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

03/02/2026

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

Business Journal

02/02/2026

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

Business Journal

02/02/2026

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

Business Journal

02/02/2026

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

Business Journal

02/02/2026

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

Business Journal

02/02/2026

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

Business Journal

01/02/2026

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.

UAC Records Revenue Surge, Profit Impacted by One-Off Acquisition-Related Costs

Business Journal

31/01/2026

UAC of Nigeria Plc has announced its unaudited financial results for the fourth quarter and year ended December 31, 2025, recording a 74% increase in revenue to ₦343.4 billion, following the successful completion of its transformational acquisition of C.H.I. Limited alongside continued contributions from the Group’s core operating businesses.

The 2025 financial year marked a strategic inflection point for the Group, characterised by a significant expansion in scale, entry into large consumer growth categories, and strong underlying earnings momentum, albeit alongside ₦21.2 billion in one-off acquisition-related costs incurred during the year. Excluding these non-recurring costs, underlying profit before tax rose by 76% year-on-year to ₦28.7 billion, underscoring the strength of the Group’s core operating performance.

In the fourth quarter alone, the inclusion of three months’ performance from C.H.I. Limited drove a 62 per cent year-on-year increase in revenue to ₦183.8 billion, providing early evidence of the earnings potential of the expanded portfolio.

Operating profit stood at ₦8.2 billion, down from ₦12.2 billion in Q4 2024, reflecting the impact of one-off transaction costs related to the acquisition of C.H.I. Limited. Excluding these one-off costs, operating profit surged to ₦20.3 billion, representing a 66 per cent year-on-year increase.

The acquisition of C.H.I. Limited has significantly broadened UAC’s operating base, adding leading consumer brands such as Chivita, Hollandia, and Capri-Sun, while SuperBite and Beefie has further strengthened the Group’s snacks portfolio. The transaction has also deepened leadership and operational capacity across the Group.

Commenting on the results, Group Managing Director, Mr. Fola Aiyesimoju, said: “2025 was a pivotal year for UAC. The completion of the acquisition of C.H.I. Limited significantly increased the scale of our Group, with revenue reaching ₦343 billion, a 74% increase compared to 2024. While Group profitability was impacted by ₦21 billion one-off acquisition costs, our underlying performance was strong, with profit before exceptional items rising by 76% to ₦29bn, from ₦16bn in 2024. With the acquisition completed, our focus is on executing our value creation plan, prioritising margin recovery, and working capital optimisation, to deliver stakeholder value consistent with our growth strategy.”

Segment performance reflected a mix of consolidation gains and macroeconomic headwinds. The Packaged Food and Beverages segment emerged as the Group’s largest contributor following the inclusion of C.H.I. Limited, delivering ₦204.5 billion in full-year revenue.

The Paints segment also delivered another year of steady growth, supported by increased demand for premium products and improved product mix. Revenue rose by 23 per cent year-on-year, while profit before tax grew by over 50 per cent, reflecting pricing discipline and operational efficiency.

Meanwhile, the Quick Service Restaurants business continued its recovery trajectory, recording improved revenues and a further reduction in operating losses following tighter cost controls.

In the Edibles and Feeds segment, operating conditions remained challenging due to declining agricultural commodity prices. During the fourth quarter, the segment recognised an inventory write-down of ₦4.1 billion to net realisable value, a prudent measure that strengthens balance sheet resilience and supports improved margin performance going forward.

Beyond its operating subsidiaries, UAC also benefited from improved contributions from associate companies, supported by sales of non-core property assets at MDS Logistics Limited.

Looking ahead, UAC of Nigeria Plc enters 2026 with a strengthened portfolio, improved earnings base, and a clear execution agenda, positioning the Group to unlock value from its expanded portfolio and deliver consistent long-term shareholder value.

About UAC of Nigeria Plc

UAC of Nigeria PLC (UACN) is a holding company with subsidiary and associate companies operating in Packaged Food and Beverages, Paints, Edibles and Feeds, Quick Service Restaurants, Real Estate, and Logistics sectors. UAC has played a prominent role in Nigeria’s development for over a century. The company is focused on building its businesses into leaders in their chosen segments.

UAC’s portfolio includes leading brands such as Gala Sausage Roll, Gala Chin-Chin, Kingsway Loaf, Kingsway Pastry Roll, Swan natural spring water, Capri-Sun, Chivita juice, Hollandia, SuperBite, Beefie, Dulux paint, Sandtex paint, Grand soya oil and cereals, Vital Feeds, Mr. Bigg’s and Debonairs Pizza.

Moniepoint Celebrates 10 Years of Impact, Microfinance Bank Reports N412tn Transactions in 2025

Business Journal

30/01/2026

Moniepoint Inc., Nigeria’s definitive platform for small businesses and Africa’s all-in-one financial ecosystem, has released its 2025 Year in Review, marking a decade of “financial happiness” and a transformative year of growth.

Highlighting its role as the backbone of Nigeria’s entrepreneurial economy with over 6 million active businesses, the company revealed that its microfinance bank has now disbursed over ₦1 trillion in credit to thousands of businesses from provision stores and supermarkets to building materials sellers.

It is worthy to note that on average these businesses experienced growth by more than 36% after accessing credit, signposting its primacy as a transformational growth level and instrument of deepening shared prosperity.

Moniepoint uses alternative data points that include transaction histories, business patterns and payment behaviours in a bid to accommodate what traditional credit scoring misses to drive financial inclusion and access to credit.

The company’s 2025 performance reinforces its role as a critical financial infrastructure which not only supports the Nigerian economy, but also impacts everyday lives, creating immense value.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, business bank accounts, credit, foreign exchange (FX), and management tools.

During the year, as Nigeria’s largest merchant acquirer, now powering 8 out of every 10 in-person payments made across the country, Moniepoint MFB, the banking and payments subsidiary, processed ₦412 trillion in transaction value handling more than 14 billion transactions. This clearly suggests that Moniepoint is well-positioned to play a greater role in Nigeria’s steady march towards a trillion-dollar economy by 2030.

“Our journey has been one of intentional evolution,” said Tosin Eniolorunda, Group CEO and Founder of Moniepoint Inc. “What started as a passion to solve overlooked problems has evolved into a platform powering the dreams of millions. As 83% of employment in Africa exists in the informal economy, our mission to create financial happiness is an operational mandate that guides our product development, our market expansion, and our capital allocation decisions.”

Beaming with enthusiasm, Eniolorunda continues: “Yet for all we have accomplished, we approach our second decade with the clarity that our work remains unfinished. As we enter this next chapter, we do so with strengthened conviction in our strategy, deepened partnerships with world-class institutional investors, and an organisation scaled to deliver on Africa’s entrepreneurial potential. The infrastructure we have built over the past decade provides the foundation. The journey is far from over, but our resolve has never been stronger. To our partners, our customers, and our team: thank you for a decade of impact. We are just getting started.”

In 2025, Moniepoint Inc. reached a series of critical inflexion points, highlighted by the successful completion of its Series C funding round, which raised over $200 million in equity financing from leading institutional investors, including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation, and Verod Capital.

The year also marked the launch of MonieWorld in the United Kingdom, extending Moniepoint’s platform to serve the African diaspora by strengthening key remittance corridors and laying the foundation for the delivery of comprehensive cross-border financial services.

Moniepoint MFB re-launched its savings product in a firm demonstration of the company’s commitment toward its’ oft stated mantra of providing financial happiness. Data reveals in terms of savings behavioral patterns, the majority of users choose to save on a daily basis, with focus across business operations (24%), rent (16.5%), and education (10%) representing top savings priorities.

The launch of Moniebook and the acquisition of a national Microfinance Bank license for Moniepoint MFB further expand the company’s regulated capabilities and product depth.

TeamApt Ltd, the switching and processing subsidiary of Moniepoint Inc., also achieved major regulatory and operational milestones in 2025 that have solidified its position in the global payments landscape.

After a rigorous certification process, the company successfully secured licenses from Mastercard and Visa to act as a processor and acquirer for these global card schemes. This strategic move allows TeamApt to support international card payments directly and offer these critical switching services to other businesses across the continent. Monnify, the web payment gateway processed N25 trillion in the period under review, demonstrating remarkable resilience and industry confidence firmly positioning it for more business-to-business transactions.

Moniepoint’s impact extended beyond banking into critical social interventions even as the company partnered with the Federal Government to support the Rice Intervention Programme, reaching nearly 850,000 beneficiaries, and worked with the Kaduna State Government in grants disbursement to vulnerable citizens.

Through these initiatives, Moniepoint continues to build the infrastructure required to unlock Africa’s entrepreneurial potential, positioning itself as a trusted partner for the delivery of large-scale economic empowerment programmes.

As Moniepoint Inc. enters its second decade, its well-chronicled decade-long evolution from a backend technology provider to a household name, directly complements the Nigerian government’s vision of a more inclusive, data-driven, and productive financial landscape.

PenCom, PFAs to Unveil PENCAP – Data Recapture Self-Service Platform Feb 1

Business Journal

30/01/2026

The National Pension Commission (PenCom), in collaboration with Pension Fund Administrators (PFAs), will launch a self-service online data recapture application known as the Data Recapture Self-Service Platform (PENCAP) on February 1, 2026.

The platform enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting their PFAs.

PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process. This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation.

Rationale for the Data Recapture Exercise

Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders.

The Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees. The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National Identification Number (NIN) as the unique identifier. In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured.

Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years.

Overview of the Self-Service Process

The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal at https://pensionrecap.pencom.gov.ng/ and create a secure user profile using a personal email address.

Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

Processing, Validation and Notifications

Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.

Importance of Compliance for RSA Holders

RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records. This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN).

Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services.

Alignment with PenCom’s Strategic Objectives

The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.

RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

CBN Boss, Cardoso, Hosts BII, Reaffirms Commitment to Financial Sector Reform, Long-Term Capital

Business Journal

30/01/2026

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, January 28, 2026, hosted a delegation from British International Investment (BII), led by its Chair, Ms. Diana Layfield, alongside the British High Commissioner to Nigeria, Mr. Richard Montgomery, as part of ongoing efforts to deepen financial sector reforms and attract long-term investment.

The Governor reaffirmed the CBN’s commitment to macroeconomic stability, credible monetary policy, and a transparent, data-driven regulatory framework aimed at strengthening the resilience of the banking system and improving financial intermediation.

Discussions focused on developments in the financial services sector, BII’s investment outlook, and opportunities to deploy patient capital in support of banking sector stability, financial inclusion, and sustainable private-sector growth.

The Governor noted that DFIs providing long-term capital and strong governance remain key partners in Nigeria’s reform agenda.

Ms. Layfield reaffirmed BII’s continued interest in Nigeria’s financial services sector, emphasising the importance of regulatory clarity and sustained engagement to support investment and inclusive growth.

The meeting was attended by members of BII’s Board and Executive Management, including Mr. Leslie Maarsdorp, Chief Executive Officer; Mr. Andrew Alli, Non-Executive Director; Mr. Simon Rowlands, Non-Executive Director; Mr. Chris Chijiutomi, Managing Director and Head of Africa; and Mr. Benson Adenuga, West Africa Regional Director and Head of the Nigeria Office, alongside senior officials of the British High Commission.

British International Investment is the UK’s development finance institution, wholly owned by the UK Government through the Foreign, Commonwealth and Development Office (FCDO), with total assets of £9.9 billion supporting over 1,600 businesses across emerging markets.

NNPC Unveils Gas Master Plan 2.0, Milestone Represents Nigeria’s Dev’t Aspirations, Says Ekpo

Business Journal

30/01/2026

L-R: Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; Chairman of the Oil Producers Trade Section (OPTS) and MD of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer; Permanent Secretary, Ministry of Petroleum Resources, Mrs. Patience Oyekunle; Board Chairman, NNPC Ltd, Engr. Ahmadu Musa-Kida; Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari and Chairman of the Independent Petroleum Producers Group (IPPG) and CEO of Aradel Holdings, Mr. Adegbite Falade during the Official Launch of the NNPC Gas Master Plan 2026 in Abuja on Friday.

As part of ongoing efforts to reposition Nigeria’s gas sector as the engine room of national industrialisation, energy security, and sustainable economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) has officially unveiled its Gas Master Plan (GMP) 2026, tagged NGMP 2026.

The unveiling, held at the NNPC Towers in Abuja on Friday, January 30, 2026 marks a strategic inflection point in Nigeria’s energy transition journey, underscoring government’s resolve to translate the nation’s vast gas endowment into tangible economic value, infrastructure expansion, and global competitiveness, in alignment with its long-term development aspirations.

Speaking at the event, the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, described the Gas Master Plan as a deliberate pivot from policy articulation to disciplined execution, anchored on commercial viability and integrated sector-wide coordination.

“Today’s launch is not merely the unveiling of a document; it represents a deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector, aligned with Nigeria’s development aspirations. Nigeria is fundamentally a gas Nation. With one of the largest proven gas reserves in Africa, our challenge has never been potential, but translation: translating resources into reliable supply, infrastructure into value, and policy into measurable outcomes for our economy and our people. The Gas Master Plan speaks directly to this challenge.”

Hon. Ekpo further noted that the Plan’s strong focus on supply reliability, infrastructure expansion, domestic and export market flexibility, and strategic partnerships aligns seamlessly with the Federal Government’s Decade of Gas Initiative, positioning natural gas as the backbone of Nigeria’s energy security, industrialisation, and just energy transition.

In his address, the Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, described the NNPC Gas Master Plan 2026 as a bold, effective execution-anchored roadmap designed to unlock Nigeria’s immense gas potential and elevate the country into a globally competitive gas hub.

Ojulari noted that with about 210 trillion cubic feet (Tcf) of proven gas reserves and an upside potential of up to 600 Tcf, Nigeria possesses one of the most consequential hydrocarbon basins in the world; one reinforced by the Petroleum Industry Act (PIA) and the Federal Government’s gas-centric energy transition agenda.

“The Plan is structured not just to deliver – but to exceed- the Presidential mandate of increasing national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, while catalysing over 60 billion dollars in new investments across the oil and gas value chain by 2030.”

He explained that the Plan prioritises cost optimisation, operational excellence, and systematic advancement of resources from 3P to bankable 2P reserves, while strengthening gas supply to power generation, CNG, LPG, Mini-LNG, and critical industrial off-takers.

Reaffirming his personal commitment as Chief Sponsor of the initiative, the NNPC Ltd GCEO stressed that the Company has adopted a more collaborative, investor-centric approach in shaping the NGMP 2026, with strong alignment to industry stakeholders, partners, and investors.

In a goodwill message at the occasion, the Chairman of the Independent Petroleum Producers’ Group (IPPG) and CEO of Aradel Holdings, Mr. Adegbite Falade, said: “This is giving a shot in the arm to the economy which will bridge the gap between intent and reality. Gas thrives on value chain, from upstream to offtakers. As IPPG members, we reiterate our commitment and support to this initiative.”

Also lending his voice to the initiative, the Chairman of the Oil Producers Trade Section (OPTS) and MD of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer, thanked the NNPC Ltd for the ambition behind the NNPC GMP, stressing that his organisation supports the core operating principles of the Plan.

The Gas Master Plan 2026 is expected to serve as the definitive framework for coordinated gas sector development, execution discipline, and value creation over the next decade.

The Gas Master Plan 2026 is an offshoot of the Nigerian Gas Master Plan (NGMP) 2008, which is a strategic framework aimed at maximizing the economic benefits from the country’s abundant gas resources.

Another significant dimension to the NGMP 2026 is the utmost attention to full alignment with the Nigerian Decade of Gas Programme.

NLNG Rebrands The Nigeria Prizes with New Visual Identities

Business Journal

29/01/2026

L–R: Dr. Sophia Horsfall, GM, External Relations & Sustainable Development, NLNG; Prof. Barth Nnaji, Advisory Board Chairman, The Nigerian Prize for Science & Innovation; Prof. Akachi Adimora-Ezeigbo, Advisory Board Chairman, The Nigeria Prize for Literature, other Prizes’ Advisory Board members and NLNG management staff at The Nigeria Prizes refreshed logos unveiling held in Lagos on Thursday.

NLNG has unveiled the new visual brand elements for The Nigeria Prize for Literature, The Nigeria Prize for Science, and the newly introduced The Nigeria Prize for Creative Arts at a press conference in Lagos, marking a new phase in the evolution of these Nigeria’s foremost platforms for intellectual and creative excellence.

Speaking at the unveiling, General Manager, External Relations and Sustainable Development at NLNG, Sophia Horsfall, described the new visual identities as a strategic repositioning of the prizes to ensure sustained relevance and global resonance. She noted that the refreshed logos reinforce NLNG’s commitment to the promotion of intellectual and creative capital as critical drivers of sustainable development.

“For over two decades, The Nigeria Prizes have stood as independent symbols of excellence and national aspiration. This redesign is deliberate and forward-looking. It protects the legacy of the prizes while positioning them to be more visible, more iconic, and aligned with global standards of distinction into the future,” Horsfall said.

She added that novel ideas remain central to national progress, “Ideas shape societies, and societies that invest in ideas secure their future. These new identities reaffirm our belief that literature, science, and innovation are not optional; they are foundational to Nigeria’s development.”

The logo for The Nigeria Prize for Literature draws inspiration from the turning pages of a book. Rendered in layered green forms, it symbolises imagination in motion, stories unfolding, voices rising, and ideas taking flight. The fluid curves reflect storytelling in all its forms, including fiction, poetry, drama, and prose, while the green palette represents renewal, learning, and the fertile landscape of Nigerian literature. The gradient suggests growth, tracing the journey of ideas from seed to story, with a sense of calm dynamism that speaks to reflection, dialogue, and the enduring vitality of the written word.

Commenting on the symbolism, Chairperson of the Advisory Board for The Nigeria Prize for Literature, Prof. Akachi Adimora-Ezeigbo said the logo captures the enduring power of Nigerian storytelling.

“The turning pages remind us that our stories are continuous, rooted in history yet constantly renewed. Nigerian literature has never been static, and this identity affirms its role as a dynamic force shaping thoughts, conscience, and cultural memory,” she said.

She added that the design sends a strong message to writers and thinkers that their voices matter and that imagination remains central to our collective destiny.

The Nigeria Prize for Science and Innovation logo is formed from intersecting blue orbits, evoking atomic energy, electron pathways, and celestial motion. Its circular composition conveys continuity and the boundless nature of scientific inquiry, while the blue-lime palette reflects curiosity, intelligence, and the pursuit of truth. The identity celebrates Nigeria’s commitment to evidence-based inquiry and innovation, honouring those who push beyond the known to build a future powered by knowledge and imagination.

The Chairman of the Advisory Board for The Nigerian Prize for Science and Innovation, Prof. Barth Nnaji, described the Science and Innovation logo as a reflection of the discipline, rigour, and ambition required for national transformation.

“Science is about movement, questioning, testing, and pushing boundaries. The energy captured in this identity reflects the spirit Nigeria must embrace to industrialise, compete, and solve complex challenges. The Prize remains a vital platform for recognising continuous and purposeful innovation,” he said.

Completing the trio, the Nigerian Prize for Creative Arts logo is anchored by a lime-green spiral that represents innovation, continuity, and creative momentum. Its fluid form reflects the breadth of artistic disciplines encompassed by the Prize and the dynamic nature of the creative process. The spiral’s motion conveys rhythm, progress, and interconnectedness, while the lime-green palette signals freshness, optimism, and originality.

The redesign follows NLNG’s recent corporate brand refresh and the alignment of its visual assets with a modern design approach. Collectively, the redesigned logos articulate a unified vision that celebrates intellectual rigour, creative excellence, and the transformative power of ideas, positioning The Nigeria Prizes for the future, while reinforcing their role as beacons of thought leadership, cultural relevance, and national pride.

Since the inception of The Nigeria Prize for Literature and The Nigeria Prize for Science in 2004, they have maintained a consistent visual identity that helped establish strong brand equity. Building on this strong legacy, the refreshed identities reflect a deliberate evolution that strengthens the Prizes’ role as leading drivers of intellectual, creative, and national impact.

Linkage Assurance Reports 24% Rise in Insurance Revenue to N27.6bn in FY 2025

Business Journal

29/01/2026

Underwriting giant, Linkage Assurance Plc, delivered a robust operating performance in the 2025 financial year, driven by strong premium growth across its insurance portfolios.

The company’s unaudited financial statements for the period ended December 31, 2025, made available to shareholders and investors on the NGX, show a 24 percent increase in insurance revenue to N27.6 billion, compared with N22.2 billion recorded in the same period in 2024.

The insurance service result also grew to N1.7 billion as at December 2025, from N766.9 million reported in the prior year.

According to the company, performance was driven by increased insurance revenue of N5 billion and improved reinsurance optimisation.

Indicating significant expansion in revenue and service results, the performance highlights sustained momentum in core operations and enhanced service delivery.

Profit before tax (PBT) at the end of the review period stood at N4.32 billion, while profit after tax (PAT) was N4.02 billion for the 2025 financial year.

Looking ahead, Linkage Assurance Plc said it will continue to execute its strategy in line with its strategic focus and theme for the year.

“Our theme for 2025 was Consolidation, and that informed our strategic intent across four pillars: business growth, operational excellence, financial excellence, and customer and people development,” the company said.

“Consequently, during the year, the identified strategic focus served as a compass in our quest to navigate the highly competitive insurance market, increase our market share in the most profitable sectors, and deliver excellent customer experience to all our clients,” the company further stated.

“As part of our agile strategy, we leveraged on technology to improve our products and services, especially for our direct and personal clients. This formed part of our broader digital transformation initiatives.”

“In addition, having recognised the impact of certain product lines, such as motor insurance, on our portfolio, we are positioned to offer clients different motor insurance options based on their risk exposure, willingness, and ability to pay.”

“We will also continue to leverage the positive impact of our ongoing brand rejuvenation and awareness campaigns targeted at the insuring public. This will be reinforced by our customer value propositions.”

PenCom Raises NSITF Pensions, Pays N9bn Arrears to 2116 Retirees

Business Journal

29/01/2026

The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from ₦12.56 million to ₦159.95 million. The upward review translated to an unprecedented 1,173% enhancement in the total monthly payout.

The NSITF pension increase is yet another milestone in President Bola Ahmed Tinubu’s policy of enhancing the welfare of retirees in Nigeria. The payments were recently approved by the Director General of PenCom, Ms. Omolola Oloworaran, who continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme.

This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions.

Additionally, as part of the enhancement, the 2,116 NSITF retirees have received ₦8.70 billion in pension arrears. The average arrears payment amounted to about ₦3 million per retiree.

In a particular instance, an NSITF retiree’s monthly pension was enhanced from about ₦18,000 to a whopping ₦206,000. In addition, the retiree was paid over ₦8 million as pension arrears.

The enhancement was supported by the significant growth of the NSITF Fund, which grew from ₦54 billion at the point of transfer in 2005 to ₦195 billion as of December 2025.

This growth reflects prudent fund management under the strict supervision of PenCom and provided the financial headroom necessary to implement the long-overdue review while safeguarding the Scheme’s sustainability.

The NSITF was established in 1993 as the successor to the National Provident Fund (NPF), managing pension benefits for private sector employees prior to the introduction of the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2004.

Following the reform, pension assets under the defunct NSITF Scheme were transferred to Trustfund Pensions Limited, which was mandated to manage the Scheme’s assets and administer benefits to existing and deferred pensioners.

Section 39(3) of the PRA 2014, together with Section 173(3) of the Constitution of the Federal Republic of Nigeria, mandates periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews. Furthermore, the NSITF Benefits Payment Policy provides that the minimum retirement pension should not be less than 80% of the prevailing National Minimum Wage.

Despite these provisions, the last review of NSITF pensions occurred in 2005.

In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms. PenCom consequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement.

So far, payments have been made to verified NSITF retirees. To ease the burden associated with pension verification exercises, PenCom approved the deployment of the “VerifyMe” digital solution for automated revalidation of NSITF pensioners. This initiative eliminated the rigours of physical verification requirements and thereby improving service efficiency for the senior citizens.

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