CBN Chief, Olayemi Cardoso, Tasks Central Banks, DFIs on Africa’s Growth

22/02/2026

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has stated that Africa must grow, industrialise, create jobs, expand opportunities, and lift millions out of poverty, while also decarbonising and building climate resilience.

Cardoso recently stated in his keynote speech at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation (IFC), that the collaborative ambition behind the 30by30 initiative embodies a shared continental vision that Africa’s future must be resilient, climate-aware, and economically sustainable.

Through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, he said the CBN remains dedicated to building a resilient, risk-aware financial framework, advancing green finance, strengthening cross-border cooperation, and positioning Africa not just to withstand shocks, but to thrive in a changing global economy.

Governor Cardoso also emphasised that resilience begins with credibility, adding that “In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth.

“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” he added.

Furthermore, Governor Cardoso noted that “Climate risk is financial risk. It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability.”

He argued that Africa contributes the least to climate change yet bears some of its highest costs. He, however, noted that Africa also offers some of the world’s greatest opportunities in renewable energy capacity, biodiversity, a young population, and rapidly evolving financial markets.

“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent. By working together deliberately, transparently, and with unwavering commitment, we can build the resilient, sustainable, and inclusive financial systems that Africa needs not only to withstand future shocks but also to thrive in the decades ahead,” Governor Cardoso noted.

The engagement underscored a defining imperative for the continent: Africa’s financial future depends on a dual commitment to stability and sustainability.

NCC Management Hosts ATCON EXCO on Courtesy Visit

Business Journal

22/02/2026

L- R: Abraham Oshadami, Executive Commissioner Technical Services, Nigerian Communications Commission, NCC; Tony Emoekpere, President, Association of Telecom Companies of Nigeria, ATCON; Dr. Aminu Maida, Executive Vice-Chairman/CEO, NCC; Rimini Makama, Executive Commissioner Stakeholder Management, NCC; Muhammed Rudman, Vice President, ATCON/ CEO IXPN, during a courtesy visit by the ATCON Members at the Commission’s Headquarters, Abuja.

Love That Protects: AIICO Takes Valentine’s Message to the Streets

Business Journal

22/02/2026

In a vibrant twist to this year’s Valentine’s Day celebration, AIICO Insurance Plc stepped beyond the traditional flowers-and-chocolates narrative to meet young Nigerians where they are—on the streets and on campus.

Partnering with popular street influencer Kabiyesi, AIICO Insurance brought energy, laughter, and meaningful conversations to undergraduates through engaging street interviews focused on one powerful question: How far would you go to protect the ones you love?

The answers were heartfelt, surprising, and deeply moving.

From spontaneous shout-outs to emotional tributes, many students spoke passionately about their parents, especially their mothers. One undergraduate declared, “My mum has sacrificed everything for me. If there’s anything I can do to secure her future, I will do it.” Another said, “If I start making money today, the first thing I’ll do is make sure my family is protected.”

While the atmosphere was fun and lively – complete with playful banter and Valentine-themed giveaways, the message was clear: love is not just about grand gestures; it is also about responsibility.

“For us at AIICO Insurance, Valentine’s Day is about more than romance,” the company’s brand manager, Oluremi John, shared. “It’s about showing love in practical ways – by protecting the people and things that matter most. Insurance is one of the most powerful ways to do that.”

Through Kabiyesi’s signature high-energy style, students were asked what they would insure if money were no object. The responses ranged from “my mum, without thinking twice” to “my entire family” and even “my small business hustle.” Many expressed willingness to “pay any price” to shield their loved ones from life’s uncertainties – demonstrating that, even at a young age, they understand the true cost of care and commitment.

Beyond the excitement, the campaign seamlessly blended entertainment with education. Between laughter and candid moments, AIICO representatives simplified what insurance means, how it works, and why it matters—breaking down common misconceptions and showing that insurance is not distant or complicated, but accessible and relevant to young adults beginning their financial journeys.

As one student put it, “We always think insurance is for older people, but honestly, it makes sense. If you love someone, you should plan for them.”

With over six decades of standing by Nigerians through life’s highs and lows, AIICO Insurance continues to innovate in how it connects with emerging generations. By taking the conversation to the streets, the company reinforced its commitment to deepening insurance awareness and building a culture of protection among young Nigerians. This momentum is further reflected in AIICO’s recently refreshed brand identity, reimagined to resonate with younger demographics, their energy, bold aspirations, and evolving lifestyles. It signals a company that is not only modern in outlook but intentional about journeying with them through every stage of life – supporting their dreams, protecting their milestones, and growing alongside their ambitions.

Valentine’s Day may be known as the season of love, but for AIICO Insurance, it also became a season of purpose—reminding youths that true love plans ahead, prepares for tomorrow, and safeguards the future.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Ogun State Clears Eight-Year Pension, Gratuity Backlog — Finance Comm

Business Journal

22/02/2026

The Ogun State Government has announced the clearance of pension and gratuity arrears owed to workers who retired between 2012 and 2020, reaffirming its commitment to the welfare of retirees.

The Economic Adviser and Commissioner for Finance, Dapo Okubadejo, disclosed this during a media parley organised by the Ogun State Ministry of Budget and Planning.

Okubadejo explained that the backlog was linked to the Defined Benefits Scheme, under which retirees receive monthly pension payments, stressing that the present administration of Governor Dapo Abiodun has not defaulted on pension obligations since assuming office.

“Since the inception of this administration, we have not missed a single month of pension payment. What we inherited were arrears tied to the Defined Benefits Scheme,” he said.

According to him, annual pension payments rose from ₦6.7 billion in 2019 to ₦20 billion in 2025, with projections showing a possible increase to ₦40 billion by 2029.

He disclosed that the state had so far paid ₦23.3 billion in gratuities covering retirees from 2012 to 2020, alongside ₦32.8 billion in outstanding gratuities for local government retirees inherited by the administration.

Okubadejo added that between 2019 and July 2, 2025, the state disbursed ₦93.26 billion in pensions under the Defined Benefits Scheme and ₦94.78 billion to local government pensioners.

He assured that the remaining backlog would be cleared as Internally Generated Revenue (IGR) continues to improve, noting that over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending the completion of their pension documentation.

The commissioner also described the newly approved Additional Pension Benefits (APB) as the first of its kind in Nigeria, adding that amendments to the state’s pension law would be pursued to formally integrate the scheme.

On the state’s fiscal outlook, Okubadejo revealed that the 2026 budget increased from ₦1.054 trillion in 2025 to ₦1.668 trillion, while Ogun’s economy expanded from ₦3.5 trillion in 2019 to ₦18.96 trillion in 2026.

He added that IGR grew from ₦50 billion in 2019 to ₦240 billion in 2025, with projections of ₦512 billion this year.

Also speaking, the Commissioner for Budget and Planning, Olaolu Olabimtan, said the 2026 budget reflects strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.

Other commissioners highlighted sectoral achievements, including massive road construction, increased healthcare funding, rail extension plans, education support programmes, and expanded housing projects across the State.

NGX GMD, Temi Popoola, Seeks Collaborative Alignment to Drive Sustainable Capital at IFC Confab

Business Journal

22/02/2026

Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, has called for continued collaboration among regulators, exchanges, and international partners to effectively channel sustainable capital flows across emerging markets.
Speaking at the International Finance Corporation conference in Cairo during a panel session themed Capital Mobilization for Sustainability, Transition and Resilience, Popoola provided insights into the evolving landscape for developing economies.
He acknowledged that emerging markets are navigating structural considerations, including the development of ESG data and reporting infrastructure, policy frameworks, funding costs, and market liquidity. He also noted a growing global investor appetite for sustainable assets, supported by innovation in labelled instruments and the ongoing enhancement of regulatory standards.
“Emerging markets have a significant opportunity to contribute to the future of sustainable capital flows,” Popoola said.

“Realising this potential calls for constructive alignment, robust disclosure standards, policy consistency, and synergy across the capital market ecosystem.” He highlighted the importance of evolving disclosure frameworks, noting that stronger reporting standards can enhance transparency, support risk assessment, and help attract long-term investment.
Drawing on Nigeria’s experience, he pointed to the country’s green and sustainable bond market, which began with Africa’s first certified sovereign green bond in 2017. Since then, the market has expanded across sovereign, sub-national, and corporate issuers, with repeated oversubscription reflecting growing investor confidence. He also referenced Nigeria’s sovereign sukuk programme, including the most recent Series VII Sukuk, which recorded subscriptions significantly above the offer size, demonstrating sustained domestic demand for long-term infrastructure-linked instruments.
According to Popoola, stock exchanges play a key role in advancing sustainable finance by providing platforms for impact-focused instruments, supporting disclosure standards, and aiding issuer capacity building.

In this regard, he highlighted NGX’s Impact Board, launched in 2024 as a dedicated listing segment for green, social, and sustainability-linked instruments. He also discussed the NGX Net-Zero Programme, co-funded by DEG Impulse, which supports listed companies in developing science-based transition plans and enhancing climate disclosures.

The programme is projected to reduce or avoid approximately 20,000 tonnes of CO₂e emissions in its initial phase while positioning companies to access climate-aligned financing.
On collaboration, Popoola emphasised the importance of alignment among policymakers and market operators, citing Nigeria’s first sovereign green bond, executed through co-ordination between the Exchange, the Ministry of Finance, Ministry of Environment and the Debt Management Office, as an example of effective public, private partnership.
The conference convened policymakers, regulators, exchange leaders, and development finance institutions to explore pathways for mobilising capital toward sustainability, resilience, and long-term economic growth across emerging markets.

AI: Powerful Tool for Economic Growth in Africa-NGX Chair, Umaru Kwairanga

Business Journal

22/02/2026

KEYNOTE SPEECH BY THE CHAIRMAN OF THE NIGERIA EXCHANGE GROUP AT THE INNOVATE A I CONFERENCE AT LANDMARK CENTRE VI LAGOS ON FRIDAY 20th FEBRUARY 2026.

It gives me great pleasure to participate in the InnovateAI Conference Lagos 2026. I am happy to see so many young Nigerians present who are ready and able to take Nigeria to its rightful place in the forefront of the next technological revolution.

Artificial Intelligence AI has moved from experimentation to integration. It is embedded in financial services, capital allocation, risk modelling, surveillance systems, and customer engagement platforms. For Africa, it represents a significant economic opportunity and a powerful tool for accelerating growth. However, history has shown that innovation without governance can introduce vulnerabilities. As adoption deepens, the conversation must evolve from excitement about possibility to discipline around accountability.

Artificial Intelligence is no longer a distant concept reserved for Silicon Valley. It is already embedded in Nigeria’s financial services, telecoms, media, agriculture, health systems and public administration.

The real question before us is not whether Nigeria will adopt AI. That decision has already been made by market forces. The real question is whether we will adopt it responsibly.

Responsible AI is not an abstract ethical conversation. It is an economic imperative.

Across the world, capital flows toward markets that demonstrate predictability, governance, and trust. Investors price risk. If AI systems are opaque, discriminatory, poorly governed, or vulnerable to data breaches, that risk is priced into companies, sectors, and ultimately into the country itself.

For a country like Nigeria, with a young population, a fast-growing digital economy, and deep entrepreneurial energy, AI represents an extraordinary opportunity.

In the Capital Markets, where I operate, trust is the oxygen of the system. Every trade, every listing, every investment decision rests on confidence in the integrity of the market. As AI tools become embedded in trading strategies, surveillance systems, credit scoring models, and investor analytics, we must ensure that the algorithms driving financial decisions are explainable, fair, and subject to oversight.

At Nigerian Exchange Group, our responsibility is to safeguard market integrity while enabling innovation. Capital markets operate on confidence. Confidence is built on transparency, fairness, and credible oversight.

Therefore, Responsible AI in Nigeria must therefore be context-aware. It must support financial inclusion, improve public service delivery, strengthen agricultural productivity, enhance healthcare diagnostics, and optimise energy distribution. It must solve Nigerian problems.

As we look ahead to what many are calling Africa’s AI decade, Nigeria must anchor its strategy on three pillars: TRUST; TALENT AND TRANSPARENCY.

If we get this right, AI will not simply automate processes. It will accelerate productivity, deepen inclusion, strengthen institutions, and position Nigeria as a credible digital economy.

The future is not just about building intelligent machines. It is about building intelligent systems of governance around those machines-that is the responsibility before us.

I wish you all productive and impactful deliberations and I look forward to the insights and partnerships that will emerge from this conference.

Thank you.

Alhaji (Dr) Umaru Kwairanga

Chairman NGX Group

Open Alliance to FG, NASS: Conduct Population Census Ahead of 2027 Elections

Business Journal

16/02/2026

Open Alliance, a coalition of civil society organisations working to improve openness and accountability in government, expresses deep concern over Nigeria’s prolonged failure to conduct a credible National Population and Housing Census, nearly two decades after the last exercise.

Notably, Nigerians aged 18 years and below have never experienced a proper census. The last national population census was conducted in 2006, barely eight years after Nigeria’s return to democratic governance.

Since then, the country has held five general elections, experienced multiple administrations at federal and subnational levels, and undergone significant demographic shifts, yet public planning and resource allocation continue to rely on projections and assumptions rather than verified data.

Against this backdrop, the Presidency’s April 2025 announcement of a committee to lay the groundwork for a long-overdue National Population and Housing Census was widely welcomed as a potential turning point. Chaired by the Honourable Minister of Budget and National Planning, Senator Atiku Bagudu, the committee was mandated to submit an interim report within three weeks.

However, several months after this announcement, there has been no publicly available report, actionable timeline, or policy direction arising from the committee’s work. This prolonged silence has further heightened concerns about the government’s resolve to address Nigeria’s long-standing demographic data deficit.

Equally troubling is the lack of consistency and clarity surrounding budgetary provisions for the census. In the 2026 capital expenditure proposal, N770 million was allocated to the National Population and Housing Census.

When disaggregated across Nigeria’s 36 states and the Federal Capital Territory, this figure amounts to approximately N20.8 million per subnational government.

This figure raises serious questions about adequacy, realism, and strategic intent, especially when juxtaposed with the N693.3 million allocated to capital expenditure for the 2024 population and housing census, which, like the figure, failed to translate into concrete preparatory actions or measurable progress.

Commenting, Joseph Amenaghawon, BudgIT’s Acting Country Director, underscored that a credible census is far more than a statistical exercise.

“Accurate demographic data informs fiscal transfers, constituency delineation, infrastructure planning, healthcare delivery, education policy, and social protection programmes. In the absence of reliable population data, public policy becomes guesswork, undermining efficiency, equity, and accountability in governance,” he said.

Importantly, as Nigeria prepares for its sixth general election since the last census, the continued delay in conducting a national population and housing census poses grave risks to democratic representation, development planning, and social cohesion.

As the National Assembly reviews the 2026 Proposed Budget, we call on the House of Representatives and the Nigerian Senate to prioritise and ensure the conduct of a credible National Population and Housing Census within the year, before electoral preparations gain full momentum. The time to count Nigerians properly and credibly is now.

Tinubu Hails Nigeria-UAE Partnership as BUA Signs MoU with Abu Dhabi Ports, Mair Group

Business Journal

16/02/2026

President Bola Ahmed Tinubu has commended the signing of a strategic Memorandum of Understanding between Nigeria’s BUA Group and UAE-based AD Ports Group and MAIR Group in Abu Dhabi.

He described the MoU as a significant industrial and trade breakthrough arising from renewed Nigeria–UAE engagement under his administration.

The President said the agreement represents a tangible dividend of strengthened diplomatic ties and expanding economic cooperation following his recent state visits and high-level engagements with the leadership of the United Arab Emirates, which prioritised trade, investment, infrastructure, and food security.

The MoU explores collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions, with sugar refining and advanced logistics infrastructure to be developed in the UAE. The initiative is expected to enhance value addition, strengthen supply chain resilience, and deepen structured trade flows between West Africa and the Gulf region.

President Tinubu noted that the partnership demonstrates growing international confidence in Nigeria’s reform agenda and reinforces the country’s commitment to export-led industrialisation.

He further stated that the agreement reflects the strength and maturity of Nigerian enterprises capable of competing globally and forming strategic alliances with leading international partners.

“Strategic diplomacy must translate into measurable economic gains,” President Tinubu said. “This partnership reflects the renewed momentum in Nigeria–UAE relations and our determination to position Nigeria as a competitive industrial and trading nation, while empowering Nigerian businesses to operate confidently on the global stage.”

The President also observed that BUA Group’s established industrial base in Nigeria, including its integrated food processing operations and substantial investments in port infrastructure upgrades, provides a strong foundation for expanded international trade integration.

“I must also commend the Chairman of BUA Group, Alhaji Abdul Samad Rabiu, who continues to believe and invest in various sectors of the Nigerian economy, and has shown the world that Nigerian companies are capable of playing on the global stage.”

President Tinubu reaffirmed his administration’s commitment to deepening bilateral economic partnerships that attract investment, expand exports, strengthen Nigerian enterprise, and deliver sustainable prosperity for the country.

NLNG Emerges Overall Champion at 20th Nigeria Oil & Gas Industry Games

Business Journal

16/02/2026

Team NLNG celebrates being crowned overall champions at the 20th edition of the Nigeria Oil and Gas Industry Games (NOGIG), showcasing excellence, teamwork and a winning spirit.

NLNG has been crowned Overall Champion and Best Sports Company at the 20th edition of the Nigeria Oil and Gas Industry Games (NOGIG), which ended Saturday in Abuja with a resounding display of athletic excellence and team spirit.

Team NLNG topped the medal table with an impressive 52 medals; comprising 20 gold, 16 silver and 16 bronze to take the lead from the defending champion, Nigerian National Petroleum Company Limited (NNPCL), who finished second with 49 medals (14 gold, 15 silver and 20 bronze).

The Nigerian Content Development and Monitoring Board (NCDMB) secured third place with 18 medals, while TotalEnergies finished fourth with 15 medals. Other notable participants included Renaissance, Oando, Seplat Energy, PTI, NUPRC, ND Western, Chevron, NMDPRA, ExxonMobil, Shell and Aradel.

The biennial tournament, held from February 8 to 14, 2026, marked a milestone celebration of four decades of unity, collaboration and sporting excellence within Nigeria’s oil and gas industry.

Leading the NLNG delegation at the Abuja Stadium was the Deputy Managing Director, Olakunle Osobu, who commended Team NLNG for exemplifying the company’s core values both on and off the field.

“This victory is a testament to the resilience, discipline and unity that define NLNG,” Osobu said. “At NLNG, excellence is not confined to the boardroom. It is embedded in our culture and reflected in how we compete, collaborate and win, whether in business or on the field. I am immensely proud of Team NLNG for demonstrating that our winning spirit extends beyond our operations and into every sphere we engage in.”

He further noted that the company’s performance at NOGIG reflects its broader commitment to fostering teamwork, promoting wellness, and strengthening industry relationships.

Organisers described the 20th edition of NOGIG as a landmark event, underscoring the industry’s enduring commitment to corporate camaraderie, healthy competition and collaboration beyond the workplace.

With chants of #TeamNLNG and #Champions echoing across the stadium, the victory reinforces NLNG’s reputation as a leader not only in Nigeria’s energy sector but also in promoting sportsmanship, unity and excellence.

Stanbic IBTC Bank Strengthens Industry Collaboration with Housing Finance Expertise at 2026 Wemabod Real Estate Summit

Business Journal

16/02/2026

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has successfully concluded its strategic participation at the 2026 Wemabod Real Estate Outlook Conference, which attracted over 1,800 participants to explore the theme ‘Unlocking land and infrastructure for inclusive housing’.

The conference served as a vital platform for policy dialogue, partnership development and generation of actionable insights aimed at reshaping Nigeria’s real estate landscape.

Industry leaders and key stakeholders engaged in robust discussions pertaining to innovative strategies for affordable housing delivery; advancing infrastructure development; and promotion of sustainable economic growth. Noteworthy sessions included in-depth discussions on land acquisition processes, regulatory challenges, and financing frameworks essential to housing initiatives.

Speaking during a fireside chat, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, reaffirmed the bank’s commitment to advancing inclusive housing solutions.

He stated: “Sustainable growth is impossible without inclusive assets, and inclusive housing cannot be achieved without purposefully unlocking land and aligning infrastructure from the outset. At Stanbic IBTC, we are committed to supporting frameworks that bring policy, capital, and execution together to deliver housing solutions that create dignity, opportunity, and long-term value for Nigerians.”

Tola Akinhanmi, Head of Real Estate Finance, Stanbic IBTC Capital, emphasised the importance of collaboration among institutions to deliver scalable housing solutions. “Inclusive housing cannot be achieved by any single stakeholder. It requires intentional cooperation among the government, regional development institutions, the private sector, financiers, professionals, and communities. Effectively unlocking land and strategically deploying infrastructure are essential for creating viable and scalable housing projects that align with regional economic priorities.”

Bashir Oladunni, Managing Director/Chief Executive Officer, Wemabod Limited, in his opening remarks, highlighted a significant shift needed in housing development strategies. For inclusive housing to flourish, he noted that there must be a migration from overcrowded urban centers to meticulously planned regional corridors. These corridors, facilitated by robust transportation links and coordinated land-use planning, should act as catalysts for economic activity.

The Wemabod conference undoubtedly set the stage for transformative change in Nigeria’s real estate sector; encouraging a shift towards a more equitable and sustainable approach to housing and urban development.

Stanbic IBTC is determined to be on the forefront of advancing Nigeria’s housing agenda and inclusive economic development through impactful partnerships. As Nigeria’s cities evolve, the Group focuses on empowering stakeholders, enhancing collaboration, and supporting solutions that provide accessible housing for a broader population.

Nigeria Secures Permanent Seat on the Board of African Central Bank

Business Journal

13/02/2026

During the just-concluded 39th Session of the Executive Council of the African Union, Nigeria recorded significant diplomatic and institutional achievements, consolidating its leadership role in advancing Africa’s economic integration, peace, security, and democratic governance.

A major highlight of the session was the Council’s agreement to grant Nigeria a permanent seat on the Board of the African Central Bank.

This landmark development underscores Nigeria’s strategic role in shaping Africa’s financial architecture. This decision also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, which serves as the precursor to the establishment of the African Central Bank.

These developments affirm Nigeria’s technical capacity, economic significance, and commitment to advancing Africa’s monetary integration agenda.

In the area of peace and security, the session witnessed the successful election of the candidates collectively agreed upon by the Economic Community of West African States to the Peace and Security Council.

This outcome reflects the strong cohesion, cooperation, and unity among ECOWAS Member States, as well as the region’s shared commitment to promoting stability and collective security across the continent.

Furthermore, Nigeria demonstrated leadership in strengthening democratic governance across Africa by organising a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy.

The event attracted wide participation from ministers, senior government officials, and delegates, not only from the West African region but from across the continent and the international community.

The panel facilitated constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional approaches to sustaining democratic values.

Nigeria’s engagements and outcomes at the 39th Executive Session of the Executive Council reaffirm the country’s commitment to the ideals and objectives of the African Union, particularly in promoting economic integration, institutional development, peace, security, and democratic governance across the continent.

The Federal Government of Nigeria remains dedicated to working collaboratively with Member States and regional bodies to advance Africa’s shared prosperity and sustainable development.

Tinubu Hails BOI on N636bn Loan Disbursement to Businesses in 2025

Business Journal

13/02/2026

President Bola Ahmed Tinubu has commended the Bank of Industry (BOI) for achieving N636 billion in loan disbursement to businesses in 2025, the highest annual financing volume in the institution’s history.

The President described the milestone as concrete evidence that ongoing macroeconomic reforms are strengthening development finance institutions and unlocking capital for productive sectors of the economy.

The N636 billion was disbursed to more than 7,000 enterprises nationwide. A breakdown of the financing shows that N202 billion was allocated to agro-allied enterprises, N100 billion to critical national infrastructure, including broadband, power, aviation, and transportation, N79 billion to manufacturing, N77 billion to extractive industries, and N55 billion to services.

In addition, the Bank deployed N73 billion in managed and matching funds on behalf of state governments and institutional partners.

According to President Tinubu, “the N636 billion disbursed by the Bank of Industry in 2025 translates directly into productive capacity across Nigeria. It financed agro-processing expansion, strengthened manufacturing output, supported infrastructure delivery, and empowered thousands of enterprises across our states.

“At a time of global financing constraints, Nigeria expanded access to long-term capital for its businesses. That is a direct outcome of reform, credibility, and institutional discipline.”

Disbursement by business size reflects a deliberate inclusion strategy. Nano enterprises received N51 billion. Micro businesses accessed N32 billion. Small and medium enterprises received N178 billion in financing, while large enterprises accounted for N375 billion.

Under the Federal Government’s N200 billion MSME intervention programme, BOI recorded over 95 percent performance as the disbursing institution. The Presidential Conditional Grant Scheme reached 957,400 beneficiaries in 2025 alone.

In addition, BOI’s financing activities led to the creation and retention of approximately 1.6 million jobs. The bank supported more than 7,000 MSMEs and 570 startups during the year.

Inclusive financing initiatives also recorded a measurable impact. Through the Guaranteed Loans for Women Programme, a N10 billion gender-focused facility providing up to N50 million per beneficiary, women-owned enterprises expanded access to affordable credit. Youth-owned enterprises received N12 billion in financing. Under the Rural Area Programme on Investment for Development, 880 rural-based enterprises across the 36 states and the FCT accessed over N6.5 billion.

Under the BOI 2025 disbursement, strategic interventions included upgrading a tomato processing facility from 3.1 metric tonnes per hour to 10 metric tonnes per hour and linking 47,508 smallholder farmers to formal processing value chains.

The bank also supported the deployment of 100 mini-grids in partnership with global development finance institutions, connecting 11,777 new customers to electricity. BOI-financed projects contributed to an estimated annual reduction of over 20,000 tonnes of carbon emissions.

Through the Investment in Digital and Creative Enterprises programme, 500 founders were prepared for investment, 100 technology ventures received funding, and 400 youths were trained through innovation initiatives targeting over 300,000 Nigerians.

The President further noted that BOI maintained strong asset quality, recording a non-performing loan ratio below 1.5 per cent despite macroeconomic headwinds. He also acknowledged the €2 billion syndicated facility secured in 2024 and the additional €210 million mobilised from international partners in 2025, which strengthened the Bank’s lending capacity.

President Tinubu added: “Development finance must be disciplined, measurable, and aligned with national priorities. What we are witnessing is the transition from strategy to scale. Our economic transformation will be built on production, value addition, and enterprise growth. We will continue to crowd in capital, deepen institutional reform, and ensure that access to finance supports real sector expansion across Nigeria.”

The President also welcomed BOI’s designation as Nigeria’s first National Implementing Entity to the United Nations Adaptation Fund and its recognition for sustainable finance and financial inclusion, describing these achievements as strengthening Nigeria’s global development finance standing.

President Tinubu reaffirmed his administration’s resolve to consolidate reform gains and expand credit access to enterprises as part of a long-term strategy to accelerate industrialisation and inclusive economic growth.

Index-Based Livestock Insurance Consortium Disburses ₦181.9m in Claims Payouts to Livestock Herders

Business Journal

13/02/2026

A consortium of insurance companies led by Leadway Assurance Company Limited, in collaboration with Rex Insurance Limited, NSIA Insurance Limited, AIICO Insurance Plc and Nigerian Agricultural Insurance Corporation (NAIC), has disbursed a total sum of ₦181,917,900 as insurance claims to livestock herders across Adamawa, Bauchi, and Plateau States under the Index-Based Livestock Insurance (IBLI) programme.

The claims payout ceremony, held in Yola, Adamawa State, marks a significant milestone in the use of innovative, data-driven insurance solutions to protect pastoral livelihoods against climate-related risks.

The IBLI programme is designed to provide timely financial relief to livestock owners affected by drought and other climate shocks and avails them with financial resources to purchase pasture for their animals whenever there is drought in the grazing area thereby protecting the animal from mortality. Unlike conventional insurance, IBLI relies on objective indices such as satellite-based vegetation data to trigger payouts, ensuring transparency, efficiency, and prompt compensation without the need for individual loss verification.

Leadway Assurance serves as the Lead Technical Partner for the IBLI programme, providing technical leadership in product design, risk management, and implementation, while working closely with its co-underwriters.

The programme is further strengthened through partnerships with Africa Reinsurance Corporation (Africa Re), the reinsurer of the project, Livestock Productivity and Resilience Project (L-PRESS), International Finance Corporation (IFC) a member of the World Bank Group, thereby underscoring the importance of regional and international partnerships in the development and deployment of this innovative and bespoke insurance solutions for the benefit of cattle herders in Nigeria.

Mr. Ayoola Fatona, Global Head, Agriculture Risk Solutions, Leadway Assurance, highlighted the importance of collaboration in delivering impact at scale: “The IBLI claims payout underscores our commitment to delivering innovative, data-driven insurance solutions that protect livestock-dependent livelihoods. Through strong collaboration with our co-underwriters, L-PRESS, IFC and Africa Re as reinsurer, we are strengthening resilience among herders in Adamawa, Bauchi, and Plateau States while advancing sustainable agricultural risk management in Nigeria by Livestock farmers. By deploying this solution, the herders’ adaptability and coping mechanism against the negative impact of climate change and global warming is further enhanced”

The claims paid represent verified index-triggered losses recorded during the insured period and demonstrate the effectiveness of the IBLI framework in responding to climate shocks affecting pastoral communities.

The IBLI consortium remains committed to expanding access to agricultural insurance through strong partnerships with reinsurers, governments, and development stakeholders, while promoting resilience, financial inclusion, and sustainable livelihoods within Nigeria’s livestock sector.

By this initiative, Leadway Assurance Company Limited has once again demonstrated its commitment to contributing to guaranteeing the food security of the nation.

SanlamAllianz General Insurance Appoints Jacqueline Agweh as MD/CEO

Business Journal

13/02/2026

SanlamAllianz General Insurance has announced the appointment of Mrs. Jacqueline Uche Agweh as its substantive Managing Director/Chief Executive Officer, effective February 11, 2026.

Mrs. Agweh brings over three decades of deep industry experience cutting across underwriting, claims management, reinsurance, insurance broking, life assurance, and technical operations. Her appointment marks a significant milestone in the company’s commitment to strengthening leadership capacity and enhancing operational excellence within Nigeria’s insurance sector.

Prior to her appointment, she served as Executive Director, Technical Operations at SanlamAllianz General Insurance. She previously held senior management roles at FBN General Insurance (now Sanlam General Insurance), Oasis Insurance Plc, Kelsan Insurance Brokers Limited, ACEN Insurance Co. Limited, and other leading institutions within the industry.

Mrs. Agweh is a Fellow of the Chartered Insurance Institute of Nigeria (FCIIN) and an alumna of the Lagos Business School (SMP 69). She holds a Bachelor of Science degree in Insurance from the University of Lagos.

A respected industry professional, she has served on several Nigerian Insurers Association (NIA) committees, including as Chairman of the Sub-Committee on Outstanding Claims and Chairman of the Motor Technical Committee Retreat (2022). She is also actively involved in various professional and industry associations, contributing to the advancement of insurance practice and governance in Nigeria.

A recipient of multiple industry awards, including the then FBN General Insurance Chairman’s Gold Award for Leadership, Mrs. Agweh is widely recognised for her strategic leadership, customer-focused approach, and strong commitment to innovation and continuous improvement.

Speaking on the appointment, the Company reaffirmed its confidence in her ability to drive growth, deepen stakeholder trust, and position SanlamAllianz General Insurance as a market leader in delivering innovative and reliable insurance solutions.

About SanlamAllianz General Insurance

SanlamAllianz General Insurance is a subsidiary of SanlamAllianz Life Insurance, a leading provider of innovative and customer-focused insurance solutions in Nigeria, committed to delivering financial security and long-term value to individuals and businesses.

BudgIT Claims 92 Fraudulent Projects Out of 2,760 in 2024/2025 Tracka Report

Business Journal

11/02/2026

Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track, and give feedback on public projects in their communities, has released its 2024/2025 project tracking report, revealing that several government projects across Nigeria remain incomplete, abandoned, or untraceable despite significant budget allocations.

In this reporting cycle, Tracka monitored 2,760 projects across 28 states, highlighting systemic gaps between public spending and tangible development outcomes. Of these projects, 1,438 were completed, 99 were abandoned, 660 were in progress, 471 were not done, and 92 were fraudulently delivered—characterised by the diversion of project funds and projects to other locations, disbursements of funds for projects completed in previous budget cycles without new implementation, projects partially completed, and poorly executed.

The highest incidence of such fraudulent projects was recorded in Imo (17.43%), Lagos (12.73%), Kwara (11.76%), Abia (10.67%), and Ogun (8.33%). These five states account for 57.1% of all fraudulently delivered projects, representing ₦8.61 billion of the total ₦15.07 billion disbursed for projects in this category.

A further breakdown of these projects involved targeted tracking to evaluate the status of strategic infrastructure and its wider impact on national development. This focused monitoring covered key sectors, including dam projects, revitalised primary healthcare centres, and federally funded projects in the Niger Delta.

By concentrating on these priority areas, Tracka aimed to provide a clearer understanding of how public investments translate into tangible outcomes for citizens.

Following repeated national grid collapses in 2024, Tracka focused on dam-related projects across 13 states with a combined value of ₦432 million. Dams are critical for water management, irrigation, and power generation, and weak oversight in this sector can have ripple effects on national energy supply, food production, and economic stability.

Of the 16 projects tracked, none were completed at the time of assessment. Four were abandoned, six were progressing slowly, and six had yet to commence despite prior funding.

Access to primary healthcare remains one of the most urgent needs in many communities. To assess progress, Tracka tracked 47 revitalised primary healthcare centres across 25 states. Of this number, 26 centres showed visible improvements in infrastructure or equipment; 12 were under renovation; eight had no interventions despite being listed as revitalised; and one was completely abandoned.

In many neglected facilities, residents continued to face long travel distances and substandard care due to inadequate staffing, poor equipment, and weak sanitation. Limited public disclosure of disbursement data compounded these challenges, obscuring whether delays stemmed from funding gaps, contractor inefficiency, or weak supervision.

In the Niger Delta, Tracka monitored 48 federally funded projects across Akwa Ibom, Cross River, Delta, and Rivers states. While 29 projects were completed and produced measurable community benefits, 13 had not commenced, four were ongoing, and two were untraceable despite confirmed funding.

Despite these challenges, the report highlights 15 success stories driven by citizen engagement. These include the revitalisation of Kaida Sabo Primary Healthcare Centre, renovations at Nawairudeen Primary School in Plateau State, completion of a stalled healthcare centre in Ikirun, empowerment programs for persons with disabilities in Katsina, erosion control initiatives in Rivers State, and clean water access through borehole projects in Akwa Ibom.

Commenting on the report’s findings, the Head of Tracka, Joshua Osiyemi, highlighted the urgent need for citizen oversight to ensure that public funds deliver real impact.

“The 2024/2025 Tracka report confirms what we have long known. Allocation of funds does not guarantee project delivery. Citizen oversight is not optional; it is essential. Tracka monitored 11.2% of the budgeted projects (2,760 out of 24,553) (ERGP+ZIP), demonstrating what is possible. If just 5% of Nigerians engage in oversight, monitoring could reach 50%, significantly reducing opportunities for corruption and greatly improving service delivery and quality of life across communities.”

To this end, we call on the government to publish detailed project information, provide timely disbursement data, strengthen supervision, and prioritise socially impactful projects. State governments must treat federal allocations to them as strategic development tools, not discretionary or patronage funds.

Also, Anti-corruption agencies are urged to act preventively, close systemic loopholes, and ensure investigations yield tangible results. In the meantime, citizens are encouraged to visit project sites, document progress, and use civic platforms such as Tracka to reinforce accountability at the grassroots level.

The 2024/2025 report serves both as a warning and an invitation: without accountability, public resources will continue to be wasted; but with citizen engagement, institutions and communities can ensure that public spending delivers real, measurable impact.

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