Nigerian Tax News & Updates
Nigeria deploys tax breaks to attract oil sector investors
The article examines how Nigeria is using tax incentives to draw investment into its oil and gas industry. The full source text was not supplied, so no specific figures or quotes could be verified for a faithful rewrite.
Mergers & Acquisitions deals face different tax bills under Nigeria’s new regime
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Anuoluwapo Adewale on ERP integration and cross-jurisdiction tax compliance architecture
The source article body was not provided for rewriting; only the headline was available. The headline quotes Anuoluwapo Adewale on a flexible architecture that supports ERP integration and helps organisations maintain tax compliance across jurisdictions.
Dangote heirs approve plan to donate one-third of $35.1 billion fortune to charity
Africa's richest man, Aliko Dangote, has secured family backing to bequeath roughly $11.6 billion — one-third of his estimated $35.1 billion wealth — to philanthropy. His daughter Halima Dangote confirmed the arrangement aligns with Islamic inheritance principles and builds on the Aliko Dangote Foundation's decades-long charitable work across Nigeria and the continent.
Edo State unveils harmonised market levy regime to curb multiple taxation
The Edo State Government has introduced a unified market levy framework designed to eliminate the burden of multiple taxation on traders and small businesses. The reform consolidates various levies into a single charge, aiming to improve compliance and ease of doing business across markets in the state.
New Guidelines Clarify How Nigeria Taxes Cryptocurrencies and Digital Tokens
The Nigeria Revenue Service has issued guidance on the taxation of virtual assets, covering cryptocurrencies and tokens under Nigeria's updated tax laws. The rules aim to promote voluntary compliance and give taxpayers and service providers greater certainty. The initiative forms part of a coordinated regulatory effort involving the CBN, SEC and other agencies.
Nigeria collects $19.9 billion in tax revenue as digital systems expand
Nigeria's tax collection has reached $19.9 billion year-to-date, averaging $94 million daily, as the Federal Inland Revenue Service expands its digital infrastructure to boost compliance and widen the tax net.
Nigeria's new tax rules bring employee benefits under closer examination
Nigeria's evolving tax framework is placing heightened attention on the taxation of employee perks, including housing, vehicles, and other allowances provided by employers. The development signals tighter compliance requirements and potential adjustments to how businesses structure compensation packages.
Tinubu Signs Tax Remission Order to Attract $50bn in Deep Offshore Oil Investment
President Bola Tinubu has approved the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, replacing project-by-project negotiations with a standardised fiscal framework. The policy aims to draw up to $50 billion in investment, beginning with the stalled $10 billion Bonga South West project, while requiring compliance with Nigerian content obligations.
Nigerian Stock Market Boom Created More Than 900 Millionaires, Says NRS Chairman
Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service, has revealed that the Nigerian stock market's surge from ₦30 trillion to ₦150 trillion in capitalisation has produced over 900 millionaires among shareholders, challenging perceptions that Nigerians are only growing poorer.
Tax reforms may bar informal businesses from corporate supply chains
Nigeria's ongoing tax reforms could inadvertently exclude millions of informal enterprises from corporate contracts as stricter compliance requirements take hold. The measures, while aimed at widening the tax net, risk deepening the divide between formal and informal sectors of Africa's largest economy.
Tax reforms threaten to lock informal businesses out of corporate contracts
Ongoing tax reform measures risk shutting out Nigeria's vast informal sector from corporate supply chains as stricter compliance requirements take hold. Firms without Tax Identification Numbers and proper documentation may find themselves barred from contracts with larger, regulated companies.
Digital Assets Coalition Urges FG to Tax Only Crypto Profits, Not Gross Transaction Value
The Digital Assets Coalition has called on the Federal Government to tax realised profits from digital asset transactions rather than the full amount moved through crypto platforms. The group warned that the current one per cent withholding tax on gross transaction value could penalise students, freelancers and traders even when they incur losses.
Nigeria's crypto tax regime: the compliance cost on a ₦1m trade unpacked
New tax rules now apply to cryptocurrency transactions in Nigeria, with traders facing capital gains and regulatory charges. A breakdown shows the fiscal load a typical ₦1 million trade could carry, reshaping digital asset compliance.
Nigeria operates its own mint but continues to print naira notes abroad
Despite housing the Nigerian Security Printing and Minting Company in Abuja, Nigeria still contracts foreign firms to print its currency, raising questions about fiscal efficiency and foreign exchange outflows. The arrangement costs the country scarce foreign currency and undermines the original mandate of the state-owned minting facility.
What Nigeria’s 2026 tax reforms mean for small and mid-sized businesses
Nigeria's 2026 tax reform package introduces expanded exemptions, lower corporate rates, and targeted reliefs designed to ease the compliance burden on small and mid-sized enterprises. The measures aim to unlock reinvestment, formalise informal businesses, and stimulate domestic growth across priority sectors.
NRS Mandates Tax ID for All New Crypto Account Activations in Nigeria
The Nigeria Revenue Service has ordered cryptocurrency exchanges and virtual asset service providers to require a valid Tax Identification Number before activating any new customer accounts. The directive forms part of ongoing efforts to bring digital asset transactions under the formal tax net.
Digital Tax Compliance Costs Surge as Nigerian Businesses Adopt Real-Time Reporting
Nigerian businesses are incurring higher operational expenses as the Federal Inland Revenue Service accelerates the shift toward digital tax compliance and real-time transaction reporting. The transition, while designed to improve transparency and plug revenue leakages, is straining firms that must now invest in compatible software, staff training, and advisory services.
Nigeria Rolls Out First Comprehensive Tax Guidelines for Crypto and Virtual Asset Transactions
Nigeria has released its maiden tax framework for virtual assets, setting out compliance obligations for Virtual Asset Service Providers and investors. The guidelines mark a significant step in formalising the digital assets sector within the country's tax net.
Tinubu signs executive order giving legal backing to cryptocurrency in Nigeria
President Bola Tinubu has signed a landmark executive order formally recognising and regulating cryptocurrency transactions in Nigeria. The move is expected to unlock new revenue streams for the government through formal taxation of digital asset trades while positioning the country to harness its position as one of the world's largest crypto markets.
Nigeria Moves to Collect 1.5% Crypto Stamp Duty in Bitcoin and USDT
Nigerian authorities are advancing plans to impose a 1.5 percent stamp duty on cryptocurrency transactions, with levies to be collected directly in Bitcoin and USDT. The move marks a significant regulatory pivot, integrating digital assets into the country's tax net while acknowledging cryptocurrencies as a legitimate medium for fiscal compliance.
Government Monitoring of Bank Accounts: What Nigerian Tax Law Actually Permits
Concerns over government surveillance of personal bank accounts have been amplified by recent tax reforms. Here is what the Finance Act and FIRS enabling laws actually provide for, and the legal boundaries that remain in place.
How to Generate Your Tax Identification Number Under the 2025 Tax Regime
The Nigeria Tax Administration Act 2025 makes operating without a Tax Identification Number a violation punishable by a minimum penalty of ₦100,000. Both individuals and businesses can obtain their Tax ID through a fully digital process involving the Joint Tax Board portal, NIN, CAC registration, and TaxPRO Max validation.
How Nigeria's 2025 Tax Reforms Clarify the PIT and PAYE Distinction
Personal Income Tax and Pay as You Earn are not separate levies but two sides of the same obligation. The Nigeria Tax Administration Act 2025 now spells out employer remittance duties, employee filing responsibilities, and the stiff penalties for non-compliance.
How Nigeria's 2025 Tax Act Brings Crypto, Content and E-commerce Earnings into the Tax Net
Nigeria's Tax Act of 2025 has expanded the definition of taxable income to capture digital earnings including cryptocurrency gains, content creation revenue, and e-commerce profits. Remote workers, freelancers, and online traders must now self-assess and report these income streams, with the Nigerian Revenue Service empowered to investigate financial records for compliance.
Why Many Nigerians Still Do Not Comply with Tax Obligations: Awareness, Trust and Structural Barriers
Nigeria's tax-to-GDP ratio remains at 8.2%, well below the 16.1% African average. Beyond legal frameworks, low compliance is driven by weak taxpayer awareness, pervasive informality, public distrust, administrative complexity, and economic hardship that forces tax obligations to compete with survival spending.
Finance Ministry Releases Transition Guidelines for Nigeria's Tax Acts 2025
The Federal Ministry of Finance has published comprehensive transition guidelines to manage the shift from repealed tax laws to the new Tax Acts 2025, with a strict non-retroactivity principle anchoring the framework. All legacy tax obligations relating to periods before January 1, 2026 remain under the old statutes, while new transactions fall under the reformed regime including the Nigeria Tax Act and Nigeria Tax Administration Act. Existing tax incentives and exemptions granted under previous laws will be honoured until their expiration dates.
Taxpayers are not unwilling, they are uneducated, says Finance Minister Oyedele
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says low tax compliance in Nigeria stems from poor taxpayer education rather than deliberate refusal. Speaking at the National Tax Awareness Day organised by the Chartered Institute of Taxation of Nigeria, he identified trust deficit, misinformation, and misconceptions as key barriers to revenue generation.
Should Nigeria Raise Taxes? A Review of the IMF's Recommendation
A review of the International Monetary Fund's recommendation that Nigeria increase its tax revenues, examining the arguments for and against raising taxes in Africa's largest economy.
Survey Reveals Wide Gap Between Crypto Adoption and Tax Awareness Among Young Nigerians
A new survey of 92 young Nigerians aged 18 to 33 shows that while 37 percent actively trade or use cryptocurrency, over 70 percent lack a Tax Identification Number and a majority remain unaware of their tax obligations under the country's new tax reforms.
FG Dismisses N8 Trillion Shadow Budget Allegation, Cites IMF Reporting Misinterpretation
Finance Minister Taiwo Oyedele has rejected claims that the federal government secretly spent over ₦8 trillion outside the approved budget, attributing the controversy to a misunderstanding of IMF data on multi-year projects and statutory transfers. The government insists all expenditures are lawful and backed by constitutional and National Assembly approval, while advancing plans to consolidate public spending into a single transparent framework.
How Nigeria's 2025 Tax Laws Bring Crypto and Digital Assets into the Capital Gains Tax Net
The Nigeria Tax Act and Nigeria Tax Administration Act 2025 now classify cryptocurrencies, tokens, and other virtual assets as chargeable assets subject to capital gains tax. The laws impose registration, recordkeeping, and filing obligations on traders, platforms, and virtual asset service providers, with significant financial penalties for non-compliance.
Survey Exposes Wide Gap Between Crypto Adoption and Tax Compliance Among Nigerian Youths
A new survey shows 37% of young Nigerians trade or use cryptocurrency, yet over 70% lack a Tax Identification Number and remain largely unaware of their tax obligations under the country's evolving digital asset framework. The findings underscore an urgent need for taxpayer education, simplified registration, and clearer regulatory communication.
NTA 2025 Transfers Solid Mineral Royalty Collection to Nigeria Revenue Service
The Nigeria Tax Act 2025 has stripped the Ministry of Solid Minerals of revenue collection powers, handing the Nigeria Revenue Service sole authority over mineral royalties. Traders and mining operators must now file monthly self-assessment returns and face stiff penalties for non-compliance, with royalty rates ranging from 7.5% to 15% depending on the mineral type.
Luxury Goods in Nigeria Now Carry 10% Surcharge Under Tax Act 2025
The Nigeria Tax Act 2025 introduces a 10% Luxury Goods Surcharge on designated high-end consumer items sold domestically. While retailers of imported luxury products face new compliance obligations and potential customer resistance, commercial exporters of locally manufactured goods are shielded through explicit exemptions and VAT zero-rating.
How Nigeria Tax Act 2025 Makes Unstamped Rent and Land Contracts Legally Invalid
The Nigeria Tax Act 2025 imposes mandatory stamping requirements on all instruments affecting property rights, with unstamped documents inadmissible in court. The law assigns collection authority to the Nigeria Revenue Service for corporate transactions and State Internal Revenue Services for dealings between individuals.
Why Unstamped Corporate Documents Can Block Your Company's Bank Accounts and Factory Loans
The Nigerian Tax Act 2025 transforms stamp duties into a digitally enforced compliance obligation. Failure to stamp corporate instruments can render them legally invalid, inadmissible in court, and unrecognised by public officers, potentially freezing banking and lending operations.
VASP Compliance and Penalties: A Guide for Nigerian Crypto Startup Founders
Nigeria's digital asset ecosystem now faces overlapping tax, SEC, and anti-money laundering obligations. Young Web3 founders must understand VASP registration, reporting duties, and the penalties for non-compliance to build sustainable businesses.
Free Trade Zones Face 2028 Countdown for Full Domestic Sales Taxation
Section 60 of the Nigeria Tax Act, 2025 sets 1 January 2028 as the deadline for full taxation of domestic sales by free trade zone entities, regardless of the percentage. Export-oriented activity retains its tax incentive, but zone businesses selling into Nigeria's customs territory must prepare for a significantly altered tax framework.
Digital Tax Audits and Taxpayer Rights in Nigeria
As Nigeria's tax authorities increasingly deploy automated systems for compliance monitoring and audits, taxpayers must understand how digital scrutiny affects their statutory rights and what protections remain available.
Digital Tax Audits Arrive: What Nigeria's Automated Monitoring Means for Taxpayer Rights
Nigeria's 2025 Tax Reform Acts have ushered in an era of electronic filing, real-time invoicing, and automated risk profiling by the Nigeria Revenue Service. While digitisation promises faster processing and reduced discretion, new concerns around algorithmic transparency, data protection, and uneven compliance burdens are emerging.
How Nigeria's 5% Turnover Cap Reshapes R&D Tax Deductions Under the 2025 Tax Act
The Nigeria Tax Act 2025 retains the research and development deduction but replaces the old 10 percent-of-profits ceiling with a new 5 percent-of-turnover cap under Section 165(2). The shift links relief to revenue size rather than profitability, producing mixed outcomes for startups, manufacturers, and high-margin firms alike.
Simplified Tax Returns: How the Law Seeks to Bring Micro-Enterprises into the Formal Net
Nigeria has introduced simplified tax return mechanisms under recent fiscal legislation to ease compliance for micro-enterprises and informal sector operators. The reform aims to broaden the tax base, reduce administrative burdens, and encourage voluntary formalisation without imposing disproportionate costs on small-scale businesses.
Nigeria Tax Act 2025 scraps corporate income tax for micro-enterprises earning up to ₦50 million
The Nigeria Tax Act 2025 permanently eliminates Corporate Income Tax for qualifying small businesses, alongside VAT, Capital Gains Tax, and Development Levy exemptions. Micro-enterprises must meet turnover and asset thresholds and maintain strict filing compliance to retain these benefits.
FG Inaugurates Committee to Develop 2026 VAT Modification Order Under New Tax Laws
The Federal Government has set up an inter-ministerial committee to craft the 2026 VAT Modification Order, a key implementation instrument for the Nigeria Tax Act. Chaired by the Minister of Finance, the committee has six weeks to review the current VAT framework, engage stakeholders, and deliver clear guidance on exempt and zero-rated supplies.
16 States Adopt Harmonised Tax Framework to Eliminate Multiple Taxation
Sixteen Nigerian states have embraced a harmonised tax framework championed by the Joint Revenue Board, up from twelve earlier this year, as part of sweeping federal tax reforms aimed at streamlining revenue collection and improving the business climate.
Ekiti State IGR Reaches ₦2.75bn, Closing in on ₦3bn Monthly Target
Ekiti State's internally generated revenue has climbed to ₦2.75 billion per month, bringing it within striking distance of its ₦3 billion target. The Chairman of the Ekiti State Internal Revenue Service credits digital tax administration and improved voluntary compliance for the sustained growth.
Nigeria Revenue Service Shifts Focus From Tax Collection to Fiscal Transformation
The Nigeria Revenue Service is moving beyond revenue collection targets toward building a modern tax administration rooted in voluntary compliance, technology, and taxpayer trust. Executive Chairman Zacch Adedeji says the reform aims to strengthen non-oil revenue and support long-term economic growth.
Nigeria's 2026 VAT reform shifts revenue sharing to consumption-based model
President Bola Tinubu's 2026 VAT reform replaces the head-office-based sharing formula with a consumption-driven model, giving states like Kano, Rivers, Ogun, and Abia a fairer chance at revenue. States that formalise their informal sectors and invest in infrastructure stand to gain the most under the new arrangement.
Nigeria's budget process under Akpabio draws scrutiny over fiscal discipline
Concerns are mounting over the integrity of Nigeria's federal budget process under Senate President Godswill Akpabio's leadership, with lawmakers and fiscal watchdogs describing the appropriations cycle as increasingly opaque and prone to last-minute insertions. The development raises questions about legislative oversight and the quality of public financial management in Africa's largest economy.
Peter Obi Pledges Progressive Tax Policy, Scrutiny of N34 Trillion Customs Waivers
NDC presidential candidate Peter Obi has proposed shifting the tax burden towards wealthier Nigerians while redirecting funds from what he termed excessive customs duty waivers into agriculture and job-creating sectors. Obi disclosed that approximately N34 trillion in customs waivers were granted in 2025 against N7.7 trillion in actual revenue collected. He also questioned fiscal transparency, citing IMF concerns over N8.8 trillion in extra-budgetary spending.
ECOWAS Aviation Tax Relief Stalls in Nigeria, Passengers Pay Higher Fares
Nigeria has yet to implement the ECOWAS protocol on reducing aviation taxes and charges, leaving travellers on regional routes to bear elevated ticket costs. The delay undercuts the bloc's goal of affordable intra-regional air travel and has drawn criticism from airline operators and industry stakeholders.
FG Grants Shell Unprecedented Tax Concessions for $20bn Deepwater Oil Project
Nigeria's Federal Government has approved extraordinary tax relief measures for Shell's $20 billion oil project, marking one of the most generous fiscal incentive packages ever extended to an international oil company operating in the country. The concessions aim to unlock investment stalled by regulatory uncertainty and rising production costs.
Technology, tax reforms, and wider net drive Kaduna's IGR growth, says revenue chief
Kaduna State's Internally Generated Revenue has risen sharply on the back of technology adoption, tax policy reforms, and an expanded taxpayer base, according to the head of the state's internal revenue service. The revenue boss credited digital collection platforms and enforcement drives for the improved performance.
Nigeria Bets on Regional Tax Reform to Strengthen Domestic Revenue Mobilisation
Nigeria is pursuing regional tax harmonisation as a strategy to address its chronically low tax-to-GDP ratio and reduce dependence on volatile oil receipts. The reform drive targets coordination among federal and state revenue authorities to curb multiple taxation and widen the tax net. Fiscal observers see the move as critical to achieving sustainable domestic revenue growth.
ECOWAS Tax Relief for Travellers Stalls as Nigeria Delays Implementation
Nigeria's failure to implement ECOWAS-mandated tax reductions continues to impose additional costs on cross-border travellers, undermining commitments to regional trade integration. The prolonged policy delay has left travellers paying duties that should have been eliminated under the bloc's free-movement and customs harmonisation protocols.
Naira Depreciates to N1,381.70/$1 Despite Foreign Reserves Rising to $51.74 Billion
The naira weakened 0.85% week-on-week to close at N1,381.70 per dollar on the official NFEM window, even as Nigeria's external reserves climbed to $51.74 billion. EBC Financial Group cautioned that the reserve build-up may be vulnerable to reversals in portfolio inflows and oil earnings.
US imposes 12.5% tariff on Nigerian goods over forced labour compliance
The United States has introduced a 12.5 percent tariff on imports from Nigeria, citing non-compliance with forced labour provisions in its trade rules. The move threatens the competitiveness of Nigerian exports to America's market and raises fresh concerns about trade compliance standards.
Eight organisations exempt from Companies Income Tax in Nigeria
Nigeria's Companies Income Tax Act grants full tax exemption to eight categories of organisations, including statutory bodies, charitable institutions, trade unions, cooperative societies and pension funds. Understanding these exemptions is essential for compliance and strategic tax planning.
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.
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.
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'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 $1.3 million and N746.7 million.
FG to launch GIS-enabled digital postcode system in October 2026
The Federal Government will launch a GIS-enabled alphanumeric digital postcode system by October 2026, assigning a unique code to every building nationwide. The initiative is expected to transform emergency response, logistics, e-commerce, and government service delivery.
Oil stocks, First HoldCo drag NGX down as investors lose N945 billion
The Nigerian equities market turned bearish on Monday as profit-taking in oil and gas and banking heavyweights erased approximately N945 billion from investors' wealth. The NGX All-Share Index fell 0.60% to 243,271.57 points, with Aradel Holdings, First HoldCo, Transcorp, and Oando leading the losses.
Naira gains to N1,356/$ 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.
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.
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.
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.
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.