Nigerian Tax News & Updates
Standard Chartered projects CBN will cut MPR by only 150 bps, ending 2026 at 25%
Standard Chartered has revised its outlook for Nigeria's monetary policy, now forecasting the CBN's Monetary Policy Rate to close 2026 at 25% and inflation to average 15.5%. The bank cites persistent price pressures as the reason for a slower easing cycle, with more aggressive rate cuts expected only after the 2027 elections.
How Nigeria's budget process enables fraud: Lessons from Jibrin and the fake agency scandal
Two scandals a decade apart reveal systemic weaknesses in Nigeria's budget process. The 2016 Jibrin padding case and the 2026 fake agency scandal both expose failures in verification, documentation, and oversight that allow public funds to be diverted with impunity.
Kogi threatens criminal prosecution for illegal revenue collectors
The Kogi State Government has warned that persons involved in unauthorised revenue collection across the state will face prosecution as criminals and economic saboteurs. The move is part of broader efforts to sanitise the state's internally generated revenue system and curb leakages caused by touts and unlicensed agents.
FG halts N50,000 WAEC and NECO exam fee plan after public outcry
The Federal Government has suspended its proposal to introduce a N50,000 examination fee for WAEC and NECO candidates following widespread criticism. The policy reversal comes after stakeholders warned the fee would deepen inequality and push millions of students out of the education system.
Standard Chartered Projects CBN's MPR Will Close 2026 at 25% on Stubborn Inflation
Standard Chartered has scaled back its expectations for monetary easing in Nigeria, forecasting only 150 basis points of rate cuts in 2026 as inflation proves stickier than anticipated. The bank now sees headline inflation averaging 15.5% this year and projects the Monetary Policy Rate will end the year at 25%, with more aggressive easing likely only after the January 2027 elections.
Nigeria's budget process: how the Jibrin and fake agency scandals expose deep fiscal oversight failures
A decade after the Jibrin budget padding scandal, Nigeria faces a new crisis involving a fictitious agency that secured N1.3 billion in the 2026 national budget. Both episodes reveal persistent weaknesses in budget verification, documentation, and oversight that continue to undermine fiscal credibility and public trust.
Kogi Government Vows to Treat Illegal Revenue Collectors as Criminals, Economic Saboteurs
The Kogi State Government has issued a stern warning that individuals engaged in illegal revenue collection will be prosecuted as criminals and economic saboteurs. The move is part of a broader crackdown on unauthorised levies that undermine the state's internally generated revenue and deter legitimate business activity.
CBN to Auction N450 Billion Treasury Bills Amid DMO Programme Expansion
The Central Bank of Nigeria has scheduled a N450 billion Treasury bills auction for June 17, significantly below the N1 trillion indicated in the Debt Management Office's revised second-quarter calendar. The offer is split across 91-day, 182-day, and 364-day tenors, as the government ramps up domestic borrowing to meet fiscal obligations.
Nigeria's debt hits N149 trillion as experts demand borrowing linked to productivity
Economic analysts at the 17th Blakey's National Tax & Economic Conference have warned that Nigeria's borrowing trajectory is fiscally unsustainable, with public debt soaring from N87.38 trillion in May 2023 to N149.28 trillion by December 2025. Speakers called for a transparent, productivity-linked framework tying every loan to measurable economic returns, while praising the tax reform agenda as the administration's most significant achievement.
Nigeria’s debt hits N149trn as tax conference demands borrowing accountability
Experts at the 17th Blakey’s National Tax & Economic Conference in Lagos have warned that Nigeria’s public debt, which rose from N87.38 trillion in May 2023 to N149.28 trillion by December 2025, is on an unsustainable path. Speakers across disciplines called for a transparent, productivity-linked borrowing framework, arguing that most domestic loans finance recurrent deficits rather than capital assets.
I&M Bank names departing Absa executive Abdi Mohamed as Kenya CEO
I&M Bank has appointed Abdi Mohamed, until recently a senior executive at Absa Bank Kenya, as its new chief executive for the Kenyan market. The move marks a significant leadership transition within East Africa's competitive banking sector and signals I&M Group's renewed push to strengthen its domestic franchise.
Petrol price drop may push vehicle owners to abandon CNG, marketers warn
Oil marketers say falling petrol prices could reverse Nigeria's CNG adoption drive, as consumers who switched to alternative fuel may revert to petrol. The decline follows a US-Iran peace deal that pushed crude oil prices from $120 to $77 per barrel.
Lafarge Africa rebrands to HBM Nigeria Plc after shareholder, CAC approval
Lafarge Africa Plc has officially changed its corporate name to HBM Nigeria Plc, following shareholder approval at its April 30 AGM and formal regulatory clearance from the Corporate Affairs Commission. The rebranding marks the fourth name change in the company's history and comes after a $1 billion acquisition by Chinese investors.
Court orders GTCO to stop messaging non-customer over data breach
The Federal High Court in Abuja has ordered Guaranty Trust Holding Company Plc (GTCO) to stop sending unsolicited marketing messages to a non-customer, citing a violation of the Nigeria Data Protection Act, 2023. The court also directed the bank to disclose how it obtained the individual's personal data.
Bank credit to manufacturers plunges N1.92 trillion as borrowing costs bite
The Manufacturers Association of Nigeria (MAN) has raised the alarm over a N1.92 trillion decline in bank credit to the manufacturing sector, which fell from N8.53 trillion in December 2024 to N6.61 trillion in December 2025. The association says commercial lending rates exceeding 35% are pricing manufacturers out of access to credit, threatening industrial expansion and job creation.
Lagos inaugurates LAISO board and management for electricity market
The Lagos State Government has constituted the governing board and management team of the Lagos Independent System Operator (LAISO), a key institution under the Lagos State Electricity Law 2024. The move advances the state's electricity market reforms and opens new avenues for private-sector participation in power generation and distribution.
SEC bans marketing of Dangote Refinery IPO, warns market operators
The Securities and Exchange Commission has directed all capital market operators to immediately cease the marketing and promotion of Dangote Petroleum Refinery's initial public offering, stating that no application has been filed or approved. Operators have 24 hours to remove all unauthorized promotional materials and refund any monies already collected from investors.
NGX adds N1.64tn as Airtel Africa, FUGAZ banks extend recovery
The Nigerian equities market posted a second consecutive session of gains on Tuesday, June 23, adding N1.64 trillion in market capitalisation as renewed buying interest in blue-chip stocks and insurance counters lifted the benchmark index. The All-Share Index rose 1.06% to close at 240,743.19 points, pushing the year-to-date return to 54.71%.
Chaka rebrands to Hisa, launches app for Nigerian retail investors
Chaka, Nigeria's first SEC-licensed digital sub-broker, has launched Hisa, a new investment app that offers retail investors access to Nigerian stocks and ETFs. The rebrand reflects the company's pan-African ambitions and a strategic push to simplify the investing experience for everyday Nigerians.
African fintech funding topped $1bn in 2024, Nigeria led the pack
Africa's fintech sector attracted over $1 billion in investment in 2024, with Nigeria capturing the largest share. The funding reflects growing global confidence in Nigeria's digital finance ecosystem, driven by rising mobile payment adoption, cryptocurrency usage, and evolving consumer behaviour.
Carbon economy holds billions in value for Nigeria, says Carbon AI CEO
The global carbon market represents a multi-billion-dollar economic opportunity that could generate thousands of jobs and create new export revenue streams for Nigeria, according to Debola Ibiyode, the founder and CEO of Carbon AI. Speaking on TVC's Wake Up Nigeria programme, Ibiyode said the country must move beyond viewing climate initiatives as environmental concerns and recognise carbon trading as a rapidly expanding industrial sector. The federal government's recently approved carbon market framework is targeting at least $3 billion in annual revenue by 2030.
Dangote IPO, political capital to shape NGX H2 2026 outlook
The NGX All-Share Index, up 54.71% year-to-date, faces a pivotal second half as the Dangote Petroleum Refinery IPO and accelerating political capital deployment ahead of the 2027 elections set the direction. Analysts see both headwinds from rising fixed-income yields and bargain opportunities in banking, telecom, and agribusiness stocks.
Dangote Refinery denies exported fuel is being re-imported via Lomé
Dangote Petroleum Refinery has rejected claims that petroleum products exported from its facility are being shipped back into Nigeria through the offshore trading hub in Lomé, Togo. The refinery described the allegation as commercially illogical and inconsistent with its contractual restrictions, even as data shows Nigeria's petrol imports rose sharply in May despite growing domestic refining output.
Naira slides to N1,373/$, weakest closing in four weeks
The naira depreciated to N1,373/$ at the official foreign exchange market on June 23, 2026, its weakest closing rate in four weeks, as the U.S. dollar strengthened globally on expectations of a hawkish Federal Reserve. The currency has now lost N17 or 1.25% in value within eight trading days, sliding from N1,356/$ on June 15.
NGX insurance stocks diverge sharply ahead of H2 2026
Of the 22 insurance stocks on the Nigerian Exchange, only seven recorded year-to-date gains as of late June, while 13 traded below their opening prices for the year. Analysts identify Custodian Investment, Mutual Benefits Assurance, and AIICO Insurance as leading momentum, value, and contrarian picks respectively for the second half.
Government borrowing from banks surges N17.39 trillion in one year
Credit to the Nigerian government jumped by N17.39 trillion year-on-year to N40.38 trillion in May 2026, according to new data from the Central Bank of Nigeria. The sharp rise in public-sector borrowing outpaced private-sector credit growth, raising concerns among analysts about crowding-out risks for businesses and households.
Nigeria's structural warning signs demand urgent action, says analyst
Chartered accountant Kenechukwu Aguolu warns that Nigeria's economic challenges — from insecurity to unemployment and weak infrastructure — are largely self-inflicted, rooted in decades of poor policy choices and missed opportunities. He argues that recent reforms including fuel subsidy removal, naira floating, and ongoing tax changes must be accompanied by stronger institutions and better governance to avert national decline.
Ten made-in-Nigeria tech brands scale globally from Lagos roots
From payment infrastructure to health technology, ten Nigerian-built tech companies have expanded operations across Africa, Europe, and North America. Their growth underscores Nigeria's emergence as Africa's largest startup hub, with Lagos attracting over $6 billion in foreign startup funding between 2019 and 2024 alone.
FG proposes African payment card to bypass dollar for cross-border trade
Nigeria's Finance Minister Taiwo Oyedele has proposed the creation of a cross-border payment card that enables direct transactions between African currencies without conversion through the US dollar or other third-party currencies. The proposal, made during a meeting with a Mastercard delegation in Abuja, aims to reduce transaction costs and support intra-African trade under the AfCFTA framework.
WeLight secures $31m to expand solar mini-grids into Nigeria
WeLight, Africa's largest solar mini-grid operator, has raised $31 million to fund its expansion into Nigeria, where an estimated 90 million people lack access to electricity. The International Finance Corporation, the World Bank Group's private-sector arm, acquired a stake in the company alongside existing shareholders.
CBN and SEC fintech rules split industry as compliance costs rise
New regulatory frameworks from the Central Bank of Nigeria and the Securities and Exchange Commission are generating sharply divided opinions across the fintech industry. While some operators welcome the push for transparency and data sovereignty, others warn that higher capital thresholds and compliance mandates could stifle innovation and push smaller players into unregulated channels.
Analysts flag Dangote IPO, election cycle as key drivers for NGX H2 2026
Nigerian equities analysts point to the Dangote Petroleum Refinery listing and pre-election capital flows as the defining forces for the NGX in the second half of 2026. After a stellar H1 that saw the All-Share Index surge 54.71% year-to-date before a June correction wiped out N15 trillion in market value, experts say investors should watch for bargain opportunities in banking, telecoms, and agribusiness through the August-September window.
Investors park N4.7 trillion with CBN in one week as June mop-up hits N11 trillion
The Central Bank of Nigeria absorbed approximately N4.74 trillion through Open Market Operations auctions on June 22 and June 23, extending its aggressive liquidity sterilisation campaign. Combined subscriptions hit N4.8 trillion against a N1.2 trillion offer, representing 300% oversubscription, with stop rates ranging from 19.99% to 20.75%.
Zedcrest Securities launches stock trading on Zedcrest Wealth App
Zedcrest Securities has integrated equities trading into the Zedcrest Wealth App, allowing users to buy and sell shares of over 150 companies listed on the Nigerian Exchange directly from their mobile devices. The launch expands the platform beyond fixed-income products and includes a three-month brokerage fee waiver for new users.
Meristem report flags succession and founder dependence as key threats to family wealth
Meristem Family Office's Nigeria Family Wealth Report 2026 warns that profitable family businesses remain vulnerable when success is tied too closely to founders, with only 20% of surveyed families having a written succession plan. The report calls for earlier action on governance, next-generation readiness, and asset structuring to preserve wealth across generations.
FG demands sustained safety measures at Hasetins $400m rare earth plant
The Federal Government has instructed Hasetins Commodities Limited to maintain all safety measures at the ongoing construction of its $400 million rare earth processing plant in Nasarawa State. The facility, expected to be Africa's largest rare earth and critical minerals processing plant, is projected to create up to 10,000 jobs and strengthen Nigeria's mineral processing capacity.
Nigeria ranks 5th in Africa's cheapest electricity prices in Q1 2026
Nigeria has the fifth cheapest electricity tariffs in Africa at $0.037 per kWh for residential consumers, according to Global Petrol Prices data for the first quarter of 2026. Ethiopia tops the continent at just $0.006 per kWh, while the rankings highlight the significant role of government subsidies and hydropower in keeping tariffs low across African markets.
Naira suffers sharpest daily loss since April, closes at N1,389/$
The naira plunged N16 in a single session to close at N1,389 per dollar on June 24 — its steepest daily depreciation since April — as the U.S. dollar surged to a 13-month high against major global currencies. The decline came even as Nigeria's foreign reserves topped $51 billion, their highest level in 17 years, underscoring the pressure global currency markets are exerting on emerging-market economies.
African family businesses outpace global peers with 66% sales growth
Family-owned businesses across Africa are outperforming their global counterparts, with 66% reporting sales growth over the past year despite inflation, currency volatility and tax challenges. The PwC Africa Family Business Survey 2025 found that 58% of respondents identified tax-related issues as a major concern, while strategic tax planning emerged as a key performance driver. Over 80% of firms prioritise profit reinvestment over external capital-led expansion.
El Niño drought threatens Nigeria's hydropower, raising supply risks — BMI
BMI, a Fitch Solutions company, has warned that El Niño-induced drought conditions could significantly reduce hydropower output in Nigeria, exposing businesses and households to higher electricity costs and supply disruptions. The report notes that previous El Niño events led to a nearly 25 percent decline in hydropower utilisation, and the country's growing dependence on electricity imports through the West African Power Pool amplifies the risk.
Austin Laz gets shareholder nod for N2.1 billion capital raise
Austin Laz and Company Plc has secured shareholder approval to raise up to N2.1 billion through a private placement, business combination, or merger — a move tied to its proposed integration with BMT Industries. Shares would be issued at N5.00 each, a 42% premium to the current market price of N3.52, with the transaction still subject to SEC and NGX clearance.
OPay backs CBN's PSV 2028 push for 95% financial inclusion
The Central Bank of Nigeria's Payment System Vision 2028 targets 95% financial inclusion by expanding mobile money, agency banking, and digital payment infrastructure. OPay has thrown its weight behind the framework, citing its investments in agent networks and mobile-first services as key contributors to the goal.
Nigeria-Philippines bilateral trade jumps 700% to $300 million
Trade between Nigeria and the Philippines has grown sevenfold in three years, rising from $47 million in 2023 to $300 million in 2025. The Philippines' Ambassador disclosed the figure in Abuja, as both countries pursue a formal business council to deepen commercial ties.
Intra-African trade climbs 5.5% to $213.8 billion in 2025, Afreximbank reports
The value of goods traded between African countries reached $213.8 billion in 2025, up from $202.7 billion a year earlier, according to Afreximbank's latest trade report. South Africa accounted for nearly a fifth of all intra-African trade, while Nigeria's crude oil exports remained the country's primary African trade channel, with the Dangote Refinery beginning to shift the balance toward refined products.
Federal govt approves 100% exit benefits for retiring civil servants
The Federal Government has approved an Exit Benefits Scheme that grants retiring civil servants a lump sum equivalent to 100% of their total annual emoluments, on top of their regular pension savings under the Contributory Pension Scheme. PenCom Director General Omolola Oloworaran announced the policy, effective 1 January 2026, as part of a broader push to strengthen retirement security for Nigerian workers.
Aradel Holdings and Oando drag NGX lower, investors lose N958.5 billion
The Nigerian equities market extended its correction on Thursday as Aradel Holdings, Oando, and 32 other counters declined, pushing the NGX All-Share Index down 0.64% to 233,580.83 points. Investor wealth fell by N958.5 billion, with market capitalisation dropping to N149.89 trillion, below the N150 trillion threshold for the first time since the correction began.
CBN data localization policy set to spark data centre investment surge
The Central Bank of Nigeria's directive requiring banks, payment service providers, and fintech companies to store customer and transaction data within Nigeria by January 2027 is expected to drive significant investment into the country's data centre industry. Operators say the policy will stimulate demand for local hosting, create jobs, reduce foreign exchange outflows on overseas cloud services, and strengthen Nigeria's digital sovereignty.
CAC, EFCC join forces to enforce PoS operator registration nationwide
The Corporate Affairs Commission and the Economic and Financial Crimes Commission have agreed to intensify enforcement of Point of Sale operator registration across Nigeria, with only about 20% of operators currently registered. Both agencies expressed concern that unregistered PoS terminals are being used to facilitate financial crimes, including ransom payments and money laundering.
S&P Global lifts Nigeria's 2026 inflation forecast to 16.9%
S&P Global has revised Nigeria's average inflation forecast for 2026 upward to 16.9%, from an earlier projection of 15.0%, citing a stronger-than-expected pass-through of higher oil prices into domestic energy costs. The ratings agency also cut Nigeria's GDP growth forecasts for 2026 and 2027 by 30 basis points each, to 3.7% and 3.5% respectively, warning that elevated consumer prices could weigh on household spending — a key driver of economic activity.
SEC halts Dangote Refinery IPO promotions, orders investor refunds
The Securities and Exchange Commission has banned all marketing and promotional activities related to a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, stating that no application for such an offer has been filed with or approved by the regulator. Capital market operators have been directed to immediately remove promotional materials and refund all funds collected from investors within 24 hours or face sanctions under the Investments and Securities Act 2025.
NGX rebounds with N1.52tn gain as banking stocks lead recovery
The Nigerian equities market staged a decisive rebound on Monday, adding N1.52 trillion in market capitalisation as tier-one banking stocks, led by First HoldCo and GTCO hitting their 10% daily gain limits, triggered a sector-led recovery. The All-Share Index rose 0.97% to 238,219.19 points, snapping a six-session losing streak that had erased over N5 trillion in investor wealth.
UNCTAD sees 353% lithium demand surge as Nigeria courts mining investors
Global lithium demand is set to rise 353% by 2040, driven by clean energy technologies, according to a new UNCTAD report. For Nigeria, which has attracted over $1.3 billion in Chinese investment into its lithium processing sector since 2025, the projection signals growing opportunities in the solid minerals value chain and potential revenue from mining taxes and royalties.
Pound slides toward yearly low against Naira on UK political turmoil
The British Pound is trading near its lowest point of the year against the Nigerian Naira as a political crisis in the United Kingdom pressures the currency. CBN data puts the exchange rate at N1,806 to the pound sterling, as expectations mount that UK Prime Minister Sir Keir Starmer will resign.
Aradel's profit nearly triples, but most gains are accounting-driven
Aradel Holdings reported profit before tax of N835.01 billion for 2025, a 163.60% jump from N316.77 billion in 2024. However, a closer look at the numbers shows that 73.1% of the reported pre-tax profit came from non-cash acquisition-related accounting gains, leaving underlying earnings growth at just 4.50%.
Nigeria's REITs and infrastructure funds post mixed returns by May
Only four of eight listed REITs and infrastructure funds on the Nigerian Exchange recorded positive year-to-date capital appreciation as of May 29, 2026, while the remaining four saw no price movement from their January opening levels. The eight instruments, which collectively hold a combined market capitalisation of approximately N497.30 billion, have broadly underperformed the broader equity market, with the NGX All-Share Index up 60.90% over the same period.
Nigeria's bond, T-bill turnover surges 137% as yields climb sharply
Nigeria's fixed income secondary market recorded a surge in trading activity during the week ended June 19, 2026, with Treasury bill turnover rising 137.49% to N1.51 trillion and FGN bond trading volume increasing 75.91% to N1.20 trillion. Yields rose sharply across maturities, with average T-bill yields climbing 72 basis points to 18.31% and the 9-month bill hitting 20.15%, signalling active portfolio repositioning by institutional investors.
FGN bonds draw N1.41 trillion in bids as June auction yields climb
The Debt Management Office received N1.41 trillion in investor bids at its June 2026 bond auction, surpassing the N1.2 trillion offer size by N213.49 billion. Marginal rates on both instruments climbed sharply, rising 131–134 basis points month-on-month as investors demanded higher compensation on long-term government debt, signalling elevated domestic borrowing costs for the Federal Government.
Africa's wealth shift must move from earning to investing, says Anchoria MD
Esther Ugwu, Managing Director of Anchoria Asset Management, argues that Africa's next wealth revolution depends not on earning more income but on building a culture of long-term investing. She calls for broader financial education, technology-enabled investment access, and professional guidance to help Nigerians convert earnings into lasting assets.
Nigeria's infrastructure gap fuels Starlink surge as Musk becomes trillionaire
A new op-ed argues that Nigeria's persistent broadband deficit has made Starlink the country's second-largest internet service provider, with nearly 92,000 subscribers paying monthly fees to Elon Musk's satellite network. The piece contrasts Musk's $1.1 trillion net worth — over three times Nigeria's nominal GDP — with NigComSat's $1.6 million annual revenue, and proposes three structural reforms to close the infrastructure gap.
Nigeria among nine nations behind 83% of global gas flaring
Nigeria ranked among the world's top gas-flaring countries in 2025, with nine nations accounting for 83% of total flaring, according to the World Bank's latest Global Gas Flaring Tracker Report. The country recorded an 8% increase in both gas flaring volumes and crude oil production, while flaring intensity remained largely unchanged.
Nigerians hold N5.19 trillion cash outside banks despite digital push
The Central Bank of Nigeria reports that Nigerians held N5.19 trillion outside the banking system as of May 2026, representing 91.27% of all currency in circulation. The figure signals persistent reliance on cash transactions that has implications for tax compliance and revenue collection, even as regulators push financial inclusion targets.
SEC Nigeria and Rwanda CMA sign MoU to deepen capital market ties
Nigeria's Securities and Exchange Commission has signed a Memorandum of Understanding with Rwanda's Capital Markets Authority, formalising regulatory cooperation between the two countries. The agreement covers investor education, enforcement coordination, capacity building, and information sharing as part of broader efforts to integrate African capital markets.
Money Market Funds remain top pick for Nigerian investors amid high yields
Money Market Funds now account for over 60% of all mutual funds in Nigeria, delivering annualized returns of 15% to 22% — a sharp rise from the 7% to 10% offered just a few years ago. The surge is driven by the CBN's aggressive monetary tightening, which has pushed the Monetary Policy Rate to 26.5% and lifted Treasury bill yields to between 18% and 22%.
Aradel Holdings pre-tax profit jumps 323% to N284 billion in Q1 2026
Aradel Holdings Plc reported a pre-tax profit of N283.84 billion for the first quarter ended March 31, 2026, a 322.54% surge from N67.17 billion in the same period of 2025. Revenue climbed 264.50% year-on-year to N728.52 billion, driven by higher crude oil and gas production following the consolidation of NDW and Renaissance assets.
United Capital expands into Ethiopia, Rwanda in regional banking push
United Capital Plc has become the first foreign investment bank to secure an operating licence in Ethiopia while also obtaining regulatory approval to operate in Rwanda. The move marks a significant step in the Nigerian financial services group's pan-African expansion strategy and strengthens its footprint in East and Central Africa.
Nigeria's broad money supply hits N129.21 trillion in May 2026
Nigeria's broad money supply (M3) rose to N129.21 trillion in May 2026, up 3.38% from N124.99 trillion in April, despite the Central Bank of Nigeria maintaining its tight monetary policy stance. The expansion was driven by growth in quasi-money, net foreign assets, and net domestic assets, signalling sustained liquidity in the financial system.
Private sector credit hits N81.04 trillion despite tight CBN policy
Credit to Nigeria's private sector rose to N81.04 trillion in May 2026, up from N80.59 trillion in April, even as the Central Bank of Nigeria maintained a tight monetary policy stance. Net domestic credit climbed to N121.42 trillion during the period, while year-on-year private sector lending grew 3.9% from N77.97 trillion in May 2025, signalling continued resilience in lending activity despite elevated borrowing costs.
Fitch warns $5bn TRS deal may complicate Nigeria's debt restructuring
Fitch Ratings has warned that Nigeria's proposed $5 billion Total Return Swap with First Abu Dhabi Bank could obscure the true scale of sovereign borrowing and complicate any future debt restructuring. The rating agency flagged risks including margin calls payable in dollars against naira-denominated collateral and limited transparency around the derivative structure.
Options trading explained: A beginner's guide to calls and puts
Options trading can be understood using a simple analogy: buying a call option is like betting an asset's price will rise, while buying a put option is a bet the price will fall. Both strategies limit the buyer's maximum loss to the premium paid, but sellers face potentially unlimited risk.
Oloja by Payxy launches no-code e-commerce platform for Nigerian MSMEs
Payxy has launched Oloja, a digital commerce platform enabling Nigerian small businesses to create online stores without coding skills or setup fees. The platform targets over 37 million MSMEs that contribute nearly half of Nigeria's GDP but have lacked adequate digital infrastructure.
Nigeria fraud losses hit N52bn in 2024, expert urges school-based prevention
Nigerian financial institutions lost N52.26 billion to fraud in 2024, according to NIBSS data, with over 67,500 cases recorded in 2025 despite improved controls. A financial crime compliance expert argues that the country's most effective defence against fraud is classroom education on financial crime risks.
Nigeria's biggest M&A deals in H1 2026 hit $6.5 billion
Nigeria's mergers and acquisitions landscape recorded combined disclosed deal values of at least $6.5 billion in the first half of 2026, driven largely by MTN Group's proposed $6.2 billion acquisition of IHS Towers. Other major transactions included Aradel Holdings' $300 million stake increase in ND Western and MTN Nigeria's planned sale of a 60% stake in its fintech subsidiaries to MTN Group for N152.06 billion.
Nigeria's gas output rises to 7.93bcf/d in May 2026
Nigeria's average daily natural gas production increased to 7.93 billion standard cubic feet per day (bcf/d) in May 2026, a 0.63% year-on-year rise. Data from the Nigerian Upstream Petroleum Regulatory Commission shows non-associated gas slightly outpaced associated gas, reflecting the growing role of dedicated gas development projects.
Haleon begins phased corporate rebranding in Nigeria after GSK demerger
Haleon has started rolling out its new corporate identity across Nigeria, marking the latest phase of its transition into a standalone consumer healthcare company following its demerger from GSK in July 2022. The rebranding covers product packaging and corporate materials for brands including Panadol, Sensodyne, and Voltaren, with no changes to product formulation or quality.
IMF warns stablecoins risk weakening naira demand and monetary policy
The International Monetary Fund has warned that the growing adoption of U.S. dollar-denominated stablecoins in Nigeria could weaken demand for the naira and undermine the effectiveness of the Central Bank of Nigeria's monetary policy framework. In a new report, the Fund urged a balanced regulatory approach rather than outright restrictions.
Court upholds arrest warrant for ex-minister Sadiya Farouq over alleged N746.7m fraud
The Federal Capital Territory High Court has dismissed an application by former Minister of Humanitarian Affairs, Sadiya Umar Farouq, to quash an arrest warrant issued against her. The judge ruled that Farouq wilfully failed to appear in court without valid reason, clearing the way for her arraignment on charges of criminal conspiracy, abuse of office, and diversion of public funds amounting to $1.3 million and N746.7 million.
FG to launch GIS-enabled digital postcode system in October 2026
The Federal Government will launch a GIS-enabled alphanumeric digital postcode system by October 2026, assigning a unique code to every building nationwide. The initiative is expected to transform emergency response, logistics, e-commerce, and government service delivery.
United Capital acquires 5% equity stake in Nigerian Exchange Group
United Capital Group has acquired a 5% equity stake in the Nigerian Exchange Group (NGX Plc), deepening the investment bank's involvement in the country's primary capital market infrastructure. The transaction, announced on June 15, 2026, positions the pan-African financial services group as a notable shareholder in the exchange operator.
DMO plans N1.2 trillion bond auction for June 22 via two re-openings
The Debt Management Office will auction N1.2 trillion in reopened FGN Bonds on June 22, 2026, split equally between 10-year and 20-year instruments. The issuance supports the Federal Government's domestic borrowing programme amid rising yields in the fixed income market.
Oil stocks, First HoldCo drag NGX down as investors lose N945 billion
The Nigerian equities market turned bearish on Monday as profit-taking in oil and gas and banking heavyweights erased approximately N945 billion from investors' wealth. The NGX All-Share Index fell 0.60% to 243,271.57 points, with Aradel Holdings, First HoldCo, Transcorp, and Oando leading the losses.
Naira gains to N1,356/$ in best showing since April 2026
The naira strengthened to N1,356 per US dollar at the official market on Monday, its best closing level since April 23, 2026. The appreciation of N9.4 from Friday's close was supported by rising external reserves, improved forex market liquidity, and a weaker US dollar amid easing geopolitical tensions.
Naira holds steady against British pound at N1,850/£1
The Nigerian naira held firm against the British pound, trading at N1,850/£1 in the official window as the Central Bank maintains its tight monetary policy stance. The naira has strengthened 6.6% against sterling year-to-date, supported by CBN interventions, higher crude oil production, and steady remittance inflows.
BRB Capital acquires FCA-licensed Amalfi to link Lagos and London markets
BRB Capital Group has completed the acquisition of Amalfi Capital Limited, a UK firm authorised by the Financial Conduct Authority, to create a regulated cross-border investment corridor between Nigeria and global markets. The deal pairs FCA oversight with BRB's SEC-regulated Nigerian operations, targeting the £8.1 billion UK-Nigeria trade corridor.
Xpress Payments marks 10 years with week-long celebration events
Xpress Payment Solutions Limited (Xpress Payments) has unveiled plans for a week-long series of events to commemorate its 10th anniversary. The payment technology company, which launched operations in 2016, will host activities including a public lecture, CSR initiative, stakeholder engagements and a gala night under the theme 'A Decade of Innovation, A Future of Possibilities.'
CPPE calls for action on insecurity, food supply to rein in inflation
The Centre for the Promotion of Private Enterprise has urged the federal government to address insecurity in farming communities and close food supply gaps as a strategy to curb Nigeria's rising inflation. The call follows the National Bureau of Statistics' latest data showing headline inflation climbed to 15.93% in May 2026, up from 15.69% in April.
Nigeria's reform boom lifts investors as consumers bear the cost
Nigerian equities, fixed-income yields, and property values have surged under the Tinubu administration, while persistent inflation continues to erode household purchasing power. GDP expanded by 3.89% in the first quarter of 2026, but the article argues that economic gains remain concentrated among capital holders, leaving consumers to shoulder the burden of adjustment.
US-Iran peace deal and what it means for Nigeria's economy
The United States and Iran have agreed to a peace deal ending a three-month conflict that pushed global crude oil prices to $130 per barrel and sent Nigerian petrol prices above N1,350 per litre. The agreement is expected to lower energy costs, ease inflation, and reshape fiscal and investment conditions for Africa's largest economy.
Nigeria's food inflation hits 16.96%, widening gap with headline rate
Nigeria's food inflation rose to 16.96% in May 2026, outpacing the headline inflation rate of 15.93% for the second consecutive month. The National Bureau of Statistics attributed the increase to rising costs of staples including onions, maize, tomatoes, yam, and cassava products.
Yobe tops list of Nigeria's most expensive states in May 2026
Nigeria's headline inflation rose to 15.93% in May 2026, up from 15.69% in April, according to the NBS. Yobe recorded the highest state-level inflation at 24.9%, while Zamfara ranked 10th at 20.2%.
CBN holdco draft could trigger unintended capital and FX consequences
The Central Bank of Nigeria's draft holding company guidelines, open for public comment until July 9, risk producing outcomes the regulator may not have anticipated — including a potential N300 billion capital release at the bank level, structural dollar outflow pressure, and a disruption of CEO succession pipelines at systemically important institutions.
FG to begin Kaduna light rail construction next month after $2.99bn FEC approval
The Federal Government will commence construction of the Kaduna two-corridor light rail project next month, following the completion of technical assessments and route evaluations. The project is one of three urban rail systems approved by the Federal Executive Council under a $2.99 billion infrastructure programme.
SBM poll: Nearly 80% of Nigerians say country heading wrong direction ahead of 2027
Nearly eight in 10 Nigerians believe the country is moving in the wrong direction ahead of the 2027 general election, according to the first wave of the Nigeria 2027 Voter Sentiment Tracker by SBM Intelligence. The survey highlights widespread discontent over economic conditions, insecurity, and governance across all six geopolitical zones.
SERAP sues NNPCL over alleged N5.9 billion rebranding spending
The Socio-Economic Rights and Accountability Project has filed a lawsuit at the Federal High Court in Abuja, seeking an order compelling NNPCL to account for approximately N5.9 billion allegedly spent on its transition and rebranding from NNPC to NNPCL.
CPPE warns prolonged tightening, hot money reliance threaten growth
The Centre for the Promotion of Private Enterprise has warned that prolonged monetary tightening and Nigeria's growing dependence on foreign portfolio inflows could undermine long-term economic growth, despite recent gains in macroeconomic stability.
FCMB, Fidelity, Sterling named top contrarian NGX banking picks for H2
A contrarian analysis of 12 banking stocks on the Nigerian Exchange has identified FCMB, Fidelity Bank, and Sterling Bank as the most compelling value opportunities for the second half of 2026, based on valuation metrics and earnings performance.
CSCS pretax profit surges 116% in Q1 2026 on new fee structure
The Central Securities Clearing System (CSCS) posted a 115.7% jump in profit before tax to N6.49 billion in the first quarter of 2026, driven by a sweeping fee restructuring that took effect in January. Fee income nearly doubled to N7.31 billion, accounting for 88% of total operating income, as higher charges for fixed income services and custody operations flowed through to the bottom line.
FCMB, Fidelity and Sterling lead contrarian banking picks on NGX
A research analysis of all twelve listed banking stocks on the NGX identifies FCMB, Fidelity Bank, and Sterling Bank as the strongest contrarian opportunities, with each trading at significant valuation discounts despite solid fundamentals. The picks emerge as the broader market rally masks selective neglect in certain banking names.
AVEVA deepens Nigeria presence with industrial AI and local talent push
Industrial software giant AVEVA is expanding its footprint in Nigeria, betting on the country's youthful population, oil and gas expertise, and digital transformation momentum. The company's Africa vice president outlined plans for local talent development, university partnerships, and a tailored "Africa for Africa" operating model.
Nuvei acquires Payoneer for $2.75bn in major payments play
Canadian payments company Nuvei has agreed to acquire cross-border payments platform Payoneer for $2.75 billion in cash, in one of the largest consolidation deals in the global payments industry this year. The combined entity is expected to generate $3 billion in annual revenue and process over $500 billion in payment volume, with the transaction set to close in mid-2027.
NDLEA raises N6.15 billion from auction of drug traffickers' forfeited assets
The National Drug Law Enforcement Agency has auctioned four properties forfeited by convicted drug traffickers for a total of N6.15 billion. A six-floor hotel in Victoria Island, Lagos, accounted for the bulk of the proceeds, fetching N5.9 billion.
Ginger hits N46,000 in Lagos as supply shortages and insecurity bite
Ginger prices have surged to between N40,000 and N46,000 per paint bucket in Lagos markets, driven by insecurity in key producing states, supply shortages, and rising transportation costs. Traders say reduced harvests in Kaduna, Nasarawa, Niger, and Plateau states have significantly cut supply, while consumers increasingly resort to purchasing smaller quantities due to affordability constraints.
IMF advises Nigeria to impose telecom excise tax, extend VAT to fuel
The International Monetary Fund has recommended that Nigeria introduce excise duties on telecommunications services and extend Value Added Tax to fuel products as part of broader revenue reforms. In its latest Article IV consultation report, the Fund warned that current capital expenditure levels are unsustainable without stronger revenue growth.
NIMC rejects claims Nigeria has no functional identity database
The National Identity Management Commission has pushed back against assertions that Nigeria lacks a working national identity database, saying the system holds over 130 million records and is actively supporting identity verification across both government and private sectors. The rebuttal follows remarks by the Minister of Defence linking weak data infrastructure to persistent security challenges.
Standard Bank CEO Sim Tshabalala leads delegation to South African High Commissioner in Abuja
Sim Tshabalala, Chief Executive Officer of Standard Bank Group, Africa's largest bank, has led a senior delegation on a courtesy visit to Thami Mseleku, South African High Commissioner to Nigeria, in Abuja. The engagement underscores the importance of deepening business ties between Africa's two largest economies.
UK unveils £15m growth programme to boost Nigeria's economy
The United Kingdom has launched a £15 million Growth Programme for Nigeria, a three-year initiative aimed at accelerating economic transformation, attracting private investment, and supporting reform-driven growth. The programme was announced during a visit by UK Minister for Africa and International Development Baroness Jenny Chapman, who met with Finance Minister Taiwo Oyedele.
World Bank offers $100bn relief to developing nations amid Middle East crisis
The World Bank has announced up to $100 billion in financing support for developing countries over 15 months as the Middle East conflict drives global growth to its weakest since COVID-19. The bank warned that Brent crude could average $94 per barrel in 2026, a 36% increase, as Nigeria faces worsening inflation from higher energy costs.
Standard Bank CEO leads delegation to South African High Commissioner in Abuja
Sim Tshabalala, Chief Executive Officer of Standard Bank Group, Africa's largest bank, led a senior delegation on a courtesy visit to Thami Mseleku, South African High Commissioner to Nigeria, in Abuja. The visit underscores efforts to strengthen business ties between Africa's two largest economies.