   harped the role of liquidity in capital markets, emphasizing initiatives that enhance investor confidence and ensure market stability.

Executive Director of Parthian Group, Yemi Sadiku,   highlighted the need for an enabling environment to attract infrastructure investment, urging the government to create policies that encourage private sector participation.

As Rewane aptly remarked, “The things outside our control far exceed what we can control, but by addressing these root causes, Nigeria can unlock sustainable growth and economic stability.”

Chief Executive Officer, FirstBank Group, Olusegun Alebiosu said the improving government revenues, improved revenue-to-debt service ratio at 68 per cent and the growth in foreign reserve balances to over $40 billion represent positive indicators for the economy.

He further said:   “Early signs such as the stability that characterized the forex market after the introduction of the electronic foreign exchange matching system in December 2024; the emergence of competition on the supply side of our nation’s downstream sector that is leading to falling prices in premium motor spirit (PMS) and the coming back on stream of the Port Harcourt & Warri refineries are indicative that there is, indeed, light at the end of the tunnel for us as a country”.

Alebiosu said the sheer timing of the emergence of these developments has strengthened optimism about the Nigerian economy, especially coming into the new year 2025.

Also, the government’s proposed N49.7 trillion 2025 budget is expected to provide sufficient economic stimulus in view of the lower likelihood for poor budget implementation due to improving government’s revenue position, adding that the projected GDP growth rate of 3.68 per cent for 2025 is a very likely outcome.

He disclosed that due to the impacts of some of the “painful but necessary” reforms that the Government had pursued, inflationary pressures exerted considerable strain on household and corporate incomes in 2024, with the inflation rate reaching a three-decades high of 34.60 per cent in November 2024.

In response, the Central Bank of Nigeria, through its Monetary Policy Committee (MPC), had steadily raised the benchmark Monetary Policy Rate (MPR) to 27.5 per cent in a bid to tame inflationary pressures. The combination of these actions has resulted in significantly higher cost of living/operations and funding for households and corporates.

Also speaking, Founder and Chief Consultant of B. Adedipe Associates Limited, ‘Biodun Adedipe said that pressure in the forex market will continue to drop in the coming months, which will lead to rebound in the naira exchange rate against global currencies.

He said the improvement in local oil production has contributed significantly to reduced pressure in the forex market.

Adedipe said the fundamental problems of developing countries have been reduced food deficit, energy deficit and manufacturing deficit.

He called for an expansive domestic manufacturing, agribusiness and relentless, deliberate and focused export drive in the new year.

Exchange rate stability

The naira broke key resistance levels at the Nigerian Autonomous Foreign Exchange Market as the Central Bank of Nigeria (CBN) began the implementation of the new Electronic Foreign Exchange Matching System (EFEMS).

The platform, addresses long-standing issues of market opacity and inefficiency by facilitating smooth trading and consistency among participants.

In the currency market, the naira appreciated against the dollar across all segments.

CBN Governor, Olayemi Cardoso had at the 2024 Chartered Institute of Bankers of Nigeria (CIBN) dinner held November 29 in Lagos, expressed strong optimism that measures being deployed by his administration will deliver benefits that would be felt by every Nigerian in no distant time.

He said the need for reassurance on the expected outcomes from policy measures being deployed by the CBN was necessitated by the growing pains of Nigerians due to the further deterioration of key macroeconomic variables (notably, inflation and exchange rate) that are within the purview of the monetary policy authority relative to when he assumed office last year September

Cardoso, over time, prioritized stabilising the exchange rate, curbing inflation, strengthening banks’ capital buffers, and fostering an environment conducive to the success of both businesses and individuals.

Besides, the CBN under Cardoso also initiated banking industry recapitalisation to strengthen capital buffers for banks and redefined Net Open Position ceiling for banks (25 per cent short and zero per cent long on foreign currency) to unlock FX liquidity.

On recapitalization of banks, Cardoso said: “This strategic move ensures that banks are well-capitalized, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to Micro Small and Medium Enterprises (MSMEs), rural communities, and other vulnerable segments that have previously struggled to access formal financial services”.

Cardoso said the recapitalisation policy not only strengthens financial stability but also serves as a catalyst for inclusive growth.

“By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking. These technologies are key to breaking down geographic and economic barriers, bringing financial services to even the most remote areas,” he added. 

More views from other stakeholders 

Analysts at Commercio Partners said Nigeria’s financial landscape has seen significant developments with the CBN introducing revised guidelines to enhance transparency and governance in the foreign exchange market.

These guidelines emphasize ethical practices, real-time reporting, and regulated interbank trading while mandating compliance from banks, dealers, and BDC operators.

Managing Director, Afrinvest West Africa Limited, Ike Chioke said naira recovery could be attributed to improved market confidence following the successful launch of the EFEMS designed to promote trading transparency.

“Also,   the liquidity supply boost provided by Nigeria’s successful pricing of $2.2 billion in Eurobonds earlier last week significantly boosted the exchange rate position against the dollar. We anticipate the Naira to regain more ground against the dollar, driven by aforementioned factors,” he said.

Chioke, listed other key policies of the apex bank that supported naira rally as the clearance of the $7 billion FX backlog and resumed sales of Open Market Operation (OMO) bills to Foreign Portfolio Investors (FPIs) at market reflective rates. 

Sustaining battles against inflation 

CBN’s policies, including the exchange rate unification, have led to significant foreign capital inflows to the economy while reducing its intervention in the forex market.

The floatation of the naira and the clearing of over $7 billion FX backlog improved the country’s outlook with foreign investors as well as multilateral organizations, like the World Bank describing it as bold intervention to improve the economy’s sustainability in the long run.

Cardoso disclosed that upon assuming office, his leadership prioritized rebuilding Nigeria’s economic buffers and strengthening resilience.

Before he assumed office, inflation, which had surged to 27 per cent, was one of the most pressing challenges, partly driven by excessive money supply growth. While the GDP growth had stagnated at a meagre 1.8 per cent over the previous eight years, money supply expanded rapidly, averaging about 13 per cent growth annually.

This imbalance not only fueled inflation but also contributed to a significant depreciation of the naira. He explained that inflation creates uncertainty for households and businesses, acting as a silent tax by eroding purchasing power and driving up living costs.

The Naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,502 per dollar on Tuesday. Similarly, the Naira appreciated to N1,499.8 per dollar in the Nigerian Foreign Exchange Market (NFEM)

Data published by FMDQ showed that the indicative exchange rate for the naira fell to N1,499.8 per dollar from N1,501 per dollar on Tuesday, indicating 20 kobo appreciation for the naira. Consequently, the margin between the parallel market and NFEM rate widened to N9.8 per dollar from 50 kobo per dollar the previous day.

The attack, which saw $1.5 billion worth of ether stolen, further shook confidence in the crypto market.

The world’s largest cryptocurrency by market capitalization fell below $90,000, reaching its lowest level since November. At one point, it dropped as much as 7.5%, marking its most significant daily decline since a global market downturn in early August that also affected stocks and bonds.

Despite an initial wave of appointments of crypto-friendly officials earlier this year, investors have seen little in the way of concrete developments to drive prices higher.

“The absence of new bullish catalysts — such as progress on crypto-friendly regulation or the approval of additional cryptocurrency ETFs — has kept prices range-bound in recent weeks,” said Thomas Erdosi, head of product at CF Benchmarks.

Investor outflows from bitcoin-backed exchange-traded funds have also added to the market pressure. Data from LSEG indicates that the largest ETFs are on track for a net monthly withdrawal of approximately $644 million, the highest since their launch in January 2024.

With risk assets already on shaky ground, the revelation from Bybit that hackers had stolen digital tokens worth $1.5 billion has added to the negative sentiment.

Bybit CEO Ben Zhou confirmed that the stolen funds were taken from a “cold wallet”, an offline digital wallet designed to be more secure that was used for ether tokens.

Blockchain analytics firm Elliptic described the attack as more than double the previous largest crypto heist and noted that it “is almost certainly the single largest known theft of any kind in all time.”

Bybit, headquartered in Dubai, ranks as the second-largest cryptocurrency exchange globally, trailing only Binance.

The hack’s impact was also felt across the broader crypto market. Ether, the second-largest cryptocurrency, slid 9.5% to $2,386, its lowest level since October.

Over the past week, bitcoin has lost nearly 8% of its value, while smaller cryptocurrencies have suffered even steeper declines. Memecoin dogecoin, along with the native tokens of the Solana and Cardano networks, have each fallen by roughly 20%, according to Coingecko.

(Reuters)

The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, has stated that Nigeria is poised to secure an increased number of Final Investment Decisions this year, a move that reinforces investor confidence and drives sustained economic growth in the energy sector.

Verheijen, speaking at the Nigeria International Energy Summit 2025 on Monday, highlighted that Nigeria secured three out of Africa’s four FIDs last year, valued at over $5.5bn.

She noted that this data demonstrated Nigeria’s position as a leading destination for deep offshore oil and gas investments.

She added that the country’s improved investment climate was driven by key reforms, including three presidential directives issued in February 2024 to remove barriers to new investments.

These measures, helped attract major investment commitments such as the Ubeta FID secured through a Total JV and Shell’s approval of the Bonga North FID.

“The year 2024 marked a turning point in our energy landscape, with Nigeria securing three out of Africa’s four Final Investment Decisions, valued at over $5.5bn.”

Our nation solidified its position as a premier destination for deep offshore oil and gas investments, approved its first deepwater FID in over a decade, facilitated five major asset acquisitions, revived two domestic refineries, and commenced petrol production at Africa’s largest refinery.

Looking ahead, additional FIDs are anticipated in 2025, further reinforcing investor confidence. The five major asset acquisitions completed in 2024 will play a critical role in accelerating production growth. These transactions have strategically integrated operators with deep local expertise and operational agility, ensuring more efficient resource extraction and management,” Verheijen said.

Nigeria has struggled to attract significant new oil and gas investments in the past decade, with global investors directing about $80bn elsewhere.

Verheijen attributed this to concerns over regulatory stability and an uncompetitive fiscal framework.

However, she said President Tinubu’s administration had taken steps to change this narrative by enhancing security in oil-producing regions and implementing a data-driven security framework in collaboration with operators and security agencies.

This led to a 500,000 barrels per day increase in oil production since the administration took office.

With a target of restoring oil production to 2.06 million bpd in the near term and reaching four million bpd by 2030, the government’s focus remains on attracting more FIDs, expanding deepwater operations, and ensuring Nigeria remains competitive among 14 rival oil and gas investment destinations.

Verheijen also pointed to five major asset acquisitions completed in 2024 as key to boosting Nigeria’s oil production.

She said these transactions integrated operators with local expertise while allowing international oil companies to focus on deepwater operations, where their capital and technical capacity are crucial.

“This strategic realignment is expected to drive sustained production growth, ensuring a steady and long-term increase in output,” she said.

Beyond oil and gas, Verheijen stressed Nigeria’s growing influence in shaping Africa’s energy landscape. She highlighted the expansion of domestic refining capacity, improved electrification efforts, and reforms aimed at enhancing liquidity in the power sector.

“A key initiative is the Presidential Metering Initiative, which consolidates all metering programs into a unified framework, targeting the deployment of seven million smart meters. This initiative is designed to eliminate the inefficiencies of estimated billing, enhance revenue collection by electricity distribution companies, and significantly improve service delivery,” Vrehijen added.

She also said that the government is addressing outstanding debts owed to gas suppliers and power generation companies while implementing cost-reflective tariffs with targeted subsidies.

Verheijen said these measures were crucial to ensuring a financially stable and investment-friendly power sector that could drive industrialisation and economic growth.

“A more energy-secure Africa translates into a more economically resilient Africa. By leveraging our vast energy resources for industrial development and strategic exports, we are laying the foundation for sustainable job creation, economic diversification, and long-term prosperity.

Our success in securing major investments, expanding domestic refining capacity, and enhancing electrification is not only a national achievement—it has far-reaching implications for regional energy security, intra-African trade, and industrialization,” she said.

Stanbic IBTC Bank’s Corporate and Investment Banking (CIB) division is set to hold an innovative Gas and Infrastructure conference aimed at bringing key stakeholders from the energy and infrastructure sectors together. The conference, scheduled to hold on Tuesday, 25 February 2025, will focus on the theme: Driving Gas and Infrastructure Opportunities in Africa. The vital roles that energy and infrastructure play in promoting comprehensive economic development and resilience across Nigeria will be discussed.

The conference will feature distinguished global executives from Standard Bank Group alongside prominent industry leaders and regulatory authorities. It aims to foster a holistic approach to development by exploring synergies between energy solutions and various critical infrastructure segments, including transportation, healthcare, and communications networks.

Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank, stated, “Nigeria’s economic future hinges on our ability to develop integrated solutions that link our energy capabilities. This includes investment strategies for renewable energy projects and frameworks for financing green infrastructure, all while promoting broader critical infrastructure development. This conference unites visionaries who can transform these connections into tangible economic growth, job creation, and increased productivity across all sectors.”

The conference will feature a distinguished panel session, during which industry experts will explore how integrated development approaches can address Nigeria’s infrastructure deficit while promoting economic diversification. Key sector leaders from Standard Bank will also share expert views on how strategic collaboration in gas, power, and infrastructure can create sustainable opportunities for growth and development in Africa.

Joyce Dimkpa, Head, Client Coverage, Stanbic IBTC Bank, emphasised that the Bank believes effective collaboration between the gas and infrastructure sectors is essential for driving Nigeria’s economic growth. “As we share insights and explore innovative solutions, we aim to forge partnerships that address challenges and unlock potentials for economic diversification” she said.

The comprehensive agenda will address critical aspects of integrated development, including innovative financing mechanisms for cross-sector projects, strategies for enhancing energy security while expanding infrastructure networks, and frameworks for public-private partnerships that maximise economic impact. Discussions will focus on practical solutions for overcoming energy shortages while advancing infrastructure development across sectors.

The event, to be held in Lagos will welcome senior executives and key decision-makers, creating an intimate environment for meaningful dialogue. This focused gathering will enable participants to explore collaborative opportunities that promote economic diversification and expansion.

This conference reinforces its commitment to driving comprehensive economic development leveraging extensive expertise and networks to drive sustainable growth and development across the continent

Speaking on Thursday in Abuja at the Nigeria Petroleum Industry Leadership Discourse, he emphasised the importance of oil revenues in driving industrialisation, energy security, and infrastructural growth.

The meeting, convened by Heirs Energies, which is under the aegis of Heirs Holdings, was themed “Nigeria’s Oil Production Growth Roadmap: Acceleration Imperatives”.

The gathering brought together key industry players, including representatives from OPEC, SEPLAT, Shell, Oando Energy, the Nigerian National Petroleum Company Limited, and the Nigerian Upstream Petroleum Regulatory Commission, to discuss strategies for increasing Nigeria’s oil production.

Among those present were the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Mr Gbenga Komolafe; and Chairman of the Organisation of Petroleum Exporting Countries Board of Governors, Mr Ademola Adeyemi-Bero.

Elumelu, who is also the Chairman of United Bank for Africa and Transcorp Group, said that despite global conversations around energy transition, Africa’s priority should be energy security.

He stated that massive investment in oil and gas is necessary to power industries, support businesses, and ensure access to electricity for households and enterprises.

He noted that he is no longer a banker but an investor, adding that his company, Heirs Energies, which acquired OML 17 from Shell a few years ago, currently produces 53,000 barrels of oil per day.

He expressed concerns about Nigeria’s oil production levels, stating that while output had improved under President Bola Tinubu’s administration, the country was still underperforming compared to its OPEC quota.

He recalled that during the Buhari administration, Nigeria’s oil production dropped below one million barrels per day.

While production has now recovered to 1.8 million barrels per day, he insisted that the country must aim for more than 2 million barrels per day to generate the revenue needed to develop and diversify the economy.

He said, “You know, under Buhari’s administration, we dropped less than 1 million barrels. We are happy that under the current administration, in general, we produce 1.8 million barrels of oil a day. But we are not satisfied with that figure.

“We want to take it to over 2 million. Because we know that we need oil money to diversify Nigeria away from oil. And we need to have the money to help develop our country.”

Elumelu said that increasing oil production was key to generating foreign exchange, stabilising the naira, and improving national security.

He added that boosting crude oil output would provide the financial resources required for industrialisation and infrastructure development, particularly in the power and manufacturing sectors.

He noted that despite having the highest power generation capacity in the country at 2,000 megawatts, Transcorp Power was constrained by gas shortages.

He said that by increasing gas production alongside oil, industries would have the fuel needed to operate at full capacity, power generation companies would be able to increase electricity supply, and Nigerians would enjoy improved access to electricity.

The billionaire investor urged stronger collaboration between the government, industry players, and investors to achieve the target of increasing oil production to 2.5–2.7 million barrels per day.

He acknowledged that recent policy reforms and executive orders signed by President Tinubu had improved investor confidence, security, and the overall business environment in the oil sector.

He cited Heirs Energies as an example of what indigenous operators could achieve with the right support, revealing that production at OML 17 had increased from 21,000 barrels per day under Shell to 53,000 barrels per day since Heirs Energies took over the asset.

On whether Heirs Energies had plans for oil refining, Elumelu said the company intended to integrate downstream operations in the future but was currently focused on expanding crude oil production.

He said that once a company has crude oil, which is the raw material, transitioning into refining, fertiliser, and petrochemicals becomes easier.

He disclosed that Heirs Energies aims to increase its production to 100,000 barrels per day.

Asked if Nigeria’s oil production target of 2.5–2.7 million barrels per day was realistic, he said the goal was achievable if the industry prioritised production growth, security, and investment.

He said that with improvements in security and the stabilisation of the exchange rate, Nigeria could surpass the 2 million barrels per day mark.

He commended the Tinubu administration for implementing policies that had improved conditions in the oil sector, adding that industry players must continue to collaborate to sustain progress.

Also Speaking at the forum, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, expressed optimism that Nigeria would meet its 2.06 million barrels per day oil production benchmark for the 2025 national budget, citing an increase in output to 1.8 million bpd in January 2025.

He noted that when he assumed office, production had fallen to around one million bpd, attributing recent improvements to policy reforms and enhanced security in the Niger Delta.

He praised the Nigerian military, paramilitary forces, and civilian contractors for reducing pipeline vandalism and oil theft, stating that these efforts had contributed to the recent production gains.

He also highlighted the return of investment to the sector, noting that Nigeria had struggled with a decade-long lack of funding before the Tinubu administration implemented reforms that changed global perceptions about the industry.

The minister emphasised that Tinubu’s strategic leadership had led to the removal of bureaucratic bottlenecks in the approval of oil and gas contracts.

He revealed that before the president’s intervention, contracts in the sector took up to three years for approval, but with new executive orders, approvals below $10m are now within the exclusive authority of operators, significantly reducing delays.

Lokpobiri further disclosed that technological deployment had helped address inefficiencies, similar to OPEC’s regulatory system, ensuring real-time monitoring of terminal operations and financial transactions.

He pointed out that improved collaboration between the government and industry stakeholders had encouraged international oil companies like Shell to reinvest in major projects, such as the long-delayed Bonga field.

The NUPRC Chief Executive, Mr Gbenga Komolafe, stated that the launch of Project 1 Million Barrels Additional Production in October 2024 had begun yielding results, increasing daily output from 1.5 million bpd to 1.75 million bpd.

He expressed confidence that Nigeria could achieve 2.5 million bpd, outlining plans to reactivate dormant wells and optimise production.

Similarly, Heirs Energies CEO, Mr Osa Igiehon, highlighted the shift in Nigeria’s oil industry, noting that over 50 per cent of national crude output is now managed by indigenous companies.

He stressed that the responsibility to sustain production growth rested on these firms, urging operators to embrace the challenge of delivering results for Nigerians.

This marks a gain of N25, or 1.6%, compared to the N1,560 per dollar exchange rate recorded on Monday in the same market. Data compiled from online trading platforms and street traders confirmed the development. “There is not much demand in the market, but we have enough dollars,” a trader noted.

In the official foreign exchange (FX) market, the naira also strengthened against the dollar on Tuesday, according to figures published by the Central Bank of Nigeria (CBN) on its website.

After trading activities concluded for the day, the dollar was quoted at N1,510 per dollar, reflecting an improvement from the N1,512 per dollar rate reported on the previous trading day at the Nigerian Foreign Exchange Market (NFEM), as indicated by CBN data.

Authorised dealers quoted the highest exchange rate at N1,515 per dollar on Tuesday, maintaining the same level as Monday’s rate. The market recorded its lowest exchange rate at N1,504 per dollar over two consecutive trading sessions.

Olayemi Cardoso, governor of the CBN, noted the ongoing reforms in the financial markets aimed at addressing distortions that had previously caused a significant disparity between official and parallel market exchange rates, at times reaching as high as 60%. He pointed out that with consistent policy measures, enhanced market confidence, and increased transparency in forex trading, the disparity has significantly reduced to approximately 4 to 5%.

Cardoso made these remarks while advocating for stronger economic ties between Nigeria, the Middle East, and the Nigerian diaspora in the region. He pointed out the potential benefits of such partnerships in boosting remittance flows into the country, which could further stabilise the foreign exchange market.

He noted key measures introduced by the CBN to enhance transparency and efficiency in the forex market. These include the adoption of an electronic matching system to improve trade visibility and the implementation of a foreign exchange code of ethics, which all Nigerian banks have signed to ensure compliance with market rules.

As a result of these strategic interventions, Cardoso disclosed that Nigeria’s foreign reserves have now exceeded $40 billion, marking the highest level in nearly three years.

However, the Nigerian foreign currency reserves have declined to $38.88 billion as of February 17, 2025, according to the data from the CBN website.

He acknowledged that Nigeria had previously faced severe economic challenges, including capital flight, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of unresolved foreign exchange transactions. These issues had collectively undermined confidence in the nation’s currency.

Upon assuming office, Cardoso stated that his administration prioritised restoring market confidence by addressing the backlog of foreign exchange transactions while reinforcing the government’s commitment to ensuring economic stability.

A recent Stanbic IBTC PMI survey shows that the Purchasing Manager’s Index (PMI) rose to 54.5 in January 2025 from 52.7 in December 2024, above the 50.0 mark, signalling a strong improvement in the performance of the private sector.

“Nigeria’s private sector activity sustained its improvement in January 2025, albeit lower than levels seen in December 2024,” according to Muyiwa Oni, head of Equity Research West Africa at Stanbic IBTC Bank.

“We note an increase in both output (53.7 vs. December 2024: 54.8) and new orders (52.6 vs. December 2024: 53.2), although slightly weaker than that seen at the end of 2024, on account of improving customer demand and more willingness to commit to new projects,” he said.

While the framework for doing business continues to improve in Africa’s biggest oil producer, investors want more for further assurances, according to Samuel Sule, CEO of Renaissance Capital Africa.

The assurance of policy stability means investors could tie down capital with little or no fear of policy swings that could lead to uncertainties and deter more foreign capital inflows.

“The need for effective implementation of policies is also important, as rules require clarity or effective timely enforcement,” Sule added.

For Samson Simon, CEO and chief economist at ARKK Economics and Data Limited, Nigeria needs to improve in transparency and its overall ease of doing business index to rein in capital flight.

“The more transparent an economy is, the less corrupt it is. And every business goes to where corruption is less,” he said.

He advocated that the government’s reforms should be “well sequenced and properly coordinated to make Nigeria an economy of choice for investors.”

Manufacturers’ CEO confidence

Similarly, the manufacturing CEOs’ confidence index in Nigeria rose marginally in the fourth quarter (Q4) of 2024 as consumer demand surged during the festive period.

The aggregate Manufacturers CEOs Confidence Index (MCCI) of MAN increased by 0.5 points to 50.7 points in Q4 from 50.2 points in the preceding quarter of 2024.

According to MAN’s Q4 report, current business condition, employment and production level indices recorded improvement due to the moderate increase in consumer demand, especially during the festive period.

Reading above 50 points indicates the expectation for economic expansion, while an index score of less than 50 suggests deterioration in the operating environment.

CBN business confidence shows improvement

Similarly, the CBN Business Expectation Survey (BES) for January 2025 indicates an overall positive outlook for the economy, with a confidence index of 18.9 points in January 2025.

The confidence index stands at 25.2 points for February 2025, jumping to 35.9 points in April 2025 and 43.3 points by July 2025.

The indices generally show that respondents expect a further appreciation of the naira, driven by the CBN’s efforts to enhance transparency and stability in the foreign exchange market.

Naira stability, the game changer

The naira has largely been stable since late 2024. It has turned from the worst-performing currency to one of the best emerging markets’ currencies.

The naira on Monday appreciated against the dollar in one month, gaining N105 year-to-date in the parallel market, popularly called black market.

Data collated from the online trading platforms and street traders showed that the naira rose by 6.7 percent as the dollar was quoted at N1,560 on Monday compared to N1,665 at the beginning of the month at the black market.

At the official market, the naira strengthened against the dollar by 1.8 percent between January and February 2025.

At the end of trading on Friday, the naira gained N27.50 as the dollar traded for N1,511 as against N1,538.50 traded at the beginning of the month at the Nigeria Foreign Exchange Market (NFEM), according to data from the CBN.

Economists and financial experts attribute the naira rebound to the now functional refineries, reforms at the foreign exchange market and foreign inflows.

The CBN said in its economic report that the net FX flows through the economy rose to $5.95 billion in November 2024, compared to $1.7 billion in the corresponding period of 2023.

The net FX flow is the difference between the total inflows and outflows of foreign exchange. A positive net FX flow indicates that more foreign currency is entering the economy than leaving, which can strengthen the country’s foreign reserves and the exchange rate.

After receiving regulatory clearance from the Nigerian Communications Commission, Nigerian telecom carriers began enacting the long-awaited 50% pricing increase. However, lawmakers attempted to stop the rollout, citing economic hardship.

The House of Representatives on Tuesday directed the telecom regulator and the Minister of Communications, Innovation, and Digital Economy to suspend the tariff increase, arguing that Nigerians cannot afford higher telecom costs amid rising inflation and the removal of fuel subsidies.

The tariff hike, which had been cleared by the NCC, was scheduled to take effect nationwide starting Monday. While MTN, the country’s largest telecommunications provider, had already started implementing the revised rates as of Tuesday, other key players—Glo, Airtel, and 9mobile—had yet to release their new pricing structure.

A senior MTN executive, who requested anonymity due to lack of authorisation to speak on the matter, confirmed the development. “Yes, we’ve started updating our price lists. However, this process is gradual, and we haven’t completed it for all products yet.”

The tariff adjustment primarily affects MTN data plans. For example, the 1.5GB monthly plan, previously priced at N1,000, has now been replaced with a 1.8GB plan costing N1,500.

Similarly, the 15GB plan has increased from N4,500 to N6,500, while the 20GB plan now costs N7,500, up from N5,500. Larger data bundles have seen even steeper hikes, with the 1.5 terabyte 90-day plan increasing from N150,000 to N240,000, and the 600GB 90-day plan rising from N75,000 to N120,000.

The source added, “From tomorrow (Wednesday), prices of other MTN products will be adjusted. We are doing it in phases. Not all the prices went up, some didn’t change, some are still below 50 per cent.”

A senior official at Globacom, who was not authorised to speak on the matter, confirmed that while the company had not yet rolled out the new tariffs, there was a possibility of an update before the close of business on Tuesday.

An executive at Airtel, who also spoke under the condition of anonymity, indicated that the tariff hike had been implemented across the industry.

“As far as I know, every operator has commenced. This is an industry-wide decision, not an operator decision. Our prices have never been uniform, and the decision was made collectively on Monday. Every operator must have begun, even if the rollout is not yet fully completed,” the executive told The PUNCH.

The House of Representatives intervention came after a motion of urgent public importance was raised by a member of the Peoples Democratic Party from Bayelsa State, Oboku Oforji during Tuesday’s plenary session.

The motion, titled “Need for the Nigerian Communications Commission not to approve the impending hike in the telecommunications tariffs,” sought to halt the tariff increase.

Oforji argued that while telecommunications companies justified the tariff hike by citing rising operational costs and the need for improved service delivery, the timing was particularly problematic given the economic hardship many Nigerians face.

He noted that inflation, which hit a record 34.6 per cent in November 2024, and the removal of fuel subsidies had already placed significant financial strain on citizens.

“The House is aware that telecom operators have been advocating for this hike for over eleven years,” Oforji said.

“However, the National Association of Telecoms Subscribers has rejected the proposed increase, describing it as insensitive and a further burden on consumers who are already grappling with economic challenges and poor network service delivery.”

Oforji emphasised that the telcos must first address long-standing issues related to poor network service before implementing a price increase. He warned that the tariff hike would only exacerbate financial struggles for many Nigerians, deepening poverty and widening inequalities.

“Affordable connectivity is a must for progress in critical sectors like digital banking, education, healthcare, agriculture and e-governance,” stressing that “informal sector workers who depend on affordable mobile data to access gig work opportunities may find it harder to stay connected.”

He further argued that small businesses “which rely heavily on affordable telecommunication for operations, marketing, and customer engagement, will face additional financial burden.”

Oforji said, “It is estimated that a 10 per cent increase in telecommunications costs would reduce small business profitability up to 7 per cent, potentially leading to the closure of businesses.”

Another lawmaker from Edo State, Billy Osawaru, called on the service providers to first improve the quality of their services before coming up with a hike in tariff.

“Why is it that when things go wrong in this country, the poor people must suffer? First, it was the electricity tariff, now it is the turn of the telecom companies. Nigerians must enjoy these services.

“In the developed world, people are not used to carrying two mobile phones but this is the practice here. The thinking is if there is no service in one, you might be lucky with the other one. I believe that this increase in tariff should wait until services improve,” he said.

Industry stakeholders, particularly the Association of Licensed Telecommunications Operators of Nigeria, have defended the tariff increase, arguing that it is vital for the long-term sustainability of the sector.

The Chairman of ALTON, Gbenga Adebayo highlighted that sustained underinvestment in the telecommunications sector could lead to an irreparable decline in services.

“I understand that a price review is necessary for the survival of the telecom sector,” Adebayo said on a call. “None of us can afford to see this sector collapse.

The inability to recover investments in the telecom industry has made sustainability increasingly difficult. When there is prolonged underinvestment, it becomes virtually impossible to recover.”

While acknowledging the public’s concerns about inflation and the high cost of data, Adebayo stressed that the tariff hike was driven by the urgent need to keep the industry afloat.

He expressed confidence that lawmakers, after fully assessing the situation, would come to understand the necessity of the adjustment.

“The public’s concerns are valid, but this tariff increase is essential for sustaining the sector,” he said.

The NCC announced the tariff hike on January 20, citing rising operational costs and the need to ensure the long-term sustainability of the telecommunications sector.

The commission, through its Director of Public Affairs, Reuben Muoka, underscored that the decision aligns with its regulatory mandate under Section 108 of the Nigerian Communications Act, 2003.

However, the National Association of Telecommunications Subscribers voiced its opposition, threatening legal action against the approved tariff increase. NATCOMS argued that the hike be reversed to 10 per cent.

The Nigeria Labour Congress had also kicked against the increase, calling for the hike to be reversed to five per cent. The union led by its President, Joseph Ajaero threatened a protest on February 4, 2025, which eventually did not hold due to several interventions.

The refining milestones were made known at the control room of the refinery on Tuesday when directors of the Nigerian Economic Summit , NESG visited.

It is generally believed that Nigeria’s current domestic consumption of PMS stands at around 33 million litres a day and Africa’s most populous nation is well on its way to supplying its PMS needs from local sources.

The visiting NESG directors also learnt that the Mild Hydrocracking unit, MHC has attained a height of 120% while the Continuous Catalytic Reforming Unit, CCRU has achieved a peak performance of 90%.

The MHC is designed to optimize yield while the CCRU is responsible for processing heavy naphtha from crude oil into liquid products.

Earlier it was disclosed that the refinery has exported two cargoes of jet fuel to Saudi Aramco in what some analysts say truly establishes the plant as a global leader in the business.

This has positioned Africa’s most populous nation as a major exporter of refined petroleum products after years of relying on imports for all her domestic consumption, a point that was harped upon by the Chairman of the NESG Niyi Yusuf who led the delegation to the refinery.

Yusuf maintained that the country’s quest to expand foreign investment flows will be better served if the government prioritized providing incentives to domestic investors.

While commending Aliko Dangote for establishing the $20 billion refinery – the largest single-train refinery in the world – NESG Chairman, Yusuf, stated that Nigeria needs more investments of this calibre to reach its $1 trillion economy goal.

"To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental,” he said. “My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge.”

Yusuf emphasised that such local industries are essential to Nigeria’s industrialisation and will help foster the growth of Small and Medium Enterprises (SMEs). He added that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.

He lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player. “It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”

Yusuf also praised Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.

“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said. “We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.”

Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units. He acknowledged Dangote’s perseverance and success in overcoming numerous challenges.

Dangote, in his response, reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.

He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency. Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.

“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.

He further emphasised that the government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52%) of every naira Dangote Cement generates goes to the government.

Dangote also pointed out the significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure. He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.

- BusinessDay