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CBN Approves Weekly FX Sale of $150k to BDCs to Enhance Market Liquidity

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The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) as part of efforts to improve foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.

The CBN has also approved that weekly FX purchases by each BDC be capped at USD150,000, and that utilisation comply with existing BDC operational guidelines.

Under the new directive contained in a circular signed by the Director, Trade and Exchange Department, Dr. Musa Nakorji, all BDCs duly licensed by the CBN are permitted to access foreign exchange through any Authorised Dealer Bank of their choice, at the prevailing market rates. The move, according to the circular, aims to deepen market efficiency and ensure broader access to foreign exchange across the economy.

The CBN, however, imposed strict compliance and risk-management conditions on the transactions. Authorised dealers are required to conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any FX sale.

To strengthen transparency and accountability, the CBN directed that all licensed BDCs must submit timely and accurate electronic returns in line with extant regulations. Any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding FX positions purchased from the NFEM.

The circular further restricts settlement practices, mandating that all FX transactions be conducted through settlement accounts with licensed financial institutions. Third-party transactions are prohibited, while cash settlement is limited to a maximum of 25 per cent of each transaction amount.

Overall, the directive reflects the CBN’s broader strategy to balance market access with strong regulatory oversight, ensuring liquidity in the foreign exchange market while safeguarding financial system integrity.

 

 

Cairo Ojougboh Foundation Back Govt’s Education Development Drive

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L-R: Son of the late Dr. Cairo Ojougboh, Mr. Nkem Ojougboh; Chairperson, Dr. Cairo Ojougboh Foundation, Mrs. Bose Ojougboh and another son, Mr. Orieka Ojougboh, during the event in Agbor, Delta State recently.

In what many described as an inspiring and life-changing event, the Dr. Cairo Ojougboh Foundation has strengthened its focus on driving initiative that enhances government’s efforts for educational development in Nigeria.

The Foundation was established in honour of the late medical doctor and member of the House of Representatives, Dr. Cairo Ojougboh.

As part of the initiative, the Foundation recently held a special programme at St. Columba’s Grammar School, Agbor, the headquarters of the Ika South Local Government Area in Delta State, with the theme: “Your Future, Your Choice,” where the Foundation presented a cheque of ₦2,700,000 to cover examination fees for students sitting for West African Examination Council (WAEC), National Examination Council (NECO), and the Junior Secondary School (JSS) 3 examinations.

The Foundation also rewarded academic excellence by giving cash gifts to the best students across the nine academic arms of the school. In addition, notebooks and writing materials were distributed to support effective learning among the students.

Beyond the financial support, the programme stood out as a strong investment in the academic and personal development of the students, while also celebrating the enduring legacy of discipline, excellence, and service that Dr. Cairo Ojougboh was known for.

Speaking at the event, the Chairperson of the Foundation, Mrs. Bose Ojougboh, emphasised the importance of giving back to the institution that helped shape Dr. Cairo’s life and values, noting that St. Columba’s Grammar School played a significant role in shaping Dr. Cairo’s life.

She added that the Foundation is committed to inspiring current students to remain focused and hardworking while reminding the students that obstacles should not be seen as roadblocks, but as stepping stones for growth, encouraging them to turn challenges into opportunities.

She also encouraged students to take responsibility for their future by making intentional and positive life choices, both academically and personally, underscoring the importance of hard work and consistency as ingredients for success.

Ojougboh, who had her two sons, Mr. Nkem Ojougboh and Mr. Orieka Ojougboh, as active participants at the programme, urged students to understand that every decision they make contributes to their future, emphasising that discipline, consistency, and focus are non-negotiable for success factors.

The event was further enriched by the strong presence of the Old Boys of St. Columba’s Grammar School, led by Elder Ndudi Agholor, who were fully represented at the programme. Many of them shared memories of their time in school, recalling their experiences with deep nostalgia and pride. The alumni reflected on their years in the school and appreciated the current school leadership for maintaining the high standards the institution has always been known for.

In their remarks, the school principal, Rev. Fr. Joseph Ugboh and the Chairman of Ika South Local Government, Engr. Jerry Ehiwarior, commended the Cairo Ojougboh family for the initiative and encouraged them to sustain it, noting that it is a meaningful way to preserve and honour Dr. Cairo’s legacy. They applauded members of the Foundation for a ‘commendable and impactful’ initiative.

They expressed deep appreciation to the Foundation for the generous support and for honouring the legacy of Dr. Cairo Ojougboh, adding that the gesture had greatly inspired and motivated the students to work harder towards their goals.

The programme ended on a very hopeful note, with students leaving the event feeling motivated and determined to make better decisions about their future.

 

Standard Bank Hosts 2nd African Markets Confab: Mobilising Global Capital at Scale for Africa’s Growth and Dev

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Standard Bank Corporate and Investment Banking, will host the second edition of its seminal African Markets Conference (AMC 2026).

The flagship event will take place on 22-24 February, 2026 in Cape Town, South Africa, bringing together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.

Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group says AMC 2026 builds on the success of the inaugural 2025 conference, which reframed Africa’s narrative from risk to resilience.

“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors’ confidence to deploy capital at scale. Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” says Masinda.

It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.

The conference will be structured around five high-impact pillars designed to move the needle on investment:

  • Prioritising infrastructure as an Asset Class:Moving beyond aid toward public-private partnerships (PPPs) that turn critical projects into investable assets for the private sector.
  • Accelerating the Energy Transition:Positioning Africa as a cornerstone of global energy security by unlocking its renewable potential through innovative solutions.
  • Deepening African Capital Markets and mobilising private capital: Enhancing domestic liquidity, improving regulatory transparency, and expanding access for institutional investors.
  • Enabling intra-African trade and flows of capital: Highlighting the importance of deeper regional integration for Africa to attract Foreign Direct Investment (FDI) in the current uncertain global investment climate. Leveraging the African Continental Free Trade Area (AfCFTA) for a larger, more predictable market that encourages intra-African investment.
  • Africa’s Sovereign Debt and Cost Sustainability: Addressing the debt requirement in closing Africa’s developmental needs. The discussion is reframed from access to affordability, credibility and structure, with related perceived risk premium and the development of capital markets.

AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments. Confirmed participants include:

  • Finance Ministers, Ministers in Infrastructure developmentand Central Bank Governors from key African growth hubs.
  • Global Asset Managers and Institutional Investorsseeking yield and sustainable impact.
  • Development Finance Institutions (DFIs)and multilateral agencies focused on de-risking frameworks.
  • Standard Bank executives, including Sim TshabalalaCEO of Standard Bank Group, Luvuyo Masinda (CEO, CIB), Sola Adegbesan (Head of Global Markets Africa Regions) and Alex Davidson (Head of Global Markets SA), will lead technical sessions on market liquidity.

The 2026 African Markets Conference represents a collective call to action for the public and private sectors. It is a platform where the roadmap for Africa’s growth will be charted, debated, and ultimately, accelerated.

 

 

 

Stanbic IBTC Insurance Triumphs at 2025 Risk Analyst Awards, Showcase Institutional Excellence

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Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has been recognised as one of Nigeria’s top-performing insurers, winning the Life Insurance category at the 2025 Risk Analyst Insurance Brokers Performance Review Awards.

The award is part of Risk Analyst Insurance Brokers Limited’s annual assessment of insurance underwriters, which evaluates partners based on key criteria including claims settlement efficiency, service delivery, responsiveness, and broker–underwriter collaboration.

The initiative aims to promote accountability, raise service standards, and strengthen trust across Nigeria’s insurance ecosystem.

Stanbic IBTC Insurance Limited’s recognition reflects its operational discipline, prompt claims settlement, and partnership-driven approach that fosters long-term confidence with clients and brokers. The 2025 performance highlights the insurance company’s role as a dependable and credible underwriting partner in the market.

Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, said: “At Stanbic IBTC Insurance, trust is built through reliable performance, timely claims settlement, and service that supports customers when it matters most. This recognition reflects the quality of service we provide for our clients and partners. We are honoured to receive this accolade and will continue to raise standards across the industry.”

Chuma Nwokocha, Chief Executive of Stanbic IBTC Holdings, added: “We are proud of this achievement, which highlights the strength of our insurance business and the broader Stanbic IBTC Group’s focus on building strong, enduring institutions. Stanbic IBTC Insurance continues to set benchmarks in professionalism, client service, and operational excellence; reinforcing our role as a trusted partner to individuals and businesses across Nigeria.”

The 2025 Risk Analyst Insurance Brokers Performance Review Awards recognises Stanbic IBTC Insurance Limited’s performance in life insurance and reflects the broader institutional direction of Stanbic IBTC Holdings; building resilient, trusted, and high-performing financial institutions that contribute to Nigeria’s economic growth and the development of the insurance sector.

Oil Industry Contracting: NCDMB Issues NCEC Guidance Notes, Rules Out Transfer of Certificate

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Determined to speed up the oil and gas industry contracting processes, weed out firms lacking technical capacity to perform and reduce Nigeria’s cost of production, the Nigerian Content Development and Monitoring Board has issued the “NCEC Application Guidance Notes”, with effect from December 2025.

The document which is available on the Board’s website – ncdmb.gov.ng, and on the NCEC application portal, forms part of concerted efforts to operationalise the Presidential Directives (PDs) on Local Content Requirements, which mandates NCDMB to take further steps to eliminate intermediaries in the contracting process lacking demonstrable capacity.

Emphasising that one of the key requirements for participating in the Nigerian oil and gas industry contracting process is the possession of NCECs issued by the NCDMB, the document states that “Unmerited possession and/or misapplication of the NCECs during tendering/bid evaluations contribute to contracting delays and admittance of unqualified intermediaries into the contracting process”.

According to NCDMB, the goal of the new document is to “tackle cases of single and multiple NCEC applications not matched to capacities on ground, submission of fake/forged documents, under declaration of personnel, non-existent offices/equipment, and many other dubious applications.” It will also enhance timely review and approval of applications from genuine service companies as the document provides all the requirements needed to complete credible application at first attempt.

The eight NCEC categories cover Manufacturing & Related Services (MS), Fabrication & Construction (FC), Construction & Moveable Equipment (EC), Services & Support (SS), Quality Control Inspection and Testing (QS), Non-Moveable Assets (DA), Procurement & Supplies (PS) and Consultancy Services (CS).

The document advised service companies to provide details of their specific service offering with sufficient supporting evidence while applying for any of the NCEC categories via the application portal. Providing further explanation, NCDMB stressed that it does not solicit or require any payment for the application, processing, or approval of NCEC or any of its certifications. It added that “in line with the Presidential directive on Local Content compliance, NCDMB prohibits the use of agents/middlemen/third parties in raising/submission of NCEC application on behalf of service companies. Service Companies registered on the NOGIC-JQS are liable for any claims/documentations submitted in support of application for NCEC or any other NCDMB certifications using their assigned login in details.”

The document also indicated that companies and their subsidiaries or local partners cannot apply for or obtain NCEC as separate companies using the same facilities, equipment, assets, or documentation and NCEC is not transferable for use by another company.”

Continuing, the guidance notes enjoined service companies to only apply for NCECs based on their core service area, noting that spurious applications contribute to delays in the processing of genuine applications, warning that cases determined to constitute abuse of NCEC applications shall attract applicable sanctions.

The NCEC notes also indicated that companies applying for multiple NCECs must have the capacities in terms of assets, facilities, equipment and personnel to execute the scope of activities under the target NCEC categories, adding that NCDMB will carry out facility visits to ascertain the capacities and capabilities claimed by the company in all the multiple NCEC applications.

It stated further that NCECs are not granted in anticipation of establishment of local capacities but are approved based on functional equipment/assets with dedicated resources/utilities in place to operate or perform the services, hence applicants must be ready to demonstrate operability and availability of owned assets/equipment as may be required during facility visit by NCDMB team.

“Request for upgrade or addition of services, on approved, un-expired NCEC based on additional investment will be treated as new application and subjected to verification of all equipment/assets/documentation submitted in support of the modification,” the document added, stating further that applicants are expected to be upfront and intentional in the provision of the relevant and complete information required for timely review of their requests.

The document also listed services which do not require NCECs. They include GSM service providers, commercial airlines, educational institutes, legal advisory services, public relations and events management, government agencies, and CSR projects with community vendors.

Commenting on the guidance notes, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe enjoined oil and gas stakeholders to study the guidance notes while applying for NCECs. He warned that submission of forged, altered, or falsified documents constitutes a criminal offence and will attract legal consequences as well as Board’s administrative punishments.

He mentioned that NCDMB had set target timelines for the review and processing of NCEC applications, with the portal providing timestamp of all activities/interactions undertaken from the point of submission of application and all reviews by the Board.

NCDMB Webinar Unlocks AfCFTA Market Access for Energy Sector

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The Nigerian Content Development and Monitoring Board has outlined a practical framework for positioning Nigeria’s energy sector to access the African Continental Free Trade Area, following a strategic webinar focused on meeting rules-of-origin requirements for continental trade.

The Board held a pre-conference webinar on Wednesday ahead of the Nigeria Local Content AfCFTA Energy Summit scheduled for Monday, February 9, 2026.

The engagement was attended by stakeholders from the oil and gas, power and renewable energy sectors, and they addressed how Nigerian products and services can qualify for preferential market access across 54 African countries with a combined gross domestic product of $3.4tn and a population of about 1.4 billion people.

Entitled ‘Meeting AfCFTA Origin Requirements in Energy Trade’, the webinar focussed on one of the major barriers facing Nigerian exporters under AfCFTA — structuring production and operations to meet origin requirements that determine eligibility for duty-free and preferential trade.

The initiative was supported by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, and the Acting Director of Planning, Research and Statistics, Mr. Ene Ette, as part of preparations for the forthcoming Nigeria Local Content AfCFTA Energy Summit, with the theme ‘Unlocking Africa’s Energy Future through AfCFTA: Trade, Innovation and Regional Integration’.

Speaking during the session, a communications analyst, Joseph Nwokedi, representing the Acting National Coordinator of Nigeria’s AfCFTA Coordination Office, Mrs Patience Okala, stressed the central role of energy in Africa’s economic integration under AfCFTA.

He urged Nigerian companies to shift their focus from Nigeria’s domestic market of about 200m people to the wider continental market of 1.4bn consumers.

“Without energy, there’s no industrialisation. Without energy, regional value chains remain aspirational,” Nwokedi said. “With AfCFTA, energy transforms from a domestic infrastructure issue into a tradable, investable and exportable sector within an integrated African market.”

He noted that even one per cent penetration of the African market translates to about 14m consumers, underscoring the scale of opportunity available to Nigerian energy firms.

The webinar identified four key pathways through which Nigeria’s energy sector can participate in AfCFTA-enabled trade. First, Nigeria’s Electricity Act of 2023 allows independent power producers to supply electricity directly to industrial clusters and export processing zones, positioning power generation as a foundation for trade-ready manufacturing.

Second, the country has submitted commitments under AfCFTA that enable professionals such as engineers, electricians, geophysicists and energy auditors to export services across Africa, subject to mutual recognition of qualifications.

Third, refined petroleum products, gas derivatives, electricity and renewable energy components can be traded across borders under preferential tariffs, provided they meet AfCFTA rules of origin.

Fourth, AfCFTA’s investment protocol, combined with recent domestic reforms, including the Presidential Directives on Investment Incentives for 2024–2025, strengthens Nigeria’s credibility for attracting cross-border investments in power generation, transmission, renewable energy and storage infrastructure.

Delivering a technical presentation, Assistant Comptroller of Customs, Burhan Sulaiman, explained that AfCFTA would eliminate tariffs on 90 per cent of goods traded within the bloc over five to 10 years, with an additional seven per cent liberalised over 13 years. However, he stressed that these benefits were conditional on meeting origin requirements.

“Companies lose benefits because origin was treated as an afterthought,” Sulaiman said. “You must build in origin compliance from the beginning, not while already running your project. Origin determines whether you export duty-free or pay full tariffs.”

He clarified that origin is determined by where economic production takes place, not by company ownership or registration. Foreign-owned companies producing in Nigeria can export as Nigerian origin, while Nigerian companies importing finished goods cannot claim AfCFTA preferences.

Sulaiman explained that products qualify for preferential access through two routes. “Wholly obtained” goods are entirely produced within AfCFTA member states, such as crude oil and natural gas extracted in Nigeria, as well as locally generated electricity regardless of fuel source.

The second route, “substantial transformation”, applies where foreign inputs are used and requires compliance with one of three tests: a change in tariff classification; a value-addition threshold limiting foreign content to between 30 and 60 per cent of ex-works price; or completion of specific prescribed processes such as distillation, cracking or reforming for petroleum products.

He provided sector-specific guidance, noting that in oil and gas, locally extracted crude and gas qualify, just as refined petroleum products that meet processing requirements. However, simple blending, basic distillation operations and modular refineries using imported crude without substantial transformation do not qualify.

In the power sector, he explained, locally generated electricity and regionally manufactured equipment with deep component transformation qualify, while installation-only activities, imported turbines, transformers and switchgear mounting do not.

“For renewables, regional solar cell and battery cell manufacturing with deep component processing qualify,” he said, adding that panel installation alone, simple module assembly and packaging imported batteries do not meet the thresholds.

Sulaiman warned that without regional manufacturing accumulation, power equipment exports fail origin tests.

According to him, the Nigeria Customs Service applies a five-step verification process for origin claims, including confirming accurate HS codes, reviewing production records, testing for minimal operations, verifying African input origins and ensuring consistency across certificates, production records and cost documentation.

“Weak documentation kills origin claims. Even genuinely originating products can be denied if documentation is incomplete or inaccurate,” he noted.

Both speakers emphasised that origin compliance should be treated as a core business strategy rather than a regulatory formality.

“Origin is not paperwork; it is strategy,” Sulaiman said. “It shapes where you locate facilities, how you source inputs, and where you sign regional contracts. Treat it as strategic from day one.”

Nwokedi urged Nigerian firms to act early. “AfCFTA is happening now. Early movers will shape supply chains, standards and partnerships. Are you going to lead, or simply follow?”

Officials also provided updates on AfCFTA implementation, noting that 92 per cent of rules of origin had been agreed, with negotiations ongoing in the textiles and automotive sectors.

An online dispute resolution mechanism has been established to coordinate Customs authorities, standards bodies and complainants.

Nigeria has deployed a fully operational electronic certification system for paperless trade, while Nigerian Customs is introducing risk-management frameworks that could allow exporter self-certification on commercial invoices.

Following a five-year implementation review led by the Minister of Industry and Investment, Dr Jumoke Oduwole, government sensitisation efforts have intensified through partnerships with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; Women’s Chambers of Commerce; zonal outreach programmes and ‘P3 engagements’ involving the press, private sector and public institutions.

“The government will not trade under AfCFTA — our exporters will,” officials said. “If they win, we win.”

Nigerian Customs also reiterated its open-door policy for pre-export origin verification to help businesses avoid delays and additional costs at the border.

The webinar highlighted Nigeria’s potential as a regional energy and transition-fuel hub, building on frameworks such as the West African Power Pool to support cross-border electricity trade.

Key recommendations included structuring projects for origin compliance from inception, forming regional joint ventures, aligning with continental standards and leveraging AfCFTA service commitments to export Nigerian energy expertise.

The session ended with confirmation that the webinar was a technical precursor to the Nigeria Local Content AfCFTA Energy Summit, which will convene policymakers, industry leaders and trade experts to develop strategies for maximising Africa’s energy potential under the AfCFTA framework.

Moniepoint Targets Downstream Sector with Innovative Financial Solutions

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In a move to strengthen Nigeria’s downstream oil and gas sector, Africa’s all-in-one financial platform for businesses and their customers, Moniepoint Inc. says it is transforming how petrol stations across the country manage payments, access credit, and track inventory through innovative financial solutions.

As the largest distribution network for financial services in Nigeria, the leading banking and payments platform trusted by million in its latest case study titled, “Fueling the Nation: How Moniepoint Powers Nigeria’s Oil and Gas Industry”, reaffirmed its commitment to providing digital payment solutions and business management tools to improve operational efficiency in Nigeria’s downstream sector.

The study released recently examined how petrol stations play a crucial role as vital distribution points for fuel in Nigeria, especially in areas with limited access to alternative energy sources. Over 90 per cent of passenger and freight movement in Nigeria is by road, literally fueled by petrol stations that facilitate an average of 41 to 47 million litres of petrol every day.

The downstream oil and gas sector has been considered as the lifeblood of the Nigerian economy, however, for decades, petrol station operators have grappled with the “T+1” settlement cycle, where funds from card payments are only accessible the next day. In an industry with razor-thin margins and the need for immediate restocking, this delay often leads to “dead tanks” and lost revenue.

According to the case study, Moniepoint has bridged this gap by introducing same-day settlements, ensuring that station owners can access their funds instantly to pay suppliers and keep pumps running. The report further reveals that 90.9% of petrol stations now utilize POS terminals as standard infrastructure, with digital channels accounting for 43% of all fuel payments nationwide.

The Moniepoint case study on Nigeria’s downstream oil and gas sector provides very insightful commentary on critical aspects of running a petrol station, including payment systems, inventory management, and funding challenges.

Giving insight into the report and its relevance to the nation’s energy segment, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, noted that the study seeks to deepen policy engagement, provide actionable intelligence on critical success factors needed for the nation’s socio-economic growth across different verticals.

Olofin noted: “We are pleased to release this comprehensive report on Nigeria’s downstream sector. Moniepoint’s reason for being is to create financial happiness and power dreams. Reports like this move us in that direction, enabling us to support critical infrastructure that keeps the nation moving.

“Looking at the relevance, with data on their business transactions and our business management tools, petrol stations can effectively plan their inventory and availability, knowing exactly when to stock up and ensuring operations run smoothly to serve more customers.

“By providing fuel retailers with the financial tools they need, Moniepoint is creating a future where access to reliable fuel distribution is improved and represents more than a fundamental right for all in an equitable and efficient system.”

Some other Key insights from the report include:

The Liquidity Gap: 1-in-3 station owners identify access to credit as their biggest recurring challenge.

Credit Success: Moniepoint has disbursed millions of Naira in working capital to the sector with a 99.81% repayment success rate.

These tools have enabled nearly three in five fuel stations nationwide to transition from cash-dependent, manually-operated businesses into digitally-enabled enterprises with reliable access to both payment infrastructure and growth capital.

This study by Moniepoint comes on the heels of others like the previous case studies on family-owned businesses, South-East’s Onitsha Market, community pharmacies, women-owned businesses, North-East agriculture and the definitive Informal Economy Report, which collectively demonstrated how digital payment solutions are transforming Nigeria’s commercial landscape across diverse sectors and market structures.

Moniepoint’s ongoing commitment to financial inclusion and economic development has positioned it as a catalyst for growth across Nigeria and beyond. The company processes billions in transactions monthly and continues to expand its reach, supporting millions of businesses with payments, banking, credit, and business management solutions.

Reputation Economy: How Nigerian Brands Won, Lost Public Trust in 2025

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P + Measurement Services, Nigeria’s leading independent media intelligence consultancy, has released its 2025 Industry Media Reputation Report, revealing that corporate reputation has emerged as one of the most decisive assets for Nigerian companies, rivaling financial performance and market share in shaping public trust.

The report analysed and audited thousands of print and online news reports published in 2025 across the banking, insurance, telecommunications, and e-hailing sectors.

In total, coverage of 29 commercial banks, 13 insurance companies, five e-hailing platforms, and four telecommunications operators was examined to determine how corporate actions translated into public perception.

According to the findings, rising operational costs, currency pressures, regulatory scrutiny, labour relations, and service reliability now directly influence how brands are judged in the media and by stakeholders.

“Reputation is no longer a soft outcome of publicity. It is a measurable business asset shaped by corporate behaviour, governance quality, customer experience, and crisis response,” said Tumininu Balogun, Senior Analyst at P+ Measurement Services.

She added: “For more than a decade, we have been at the forefront of media intelligence in Nigeria. Our commitment to the PR and communications industry is to ensure that reliable media data and actionable insight are always available, so professionals can move beyond intuition and make truly data-driven decisions.”

E-Hailing Industry: Driver Relations Reshaped Corporate Reputation

The e-hailing sector recorded one of the clearest shifts in reputation dynamics in 2025, driven largely by labour policies and platform economics.

inDrive Nigeria led the sector with 39% of positive reputation share, following extensive media coverage of its decision to reduce driver commission to 0.1% during peak hours in Abuja.

Bolt Nigeria followed with 32%, supported by reports on its electric tricycle deployment in Lagos. LagRide recorded 17%, driven by coverage of its electric vehicle infrastructure partnership, while Uber Nigeria accounted for 11% and Rida 1%.

On the negative reputation scale, Bolt recorded the highest share at 40%, linked to driver protests following fare reduction policies.

Uber accounted for 29%, inDrive 20%, LagRide 8%, and Rida 3%, largely associated with reports on strike threats, platform reliability concerns, and driver earnings disputes.

The report notes that how platforms treat drivers has become as influential to reputation as rider experience. 

Banking Industry: Profitability Confronted by Governance Risk

Among commercial banks, Stanbic IBTC recorded the strongest positive reputation position at 26%, driven by recognition as KPMG’s top retail bank. Zenith Bank followed with 22%, supported by dividend payout coverage.

Fidelity Bank (19%), UBA (17%), and FirstBank (16%) gained positive reputation visibility through education initiatives, digital service upgrades, and branch automation projects.

However, reputational exposure remained significant. GTCO recorded the highest negative reputation share at 28%, followed by FirstBank at 26%, FCMB at 18%, and both UBA and Ecobank at 14%, mainly due to media reports concerning legal disputes, fraud investigations, and customer-related controversies.

The report highlights that in the banking sector, strong earnings and digital innovation strengthen reputation, but governance failures can rapidly undermine it. 

Insurance Industry: Financial Stability and Data Protection Define Trust

In the insurance sector, AXA Mansard led positive reputation share with 36%, followed by Leadway Assurance (29%), AIICO (16%), NEM Insurance (11%), and SanlamAllianz (8%).

AXA Mansard also accounted for the highest negative reputation exposure at 68%, driven by reports of a significant decline in pre-tax profit.

AIICO recorded 18%, Leadway 12%, and NEM 2%, largely connected to regulatory matters and data protection concerns, including coverage of customer data breaches.

The findings indicate that insurers are now judged as much by financial resilience and cybersecurity posture as by product offerings.

Telecommunications Industry: Infrastructure Investment Meets Rising Public Expectations

MTN Nigeria led positive reputation share with 47%, driven by infrastructure expansion narratives and innovation campaigns. Glo followed with 28%, Airtel Nigeria with 16%, and T2 (formerly 9mobile) with 9%, largely supported by its rebranding coverage.

On the negative reputation side, MTN recorded 44%, T2 31%, Glo 13%, and Airtel 12%, influenced by reports on service quality challenges and the Nigeria Labour Congress boycott directive targeting telecommunications operators.

The sector’s results suggest that while capital investment enhances visibility, network reliability and customer experience increasingly determine long-term reputation.

Reputation Has Become a Strategic Business Asset

Across all four industries, the report finds a consistent pattern: reputation in 2025 closely followed corporate behaviour.

Brands that demonstrated transparency, operational fairness, financial discipline, digital reliability, and customer focus were more likely to build positive public trust. Companies facing labour unrest, legal disputes, regulatory sanctions, data breaches, or service disruptions saw these issues rapidly reflected in their reputation profile.

For brand owners, investors, regulators, and communication professionals, the implication is clear: reputation is no longer managed only through messaging, but through measurable actions that are permanently recorded in the media ecosystem and searchable online.

About P+ Measurement Services

P+ Measurement Services is Nigeria’s foremost independent media intelligence and reputation analytics consultancy and a member of the International Association for the Measurement and Evaluation of Communication (AMEC).

The firm provides media monitoring, reputation auditing, performance evaluation, and strategic communication and PR measurement services to corporations, public institutions, and communication consultancies across Africa.

 

 

 

Paga, Leadway Assurance Partner to Safeguard Doroki Merchants with Tailored Insurance Solutions

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Paga, the fintech company behind the Doroki merchant platform, has entered into a strategic partnership with Leadway Assurance, one of Nigeria’s foremost insurance providers, to deliver comprehensive insurance solutions designed specifically for Doroki merchants.

The collaboration aims to help merchants safeguard their businesses against everyday risks and recover quickly from unforeseen events.

Under this partnership, Doroki merchants will gain access to tailored insurance solutions designed to protect the critical components of their day-to-day operations thereby safeguarding their income, assets, and continuity of operations.

Beyond offering coverage, this initiative is built on a holistic approach to risk resilience. Doroki and Leadway will equip merchants with clear guidance on what each product covers, how to file a claim, and best practices for risk management—empowering them with knowledge that strengthens decision-making and builds confidence in handling uncertainties.

“At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape. This partnership with Leadway—an insurer with decades of experience and a strong reputation for reliability—means our merchants can focus on growing their businesses with the peace of mind that they’re protected,” said the General Manager of Doroki Merchants, Arike Okwunowo.

Commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian.

“At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses. By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into a platform that merchants already trust—helping them protect their income, assets, and livelihoods while continuing to grow with confidence.”

This collaboration not only provides financial protection for Doroki merchants but also fosters a culture of preparedness, awareness, and informed decision-making—key pillars for sustainable business growth in an unpredictable environment.

About Paga / Doroki

Paga, through its Doroki merchant platform, delivers digital payment and value-added services to thousands of merchants across Nigeria—enabling secure payments, cash handling, and financial access solutions that support everyday business activities.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, trusts and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving individuals and businesses across Nigeria and West Africa.

 

CBN Publishes Fintech Report: Shaping the Future of Fintech in Nigeria

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The Central Bank of Nigeria has released a comprehensive assessment of Nigeria’s fintech landscape, outlining the priorities needed to sustain innovation, strengthen system integrity, and support the next phase of digital financial growth.
The report examines the scale and maturity of Nigeria’s fintech ecosystem, highlighting the country’s leadership in real-time payments and the structural factors shaping recent growth. It positions fintech innovation as a complementary force within the financial system, expanding access, efficiency, and reach, while preserving stability and resilience.

Informed by surveys and extensive stakeholder engagement, the report outlines practical policy directions to improve regulatory coordination, strengthen supervisory capability, and support responsible innovation, including cross-border scale.

It underscores interoperability, proportional regulation, and effective execution as critical enablers of sustainable ecosystem development.

This publication forms part of an ongoing series through which the CBN will continue to engage the financial sector, provide clearer regulatory direction, and support more co-ordinated execution.

It is intended to serve as a shared reference point for banks, fintech firms, regulators, infrastructure providers, investors, and partners as Nigeria consolidates its position within the regional and global fintech landscape.

Stanbic IBTC Bank Nigeria PMI: New Orders Broadly Stable at Start of 2026

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Nigerian companies faced a muted start to 2026. A broad stagnation of new orders led to much slower rises in output and purchasing activity. More positively, employment continued to increase at a broadly similar pace to that seen at the end of 2025.

Meanwhile, faster rises in purchase prices and staff costs led companies to increase their selling charges at the sharpest pace in four months. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. The headline PMI dipped to 49.7 in January, well down from December’s reading of 53.5 and ticking below the 50.0 no-change mark.

Nevertheless, by posting close to the neutral threshold, the latest figure signalled broadly stable business conditions at the start of the year.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “After 13 months of consecutive reading above the 50 point no-change mark, Nigeria’s private sector activity deteriorated to 49.7 points in January from 53.5 in December.

This is as new orders stagnated following a 14-month sequence of growth – likely linked to the weak demand that usually occurs in the start of the year after the festive-induced spending in December of the prior year.

Historical data in the past six years also confirms this, where headline PMI in January was lower than December of the prior year except for January 2024. Indeed, the weak business activity was more pronounced in the wholesale & retail which was deep below the 50-point growth threshold on a seasonally adjusted basis, while agriculture, services and manufacturing activity witnessed growth in the period as they were all above 50.0 points.

“Nonetheless, this is the first time in the history of the PMI survey (since 2014) that January headline PMI will be below the 50-point psychological threshold, thereby likely signaling deeper issues aside quiet activity that usually occurs in January after festive-induced improvements in December.

Elsewhere, output prices increased markedly to a four-month high in January, with the companies linking this to higher purchase costs. “Despite the negative surprise in the PMI numbers in January, we still see the Nigerian economy growing by 4.1% y/y in 2026 as we expect demand to pick up in subsequent months after the lull seen at the beginning of the year. Notably, the government has been visible in infrastructure, livestock development, easing trade constraints, and attracting investments in oil & gas and manufacturing. Aside from that, the Dangote refinery is expected to continue to have forward-linkage impact on other sectors of the economy.

Additionally, likely lower interest rates in line with lower inflation and exchange rate stabilization should support private consumption and business investments in 2026. Because of these factors, we see more sectors contributing to real GDP growth rate in 2026 compared to 2025, likely translating to an improvement in the quality of lives of the citizens compared to the last two years when the citizens witnessed the full negative impact of the government’s flagship reforms.”

The picture illustrated by the headline index was in line with the data for output and new orders, both of which were little changed in January. While some companies reported increased customer numbers, this was cancelled out by other firms that mentioned demand weakness, meaning that new orders stagnated following a 14-month sequence of growth. In turn, output rose only marginally.

In both cases, however, sector data showed that weakness at the start of the year was centred on wholesale & retail companies. Meanwhile, growth was recorded in agriculture, manufacturing and services.

Purchasing activity and stocks of inputs also increased at much slower rates than in December, in line with a stagnation of new orders. The rate of job creation was broadly in line with that seen in the previous month, meanwhile, remaining slight. Staffing levels have now increased in each of the past eight months.

A combination of rising employment and broadly stable new orders meant that companies were able to reduce their backlogs of work for the first time in three months, and to the largest degree since March 2025.

Purchase prices increased sharply in January amid widespread reports from panellists of higher raw material costs. The pace of inflation ticked up to a three-month high. Staff costs also rose at a faster pace, and one that was the most marked since July last year.

Respondents indicated that they had raised wages in order to motivate employees and help them with higher living costs. The rate of output price inflation quickened to a four-month high amid widespread reports of higher purchase costs being passed through to customers.

That said, the pace of inflation remained among the weakest since the COVID-19 pandemic. Business sentiment dipped, but companies remained confident that output will rise over the coming year. Optimism was linked to planned expansions, greater stock holdings and hopes for higher new orders.

World Cancer Day 2026: AAN National President, Bisi Bamishe, Calls for Free Skin Cancer Treatment, Inclusive Health Care for Persons with Albinism

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As the global community commemorates World Cancer Day on February 4 under the theme “United by Unique” (part of the 2025–2027 global campaign) the Albinism Association of Nigeria (AAN) has called for urgent, inclusive, and sustained action to address the disproportionate burden of skin cancer among persons with albinism (PWAs) in Nigeria.

World Cancer Day is a global initiative aimed at raising awareness, strengthening prevention efforts, promoting early detection, and mobilising collective action against cancer. The theme United by Unique recognises that while every cancer experience is different, unity and equity remain central to effective response and care.

For persons with albinism, skin cancer is a daily and life-threatening reality. Due to the absence of melanin, their skin is highly sensitive to ultraviolet (UV) radiation, placing them at extreme risk of UV-induced skin cancer. While skin cancer can affect anyone at any age and on any part of the body its impact on persons with albinism is particularly severe and often fatal when access to care is delayed.

Speaking on behalf of the Association, Dr. Bisi Bamishe, National President of the Albinism Association of Nigeria, said:

“Across Nigeria and many other countries, the challenge is not the absence of prevention or early-detection knowledge, but the lack of access. Many persons with albinism have never seen a dermatologist, and far too many cases are detected late, when treatment becomes more complex, expensive, and less effective. This should no longer be the norm.”

Dr. Bamishe acknowledged and commended ongoing government efforts, particularly the planned launch of free skin cancer screening centres for persons with albinism, noting that early detection is a critical step toward reducing cancer-related deaths within the community.

However, she stressed that screening without access to treatment is inadequate.

“Early detection saves lives, but screening alone is not enough,” she added. “The high cost of skin cancer treatment remains a major barrier. We therefore call on the Federal Government to include free skin cancer treatment for persons with albinism under the National Health Insurance Scheme (NHIS) so that no one is denied care because of poverty.”

As part of a comprehensive prevention strategy, Dr. Bamishe also urged the Federal and State Governments to institutionalise the provision of free UV-protective umbrellas, sunscreen, and wide-brimmed hats for persons with albinism.

“These are not luxury items,” she said. “They are basic survival tools that protect lives and reduce long-term health risks for persons with albinism.”

On this World Cancer Day, the Albinism Association of Nigeria calls on government institutions, development partners, civil society organisations, the media, and members of the public to stand in solidarity with persons affected by cancer, support research, advocate for inclusive and accessible healthcare, and strengthen policies that protect vulnerable populations.

“Together, we can build a world where cancer is preventable, manageable, and curable and where persons with albinism are no longer left behind,” Dr. Bamishe concluded.

Mobile Performance in Nigeria: A Significant Improvement Driven by 4G

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The latest data from nPerf reveal a marked improvement in mobile performance in Nigeria between the first quarter of 2023 and the fourth quarter of 2025, driven using 4G. Over the period, average download speeds doubled, rising from 7.1 Mbps to 14.7 Mbps, while upload speeds more than quadrupled, increasing from 1.77 Mbps to 7.28 Mbps.

This improvement comes in the context of rapid growth in mobile data consumption. According to the Nigerian Communications Commission (NCC), volumes exchanged on mobile networks increased by 140% between January 2023 and November 2025, rising from 518,000 terabits to more than 1.23 million terabits. This increase reflects the growing adoption of digital services and places additional pressure on mobile infrastructures.

An accelerated technological transition

The performance gains observed by nPerf are primarily driven by the widespread adoption of 4G.

Tests conducted in 4G on the networks of MTN, Airtel and Globacom now account for 64% of measurements, compared with 49% in 2022. Operators play a central role in this transition through sustained investments in the expansion and modernization of their networks, notably through partnerships such as the one established between MTN and Airtel to improve coverage in rural areas.

New use cases enabled by improved speeds

The significant increase in mobile speeds over the past year in Nigeria opens the door to new use cases and opportunities for users, such as participating in videoconferences, carrying out online financial transactions, or watching movies and series on streaming platforms with relatively smooth playback.

Despite these speed increases paving the way for an improved online experience, the streaming performance measured by nPerf has not improved, and further efforts are still required from operators to enhance performance, for example by improving network densification, increasing interconnections, or deploying more YouTube cache servers within the country.

 

The nPerf application allows users to measure mobile connection performance on Android and iOS devices. By assessing download and upload speeds, it helps users better understand the quality of their connection, whether for watching a movie via streaming or making a video call.

Still fragile accessibility

In November 2025, Nigeria reached a broadband penetration rate of 50.58%, thereby exceeding the initial target of 50% set for 2025. However, disparities between urban and rural areas persist, and digital inclusion remains a major challenge. Operators and the government continue to work on solutions to expand 4G and 5G coverage, while improving the accessibility and resilience of these infrastructures.

 

 

 

About nPerf

nPerf is an independent Internet performance measurement platform powered by real user experience. By turning millions of connection tests into connectivity insights, nPerf helps operators enhance their networks and contributes to building a faster, more reliable Internet for everyone.

 

SanlamAllianz Women’s Network Leads Charge for Inclusive Education in Eti-Osa

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In a global call to action to celebrate the International Day of Education, female employees of SanlamAllianz Nigeria under the aegis of SanlamAllianz Women’s Network (SAWN) have reinforced the brand’s commitment to community development through a high-impact Corporate Social Responsibility (CSR) initiative at Gbara Community Senior Secondary School, Eti-Osa, Lagos.

The outreach directly benefited over 240 students through the donation of essential educational materials, care packs, and books aimed at strengthening the school’s library resources. Beyond the donations, the engagement served as a platform to inspire students to pursue academic excellence and resilience while also prioritising personal care with a view to building lasting self-confidence.

Speaking on the initiative, Ogechi Ekwosimba, President of the SanlamAllianz Women’s Network and Growth Manager, Alternate Distribution, SanlamAllianz Life Insurance, emphasised the network’s dual purpose:

“Our network was established not only to empower the women within SanlamAllianz but to create a ripple effect of meaningful impact beyond our workplace. We believe that supporting education is the single most effective way to contribute to sustainable, long-term community development.”

The program also featured an inspiring keynote by Abimbola Lawson, Company Secretary and Head of Legal and Compliance at SanlamAllianz Life Insurance. Addressing the students, she underscored education as the ultimate tool for self-reliance.

“Education gives you the power to make informed choices and build a future anchored on integrity and purpose,” Abimbola noted. “It is your pathway to opportunity and personal growth.”

The School’s Principal, Mrs. Abosede Oyewole, thanked SanlamAllianz for providing the enabling environment for the initiative while promising that the donated books and other items would be put to good use. She prayed for the continued success of the business and gave her best wishes.

Driven by the active participation of SanlamAllianz employees, the initiative underscores the organization’s broader dedication to social responsibility and inclusive progress. By aligning corporate values with tangible community action, SanlamAllianz continues to champion sustainable development across Nigeria.

 

About SanlamAllianz Nigeria

Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recognisable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate. Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign which saw it dominate headlines to the delight of industry watchers.

 

The Nigeria Prizes Open for Entries with Focus on AI, Poetry, Documentary Filmmaking

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The Nigeria Prizes competition officially kicked off on Sunday with Call for Entries for the 2026 cycle. This year’s edition focuses on Artificial Intelligence and Information and Communication Technology (ICT) for The Nigeria Prize for Science and Innovation; Poetry for The Nigeria Prize for Literature; and Documentary Filmmaking for the newly introduced The Nigeria Prize for Creative Arts.

The Prizes remain Nigeria’s foremost platform for rewarding excellence in science and innovation, literature, and the creative arts.

This year, The Nigeria Prize for Science and Innovation retain the theme “Innovations in Information and Communication Technology (ICT), Artificial Intelligence, and Digital Technologies for Development” following a “no winner” verdict of the 2025 cycle.

Speaking on the commencement of the prizes cycle, NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, emphasised the relevance of the selected themes in a rapidly evolving global context. For Science, she noted that extensive research has demonstrated the immense potential of ICT, artificial intelligence, and digital technologies in reshaping industries and societies.

“The themes for the 2026 cycle reflect the realities of a world being reshaped by digital intelligence and creative expression. Through The Nigeria Prizes, NLNG continues to reinforce its commitment to innovative ideas and talents that are rigorous, relevant, and capable of shaping long-term national outcomes. The introduction of the Creative Arts Prize further strengthens this commitment by recognising creativity as a critical component of development”.

Also speaking on the Call for Entries, the Chairman Advisory Board of the Science and Innovation Prize, Prof. Barth Nnaji, called on scientists and innovators from all over the world to submit quality entries that transcend theoretical concepts and demonstrate deployable, scalable and practical solutions.

“The Nigeria Prize for Science and Innovation is founded on the principle that science must move beyond abstraction into solutions that work. The Prize recognises innovations grounded in rigorous research, demonstrating technical maturity and clear potential for application within Nigeria’s development landscape. We are looking for works that are inventive, credible, scalable, and capable of delivering measurable outcomes,” Prof Nnaji stated.

With the prize valued at USD $100,000, the Science and Innovation competition is open to scientists and innovators worldwide and invites pioneering digital and artificial intelligence–based solutions that can enhance systems, improve efficiency, and support informed decision-making in critical sectors of Nigeria’s economy.

For The Nigeria Prize for Literature, poets will be in the spotlight for the 2026 cycle. Nigerian authors resident in Nigeria and in diaspora are invited to submit poetry collections published from 2023 onwards. The prize, also worth USD $100,000, recognises literature’s enduring capacity to interrogate society, preserve memory, and articulate both personal and collective experience.

The Chairman of the Advisory Board for The Nigeria Prize for Literature, and The Nigeria Prize for Creative Arts, Prof Akachi Adimora-Ezeigbo, expressed excitement at the establishment of the new Prize for Creative Arts. She described it as a significant addition to NLNG’s over two-decade legacy of celebrating excellence.

“It reaffirms our belief that excellence transcends form, whether written, spoken, or filmed. The Creative Arts Prize challenges creators to confront truth, explore memory, and translate lived experience into meaningful work. At the same time, the focus on Poetry for The Nigeria Prize for Literature recognises the genre’s enduring role as a tool for reflection, resistance, and social inquiry, with a unique capacity to distil memory and interrogate complex realities,” she said.

The Nigeria Prize for Creative Arts debuts with Documentary Film under the theme ‘Identity’, with the prize valued at USD $20,000. Targeted at emerging Nigerian filmmakers aged 18 to 35, the Prize challenges young creatives to produce documentary films that explore individual, communal, and cultural identities, and to reshape global perceptions of Nigeria through rigorous storytelling, creativity, and visual excellence.