NGX Group Chair, Umaru Kwairanga, Draws Roadmap for Leadership in Nigeria

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29/10/2025

Being the remarks by Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group at the Better Leadership for a Better Nigeria by the Oxford Think Tank Leadership Conference in Abuja.

We are gathered here to give our perspectives on how to build a greater nation, especially through better leadership.

My opinion from three decades of leading various organisations as Managing Director, Director and Chairman is that the task is complex, ever changing and challenging but there are certain core principles that leaders, young and old should follow.

The first of these is Strategic Vision and Direction. You should define where you are taking the organisation to and how to get there and be able to communicate that strategy to all stakeholders so that you have unity of purpose.

Another important aspect of leadership is Management. Leaders at every level need to manage effectively but at the top, this is an even more important and less defined skill. Some of the most important aspects from my experience are people and risk management. Leaders need to very quickly identify the right team to help achieve their strategic goals and be able to steer them in the right direction.

The other quality that I would like to mention is Communication. Keeping good lines of communication open within the organisation and to other stakeholders outside is very important. It should be two-way communication, being able to receive and to give.

As the Chairman of the NGX Group, I am always available for events and functions that will help me perform my role better. I always used this type of opportunity to speak about the transformational changes in our NGX.

The most important point is to know where you are going or where you want to get to. Once you have defined the destination of the journey of transformation, it’s easier to determine how to get there, then be decisive in following that path.

In the NGX Group, we are focused on having a bigger, more vibrant Capital Market that reflects an economy of over Two Hundred Million People and helps the President achieve the vision of a Trillion Dollars Economy and we are pursuing that through new products, new listings, new technologies that make the Capital Market more attractive to Nigerian and Foreign Investors.

In conclusion, leadership is stewardship, stewardship of possibility. Our task is to build a more inclusive, transparent, and globally competitive Nigeria.

It will take courage, conviction and collaboration, but it’s within our reach.

Because in the end, leadership is not about standing at the top; it’s about lifting others as we climb.

NCRIB to Partner State Govts to Drive Insurance Penetration in Nigeria

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29/10/2025

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L-R: Mr. Tope Adaramola, Executive Secretary; Mrs. Ekeoma Ezeibe, President/Chairman of Council and Mrs. Olufunke Adenusi, mni, Deputy President, all of NCRIB during a media engagement in Lagos yesterday.

The Nigerian Council of Registered Insurance Brokers (NCRIB) plans to initiate a partnership with state governments across the nation to bring insurance penetration and patronage to the grassroots in Nigeria under a policy of one state at a time.

Mrs. Ekeoma Ezeibe, the President and Chairman of Council of NCRIB said in Lagos that Abia State would be the first in the series of states in the insurance penetration initiative under her One Insurance Industry agenda in office.

“We choose Abia State as the pilot state for the insurance penetration policy given the huge commercial prowess of Aba and performance of the current administration in the state. We want a partnership with the State government to gain entry and penetration for the people and businesses to know the benefits of insurance. From Abia, we shall move to other states as well.”

Ezeibe said her One Insurance Industry agenda is to empower the insurance sector to take her pride of place in the economy of Nigeria by using penetration to spread the gospel of insurance across the nation and take advantage of the provisions of the Nigeria Insurance Industry Reform Act 2025 (NIIRA) which has given enforcement powers to the industry regulator. She described NIIRA 2025 as the key to a better insurance industry and national economy.

The NCRIB president listed her other agenda to include completion and commissioning of the NCRIB annex project, good relationship with the industry regulator, the National Insurance Commission (NAICOM) and continuation of capacity building programmes for members of NCRIB.

On digitalisation, Ezeibe said it remains an opportunity for shared services by members of NCRIB and the development of an app as part of its insurance penetration strategy.

She said the insurance industry is heading towards collaboration and has continued to perform better while the national economy is gradually turning around for the better despite the current difficult situation. She gave example of the stability of the Naira as a key pointer in that direction.

Ezeibe, who is the 23^rd president and third female president of NCRIB, said her meeting with the media just days after her official investiture, underscores the importance of the media in driving her agenda in office.

“We expect maximum support from members of the media as our partners in progress. We are looking forward to a rewarding relationship as partners to take the insurance industry to a higher level. It is a symbiotic relationship between us in the interest of the market.”

OPay – From Payment Platform to Lifestyle Ecosystem

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29/10/2025

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By Moses Braimah

Out of curiosity, I decided to spend some time today exploring the @OPay app – not just for its regular transfers or bill payments that most of us are familiar with, but to see beyond the obvious.

Frankly, I was flummoxed, flabbergasted and totally astonished.

The people behind this platform have gone far beyond what we traditionally understand as fintech. They have practically built a financial super ecosystem that touches almost every aspect of daily life in Nigeria.

Beyond the regular transfers, airtime top-ups, and bill payments, I found integrations that span:

Ecommerce: Direct links to AliExpress and Temu for seamless checkout.

Insurance: Access to major insurance providers for health, motor, and travel plans.

Power & Telecoms: Instant purchase of electricity tokens and mobile data across all networks.

Savings & Investments: Multiple savings options – flexible, fixed, and goal-based – with real-time interest tracking.

Travel & Lifestyle: Flight bookings, hotel reservations, and even visa payments (including Chinese Embassy applications) right from the app.

Logistics & Food: Food delivery options, transport and POS-related services.

Cards & POS Services: Virtual and physical debit cards, merchant tools, and payment gateways for SMEs.

And yet, they are still expanding – quietly adding micro-lending, virtual account services, and merchant financing, redefining what it means to “bank” without a bank.

At this rate, I won’t be surprised if diaspora remittance becomes their next frontier. The infrastructure and data depth already suggest the potential for a borderless payment experience.

This is no longer just a fintech app. Opay has evolved into a lifestyle – a digital operating system for Nigerian everyday life.

As innovation races ahead, the regulators clearly have their work cut out for them. How do you govern a platform that is no longer just processing money, but shaping the entire digital economy?

One thing is clear: Opay is not slowing down. It’s charting a new course for how millions live, pay, and prosper in a cashless Nigeria.

Where is Opay going from here? And what will this mean for the future of digital finance in Africa?

Braimah is an advocate for good governance and sustainable progress

Dangote and the Nigeria Refinery Revolution

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29/10/2025

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Beyond the Monopoly Myths

By Moses Braimah

When the Dangote Refinery began operations just over a year ago, Nigerians saw it as the dawn of a new industrial age.

After four decades of dependence on imported petroleum products, fuel subsidies, and the inefficiencies of state-owned refineries, the privately built $20 billion complex symbolised hope. Yet instead of celebration, the refinery has found itself at the centre of controversy – criticized, resisted, and even undermined by institutions that should be cheering its success.

For over two decades, Nigeria – Africa’s largest oil producer – has remained paradoxically dependent on imported refined petroleum products.

The nation’s four state-owned refineries, managed by the Nigerian National Petroleum Company Limited (NNPCL), have not refined a drop of crude for local consumption in nearly 20 years. Yet, billions of dollars have been spent maintaining them, sustaining an opaque importation regime rife with arbitrage, manipulation, and corruption.

Then came Dangote. When Aliko Dangote’s privately-owned refinery began production, it was hailed as the long-awaited messiah of Nigeria’s downstream sector.

The $20 billion facility – one of the world’s largest single-train refinery – promised to end fuel importation, conserve foreign exchange, and finally actualise Nigeria’s dream of energy independence. However, as operations began, a storm of resistance emerged – from vested interests, unions, and competing cartels.

NNPCL, surprisingly, fired the first shot, publicly alleging that Dangote’s refined products were of low quality. Kai!

The NNPCL, whose four state-owned refineries have not produced a litre of fuel for local consumption in nearly two decades, accused Dangote of producing “low-quality” refined products. This, from a company whose own importation structure has long been tainted by opacity, inflated figures, and allegations of corruption. The irony is difficult to ignore.

A Clash of Interests? The Dangote Refinery saga has become a case study in Nigeria’s struggle between progress and vested interests. From the Independent Petroleum Marketers Association of Nigeria (IPMAN) to PENGASSAN, NUPENG, PETROAN, and DAPPMAN, powerful lobbies are grappling for influence in a changing petroleum landscape. Some have focused on worker unionization and alleged disparities between local and expatriate salaries. But there’s little to suggest that Dangote has violated any recruitment or labor obligations. As one industry insider quipped, “It’s like witchcraft – when progress is in plain sight, some would rather destroy it than let it succeed.”

Luckily in the midst of these the government the renewed the Naira-for-Crude policy. Amid these tensions, the Federal Government’s decision to extend the Naira-for-Crude policy for another two years is both bold and pragmatic. The deal allows local refineries to pay for crude oil in naira rather than dollars – a move that protects foreign reserves, eases pressure on the exchange rate, and boosts local liquidity.

The impact of this policy in the past one year is palpable. Nigeria’s foreign exchange demand for fuel imports has reduced, while local supply of diesel, aviation fuel, and other by-products has improved. For an economy struggling with inflation and forex scarcity, this policy has become a stabilizing anchor, one that aligns energy production with fiscal responsibility.

Here comes the expansion, vision, and economic promise. In a striking display of ambition, Dangote Refinery is expanding its capacity from 650,000 barrels per day to 1.4 million barrels, which will make it become the largest refinery in the world.

This will surpass India’s Jamnagar Refinery. The expansion is expected to save Nigeria billions of dollars in foreign exchange, create more than 65,000 jobs during construction, and position the country as a major exporter of refined petroleum and petrochemicals.

Polypropylene production will increase from 900,000 to 2.4 million metric tonnes per year, supporting detergent, lubricant, and plastic industries. Additionally, Dangote plans to list 10% of the refinery’s shares on the Nigerian Stock Exchange, an uncommon gesture of transparency and inclusion in a sector notorious for opacity.

Still, some stakeholders have raised alarms over possible monopoly risks. That is where the need to balance the fear of monopoly with smart regulation. Dangote’s dominance in cement, sugar, and now petroleum understandably fuels such apprehension.

Nevertheless, the antidote lies not in attacking progress or suppression but in insisting on smart regulation: policies that encourage more private refineries, ensure transparent pricing, innovation, quality, safety, more investments and guarantee open access to crude.

Nigeria must now pivot from suspicion to strategy, supporting new entrants while ensuring healthy competition. The vision should be clear: to transform Nigeria into Africa’s refining and petrochemical hub. Dangote’s ongoing expansion, including increased polypropylene and base oil production, underscores the vast potential of local refining to trigger industrial growth, job creation, and technology transfer.

A diversified refining base will foster competition, prevent market capture, and ensure that efficiency, not privilege, drives Nigeria’s energy market. As Dangote himself remarked, over 30 refinery licenses have been issued in Nigeria; it’s time for more of them to come alive.

He furthermore said: “When Africa builds its own capacity, it builds its own destiny.” This is apt.

On leadership and policy discipline. We would realise that ultimately, this whole challenge boils down to leadership. The transformation of nations like Singapore, Rwanda, and China began with small circles of disciplined leaders who set clear visions and inspired the masses. Nigeria must embrace that same clarity.

From Obasanjo to Buhari and now Tinubu, the country’s petroleum narrative has oscillated between reform and regression. Today, with the refinery in full operation and policy support on the table, the administration has an opportunity to rebuild confidence, if only it governs with professionalism, fairness, and foresight.

This is also a call to build, not to break. For Aliko Dangote, the journey is far from over. His refinery stands as a symbol of what private enterprise can achieve when national interest meets vision and persistence. For government and other investors, it must serve as motivation – a model to emulate, not a monopoly to destroy.

Yes, Dangote’s journey is not without imperfections. But in the broader context of Nigeria’s economic history, it represents a decisive break from the past. A nation once enslaved by fuel importation is learning to refine its own destiny.

The task now is for Nigeria to multiply this momentum: to nurture new refineries, enforce smart oversight, and ensure that the gains reach every Nigerian consumer. If that alignment is achieved, the refinery could mark not just the end of fuel importation, but the beginning of Nigeria’s long-awaited economic rebirth.

If the government sustains its current energy reforms with professionalism and courage – ensuring fairness, enforcing standards, and encouraging competition – Nigeria’s refinery revolution could become a cornerstone of its economic revival.

For Dangote and the many refineries yet to rise, this is not just about profit; it’s about purpose, and the promise of a self-sufficient Africa taking charge of its future.

Braimah is an advocate for good governance and sustainable progress

Dangote Refinery by the Numbers

Initial Capacity: 650,000 barrels per day
Expansion Target (2026): 1.4 million barrels per day — largest in the world
Investment Value: Over $20 billion
Foreign Exchange Savings: Estimated $15 billion annually
Jobs Created: 65,000 during expansion
Petrochemical Output: Polypropylene rising from 900,000 → 2.4 million metric tonnes/year
Local Workforce: 85% Nigerian staff
Share Listing: 10% to be listed on the Nigerian Stock Exchange within one year

Policy Framework

Naira-for-Crude: Allows local refiners to pay for crude in naira, easing forex pressure
One-Stop Shop Policy: Simplifies approvals and promotes local refining investment
Government Goal: Make Nigeria Africa’s refining hub by 2030

Economic Implications

Stabilizes naira exchange rate
Reduces dependence on fuel imports
Boosts energy security and industrial confidence
Encourages new entrants into refining sector

Anambra Tops 2025 State of States Fiscal Performance Ranking

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29/10/2025

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BudgIT, Nigeria’s leading civic-tech organisation promoting fiscal transparency and accountability, has launched the 2025 edition of its flagship State of States Report themed “A Decade of Subnational Fiscal Analysis: Growth, Decline and Middling Performance.”

Marking ten years of consistent subnational fiscal assessment, this year’s report evaluates and ranks the fiscal performance of 35 Nigerian states—from most to least sustainable—offering insights into revenue generation, expenditure patterns, debt sustainability, and sectoral investments in education and health.

One notable aspect of this year’s subnational fiscal performance is the change in state rankings. Rivers State, which has consistently featured in the top five over the past five years, is conspicuously absent from the 2025 edition—following the declaration of a state of emergency earlier this year, which made the state’s data inaccessible.

As a result, the 2025 report introduces new entrants to the top five, with Anambra, Lagos, Kwara, Abia, and Edo ranked in descending order. Anambra State rose from second to first position, securing the title of the best-performing state in the federation, while Lagos maintained its second place for the second consecutive year.

Kwara climbed from fourth to third, Edo entered the top five after consistently ranking within the top ten over the last four editions, and Abia, which had never previously featured in the top ten, now ranks fourth. Other notable movements include Akwa Ibom, which surged 17 places from 27th to 10th, and Zamfara, which moved up nine places from 26th to 17th.

At the lower end of the rankings, Imo, Kogi, Jigawa, Benue, and Yobe occupy the bottom positions, with Cross River experiencing the steepest decline, falling from fifth in 2024 to 30th in 2025.

For the 2025 edition, we retained the five key metrics used to rank all 35 states. Index A examines a state’s ability to meet operating expenses (recurrent expenditure) using only its Internally Generated Revenue (IGR). Index A1 assesses the year-on-year growth of each state’s IGR. Index B evaluates a state’s capacity to cover all operating expenses and loan repayment obligations using total revenue — comprising IGR, statutory transfers, and grants—without borrowing.

Index C measures debt sustainability using four major indicators: foreign debt as a percentage of total debt, total debt as a percentage of revenue, debt service as a percentage of revenue, and personnel cost as a percentage of revenue. Finally, Index D assesses the extent to which a state prioritises capital expenditure over recurrent expenditure.

In terms of Internally Generated Revenue (IGR) performance, the 2025 edition presents notable shifts from the 2024 report.

While Rivers (121.26%) and Lagos (118.39%) were the only two states with sufficient IGR to cover their operating expenses in 2024, the absence of Rivers from this year’s analysis has reshaped this dynamic. Lagos remains a returning champion with 120.87%, while Enugu now leads with an impressive 146.68% IGR-to-operating expense ratio.

Furthermore, unlike the previous year, when six states generated enough IGR to cover at least 50% of their operating expenses, only five states achieved this in 2025: Abia, Anambra, Kwara, Ogun, and Edo. Consequently, 28 states still relied heavily on federal transfers and other sources to meet their recurrent expenditures.

For perspective, in 2024, six states needed more than five times their IGR to cover operating costs; in 2025, this number more than doubled to 14, underscoring challenges in IGR growth for several states. Notably, as in the previous year, all states were able to cover their total recurrent expenditures—comprising IGR, federal allocations, aid, and grants—without resorting to borrowing.

Turning to capital expenditure, the 2025 period reflects a marked shift compared to 2024, when only Rivers State allocated more than 70% of its total expenditure to capital outlays. With Rivers’ absence, Abia now tops the ranking, dedicating approximately 77.05% of its total expenditure to capital projects.

Other states following closely include Anambra, Enugu, Ebonyi, and Taraba, each allocating over 70% of its budget to capital expenditure.

Overall, 24 states spent at least half of their total expenditure on capital items, whereas Bauchi, Ekiti, Delta, Benue, Oyo, and Ogun devoted more than 60% of their budgets to personnel and overhead costs, highlighting persisting disparities in expenditure priorities.

Examining the broader revenue performance, total recurrent revenue for the 35 sub-nationals expanded significantly, rising from ₦6.6 trillion in 2022 to ₦8.66 trillion in 2023 and further to ₦14.4 trillion in 2024—a growth of 66.28%, far surpassing the 28.95% increase between 2022 and 2023. Lagos maintained the largest share of total recurrent revenue, though it was slightly reduced to 13.42% (approximately ₦1.93 trillion) from 14.32% in 2023.

Gross FAAC transfers also recorded substantial growth over the decade. States such as Oyo (785.79%), Delta (708.36%), Niger (683.61%), Ekiti (680.22%), Gombe (643.23%), and Anambra (640.98%) experienced more than 600% growth in FAAC between 2015 and 2024, whereas states like Adamawa (230.98%), Imo (225.25%), Ogun (223.87%), Ebonyi (205.31%), Kogi (186.32%), and Kebbi (178.03%) recorded growth below 300% over the same period.

Total Gross FAAC for the 35 states reached ₦11.38 trillion in 2024, representing a 110.74% increase over ₦5.4 trillion in 2023. Despite these gains, reliance on federal allocations remains high: 28 states relied on FAAC for at least 55% of their total revenue, while 21 relied on it for over 70%.

Internally Generated Revenue, however, remains within the control of the states and displays considerable variability.

Over the ten-year period, Lagos averaged ₦541.35 billion, Ogun ₦92.76 billion, Delta ₦74.45 billion, and Kaduna ₦44.82 billion. By contrast, the states with the lowest averages—Adamawa (₦9.92 billion), Gombe (₦9.54 billion), Taraba (₦7.83 billion), Kebbi (₦7.48 billion), and Yobe (₦6.67 billion)—barely matched Kaduna’s average.

In terms of immediate growth between 2023 and 2024, Enugu (381.44%), Bayelsa (173.69%), Abia (129.37%), Osun (98.37%), and Kano (85.90%) led the pack.

Moreover, unlike 2023—when seven states recorded negative IGR growth—only two states experienced declines in 2024, reflecting overall improvement. Nevertheless, the proportion of IGR within total recurrent revenue declined slightly from 25.27% in 2023 to 20.27% in 2024, indicating continued dependence on federal transfers.

Expenditure patterns further illuminate these trends. Total state expenditure rose to ₦15.63 trillion in 2024, a 64.69% increase from ₦9.49 trillion in 2023. Lagos accounted for ₦2.37 trillion (14.95%) of total subnational spending.

Personnel expenditures increased from an average of ₦53.11 billion in 2023 to ₦65.17 billion in 2024, a 23.24% rise, while overhead costs grew 62.66%, from ₦1.5 trillion to ₦2.44 trillion. Capital expenditure exhibited even more significant growth: only one state recorded a decline, while the remaining states collectively spent ₦7.63 trillion in 2024—an 87.93% increase over ₦4.06 trillion in 2023—and surpassed recurrent expenditure by approximately ₦1 trillion.

This shift reflects a stronger focus on subnational infrastructure and development projects, emphasising the critical role of states in federalism.

In social sectors, implementation remains uneven. For education, states budgeted ₦2.41 trillion but spent only ₦1.61 trillion, achieving 66.9% implementation. Nine states—Edo, Delta, Katsina, Rivers, Yobe, Ekiti, Bayelsa, Bauchi, and Osun—exceeded 80% of their budgeted allocations, with Edo, Delta, and Katsina surpassing 100%.

Average per capita spending remained low at ₦6,981, with no state exceeding ₦20,000 per capita and only eight states above ₦10,000. In health, states budgeted ₦1.32 trillion but expended ₦816.64 billion, achieving 61.9% implementation.

Seven states—Yobe, Gombe, Ekiti, Lagos, Edo, Delta, and Bauchi—spent over 80% of their health budgets, with Yobe leading at 98.2%, though total expenditures remained modest. Average per capita spending was ₦3,483, with only a few states exceeding ₦5,000, highlighting significant gaps in service delivery relative to education.

Unlike revenue performance and operational/capital expenditure, subnational debt management exhibited a distinct trajectory in the 2024 fiscal year. Total debt increased modestly from ₦9.89 trillion in 2023 to ₦10.57 trillion in 2024, representing a 6.8% increase.

This rate of increase was substantially slower than the 36.41% rise observed between 2022 and 2023, when total debt moved from ₦7.25 trillion to ₦9.89 trillion. Notably, the combined debt of the five highest-debtor states in 2024—Lagos, Kaduna, Edo, Ogun, and Bauchi—amounted to approximately ₦5.32 trillion, marginally surpassing the cumulative debt of the remaining 25 states (₦5.25 trillion). Consequently, the top five accounted for 50.32% of total subnational debt, compared to 40.9% in 2023.

A closer examination of domestic debt reveals encouraging progress. Between 2022 and 2023, only 15 states reduced their domestic debt, with 12 achieving reductions exceeding ₦1 billion. In contrast, 2024 saw 31 states decrease their domestic debt by at least ₦10 billion, with Lagos, Cross River, and Delta each reducing debt by over ₦100 billion.

Collectively, this led to a cumulative decline in domestic debt exceeding ₦2 trillion, signalling meaningful efforts to manage subnational liabilities. Similarly, foreign debt reductions were notable: while total foreign debt fell by $74 million between 2022 and 2023, the 2023–2024 period witnessed a decline of over $200 million.

Lagos, Enugu, and Gombe recorded the largest reductions, at $74.56 million, $33.39 million, and $21.88 million, respectively. Nonetheless, Lagos remained the most indebted state in foreign currency, with $1.17 billion, accounting for more than 25% of total subnational foreign debt, followed by Kaduna ($625.10 million), Edo ($383.05 million), Cross River ($202.46 million), and Ogun ($192.90 million).

In terms of foreign debt composition, Kaduna, Jigawa, Ondo, Ebonyi, Katsina, Anambra, Edo, and Kebbi each had foreign debt constituting over 80% of total debt. Overall, 24 states had foreign debt that accounted for more than half of their total debt in 2024.

Average debt per capita increased slightly from ₦40,469 in 2023 to ₦41,766 in 2024, with 12 states—including Lagos, Edo, Kaduna, Cross River, Ogun, Ekiti, Bayelsa, Bauchi, Abia, Enugu, Ebonyi, and Adamawa—exceeding this average.

Notably, Lagos and Edo surpassed ₦100,000 per capita in debt obligations. Additional subnational liabilities continued to present challenges, totalling ₦1.24 trillion in 2024, up from ₦1.19 trillion in 2023. These included contractor arrears (₦434.87 billion), pension and gratuity obligations (₦626.81 billion), salary and staff claims (₦33.74 billion), judgement debts and litigation (₦62.33 billion), and other miscellaneous liabilities (₦73.25 billion).

Looking at the decade, the average IGR over the 2015–2024 period remained highest in Lagos (₦541.35 billion), followed by Ogun (₦92.86 billion), Delta (₦74.46 billion), Kaduna (₦44.83 billion), and Enugu (₦40.28 billion). To contextualise, the combined average IGR of Lagos and Ogun (₦643.21 billion) approximates the total average IGR of the remaining 33 states.

Borno and Ogun achieved the highest IGR growth rates at 862.61% and 463.47%, respectively, while 10 states—including Borno, Ogun, Nasarawa, Ekiti, Enugu, Zamfara, Bayelsa, Bauchi, Osun, and Niger—exceeded 500% growth.

Overall, 30 states achieved at least 200% growth between 2015 and 2024, with Enugu, Bayelsa, and Abia leading year-on-year growth (2023–2024) above 100%.

Meanwhile, 15 states—including Osun, Kano, Delta, Jigawa, and Akwa Ibom—recorded growth above 50% over the same period, whereas Yobe and Kebbi recorded negative growth. Analysis of average year-on-year IGR growth rates over the past 11 years highlights exemplary performance by Zamfara (43.56%), Jigawa (41.70%), Ogun (34.31%), Ekiti (33.67%), Borno (32.77%), and Bauchi (30.68%), indicating sustained annual growth of at least 30%.

Fourteen states achieved average annual growth of 20%, while all but one recorded year-on-year growth exceeding 10%. Although granular data on tax and non-tax revenue components remain limited for earlier fiscal years, from 2021, most states began reporting detailed figures, allowing more precise tracking of revenue drivers. Over the decade, all sub-nationals demonstrated resilience, with no state recording negative average growth between 2014 and 2024.

Commenting, Vahyala Kwaga, BudgIT’s Group Head of Research, underscores the critical lessons drawn from a decade of fiscal analysis. “Over the past decade, the State of States has evolved into Nigeria’s most authoritative subnational fiscal analysis. This 10th edition not only reflects the story of growth and imbalance but also underscores the urgent need for reform. Fiscal sustainability requires that states look inward, improving revenue systems, cutting waste, and prioritising infrastructure and human development investments that deliver long-term value.”

While it has been 10 years since the BudgIT Foundation launched its State of States Fiscal Report, Nigerians’ fortunes have undergone significant change: most of that change has been negative.

The State of States has always meant to serve as more than just a fiscal health evaluation; it aims to provide significant evidence for citizens to hold their governments accountable.

As we clock 10 years with this edition, it is hoped that subsequent editions will bring more of the people’s voices into the public governance framework, as they are meant to be at its centre.

Stanbic IBTC Reaffirms Commitment to Agriculture through Partnership with BATN Foundation

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29/10/2025

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L-R: Abisola Olusanya, Commissioner of Agriculture, Lagos State; Honourable Olotu Emmanuel, Honourable Member and representative of Ifako-Ijaye Constituency ll; Yarub Al-Bahrani, Board Director, British American Tobacco Nigeria (BATN) Foundation; Barrister Bimbola Salu-Hundeyin, Secretary to the Lagos State Government; Olusesan Ayeni, Group Executive Director, Corporate Services, Origin Tech Group, Nigeria; and Opeyemi Atunwa, Relationship Manager, Consumer Goods Sector, Corporate and Investment Banking, Stanbic IBTC Bank, during the Lagos Farm Fair hosted by the British American Tobacco Nigeria (BATN) Foundation in partnership with Stanbic IBTC Bank, to commemorate the 2025 World Food Day.

Stanbic IBTC Bank reaffirmed its dedication to Nigeria’s agricultural sector at the Lagos Farm Fair 2025, held on 16 October 2025 in Ikeja, Lagos.

Organised by the British American Tobacco Nigeria Foundation, in collaboration with the Lagos State Ministry of Agriculture and Food Systems, the event coincided with World Food Day, uniting farmers, agricultural startups, and stakeholders to champion sustainable farming and enhance market access.

This vibrant gathering served as a platform to promote sustainable food systems and collaboration; aligning with the broader goal of transforming Nigeria’s agricultural landscape.

Stanbic IBTC Bank is addressing Nigeria’s agricultural financing gap by offering tailored agribusiness loans for crop production, livestock, and equipment, enabling farmers to scale operations and reduce post-harvest losses.

In 2024, the bank empowered over 2,000 SMEs through its Enterprise Academy, strengthening the food supply chain and promoting value addition. By supporting British American Tobacco Nigeria (BATN) in achieving its business and social impact goals, Stanbic IBTC plays a vital role in enabling initiatives like the Lagos Farm Fair, fostering agricultural development, sustainability, and inclusive growth through strategic financial partnerships.

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, emphasised the bank’s commitment, stating: “At Stanbic IBTC, we recognise that agriculture’s potential lies in value addition and transforming raw products into high-quality goods. Our engagement with initiatives like the Lagos Farm Fair 2025 reflects our dedication to supporting Nigeria’s agricultural sector. As Nigeria’s growth partner, we are committed to enhancing food production, minimising post-harvest losses, and promoting sustainability to achieve national food security.” This vision underscores the bank’s role in fostering a robust agricultural economy through strategic partnerships and innovative financing.

Echoing this sentiment, Barr. Bimbola Salu-Hundeyin, Secretary to the Lagos State Government, highlighted the collaborative spirit of the event in her opening remarks: “This year’s theme, Hand in Hand for Better Food and a Better Future, emphasises the urgent need for collaboration among governments, the private sector, development organisations, and communities, to transform agri-food systems, promote healthy diets, and safeguard our environment. Despite its geographical limitations, Lagos State remains committed to achieving food security through initiatives like the five-year Agricultural and Food Systems Roadmap, targeting 40 per cent food self-sufficiency by 2025.”

Her words reflect the shared resolve to build a sustainable future for Lagos and beyond.

The 2025 World Food Day theme, “Hand in Hand for Better Food and a Better Future”, as outlined by the Food and Agriculture Organisation of the United Nations, underscores the importance of collective action in revolutionising agri-food systems and promoting sustainable diets.

The fair brought this vision to life through exhibitions and displays, creating opportunities for smallholder farmers to connect with markets and embrace fair trade practices. By facilitating these interactions, the event empowered farmers to expand their reach and strengthen the agricultural value chain, paving the way for a more resilient food ecosystem.

The Lagos Farm Fair 2025 showcased transformative initiatives like the Food Systems Transformation Agenda, which strengthens the food value chain and creates jobs through structured off-take agreements. Stanbic IBTC’s financial solutions play a pivotal role in supporting such programmes, driving innovation and improving market access for farmers and agribusinesses.

By aligning its efforts with platforms like the fair, the bank is helping to build a sustainable agricultural economy, ensuring that Nigeria’s food systems are not only resilient but also capable of meeting the demands of a growing population.

Through these concerted efforts, Stanbic IBTC continues to be a catalyst for progress in Nigeria’s journey toward food security and economic prosperity.

CBN Refutes Misreporting on Forex Use in Oil Sector

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29/10/2025

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The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading.

The Bank noted that the referenced figure of US$1.259 billion, as published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.

It said the figure reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework.

According to the Bank’s spokesperson, Mrs. Hakama Sidi Ali, “since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She explained that the data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in full compliance with existing regulations. She stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.

The spokesperson assured that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability and ensures confidence in Nigeria’s financial system.

Polaris Bank Restates Support for SMEs Growth in Nigeria with Launch of ‘EveryDay Supermarket’ Yenegoa Branch

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Business Journal

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27/10/2025

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Polaris Bank has reaffirmed its commitment to supporting small and medium-scale enterprises (SMEs) and driving economic growth in Nigeria’s South-South region with the commissioning of the new ‘Everyday Supermarket’ Yenagoa Store.

The grand opening, which took place yesterday at Bay Bridge Junction on the Kpansia-Epie Expressway, Bayelsa State, marks the retail chain’s entry into the Bayelsa market and a significant milestone in the region’s business expansion efforts.

Speaking at the event, Mr. Raphael Abaziem, Directorate Head, Polaris Bank, South-South, described the launch as a testament to growth, resilience, and the power of strategic partnership.

“This milestone represents more than the opening of a new outlet. It speaks to our shared vision of economic expansion, local enterprise development, and improved access to quality goods and services for the people of Bayelsa State,” Abaziem stated.

He further noted that the new outlet builds on earlier successes, including Polaris Bank’s financing of the Everyday Group’s flagship shopping complex in Port Harcourt in February, 2025.

“When we partner, we empower, expand, and raise the bar for retail development across Nigeria. Polaris Bank is proud to have supported this journey and to stand with ‘Everyday Supermarket’ as it extends its footprint and impact. We look forward to deepening our collaboration and continuing to support businesses that are creating opportunities, empowering communities, and driving sustainable development across the country,” he added.

In his remarks, Mr. Yemi Osindero, Chairman of ‘Everyday Supermarket’, expressed delight at the brand’s expansion into Bayelsa, noting that the group continues to grow from strength to strength.

“Everyday Group is 28 years old, with 15 stores across the South-East and South-South, including Owerri, Asaba, and Abakaliki. We are excited to be in Yenagoa for the first time and look forward to opening more stores in Bayelsa. Plans are also underway to expand into Aba, Benin, Uyo, Enugu, and Abuja,” Osindero said.

The launch of the Yenagoa branch underscores Polaris Bank’s role as a key enabler of enterprise development and its commitment to supporting businesses that drive local economic empowerment and regional growth.

LASAA Staff Faces Sanctions for Policy Breach after Viral Allegation, Cleared of Fraud

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Business Journal

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27/10/2025

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The Lagos State Signage and Advertisement Agency (LASAA) has announced that an internal investigation has cleared a staff member of a fraudulent transaction allegation that recently went viral on social media. However, the employee will still face disciplinary action for violating the agency’s strict ‘no cash’ policy and using a personal account for a transaction.

The controversy according to a statement from the agency, began with a social media post alleging that LASAA staffer, Olukayode John Adetifa, had improperly collected ₦45,000 from a client, MJ Beauty Salon, via his personal Opay account but only issued a receipt for ₦7,100.

Following the initial outcry, LASAA issued a press statement acknowledging the serious allegation and immediately directing Mr. Adetifa, who is deployed to the Alimosho Branch Office, to report for an immediate investigation and disciplinary proceedings. The agency emphasized that all payments must be made only through officially designated government channels and reiterated its commitment to transparency.

The subsequent fact-finding by the Agency’s disciplinary panel, which included a visit to the business owner, paints a complex picture of the transaction.

Mr. Adetifa explained to the panel that the business had multiple unregistered signs and was slated for enforcement. During a final visit to encourage registration, the client, MJ Beauty Salon, agreed to pay. She claimed she was feeling unwell and offered him cash, which he declined. The client then requested his assistance to make the official online payment, to which he obliged in an effort to secure the long-overdue revenue.

He collected ₦40,000 from the client, which he stated covered the full fees for the three signs: the Application Processing Fee of ₦7,140, the Permit Fee of ₦28,880 and payment gateway charges. He then registered the signs online in the client’s presence, assuring her she would receive the official notification by email. Mr. Adetifa also reported receiving threatening messages later regarding the payment balance.

The owner of MJ Beauty Salon subsequently confirmed this version of events to the LASAA Management team, admitting that she was unaware of the viral post and apologised for the misunderstanding. She specifically stated that Mr. Adetifa collected no gratification and disassociated herself from the X (formerly Twitter) handler who misrepresented the story.

Despite clearing Adetifa of fraudulent intent, LASAA confirmed that he still committed a serious offence. “It is glaring that our Staff though has no fraudulent intent as seen from his explanation and that of the client, he has still committed an offence by collecting client’s money in his personal account contrary to the Agency’s policy,” the management stated.

Adetifa will be dealt with in accordance with the Public Service Rules upon the conclusion of the disciplinary committee’s report.

LASAA used the opportunity to urge the public to always follow due process, specifically the “no cash policy or payment to personal account for no reason” as the agency’s processes are self-service, seamless and automated. They also reiterated that they do not have any agents and implored clients to transact directly via the official website.

The agency urged the public to report genuine issues responsibly and warned against spreading false information that undermines government services.

NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

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Business Journal

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27/10/2025

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Nigerian Exchange Group (NGX Group), through its regulatory subsidiary, Nigerian Exchange Regulation Limited (NGX RegCo), has reaffirmed its commitment to expanding financial inclusion and deepening retail investor participation following the successful FinTribe Finance Fair 2025, which convened over 9,000 women focused on wealth creation and capital market opportunities.

The event, organised by FinTribe, one of Nigeria’s fastest-growing women’s finance communities, has become a leading platform for promoting financial literacy and building investment confidence among women. NGX RegCo’s participation, through its flagship EquipHER initiative, featured interactive sessions that demystified capital market concepts and empowered women to make informed investment decisions.

“You have what it takes to step into greater capability and control over your financial agenda,” said Olufemi Shobanjo, Chief Executive Officer, NGX RegCo. “The same mindset that drives you to start a business, buy a home, or save for your child’s education, to plan, commit, and follow through, is exactly what makes women exceptional investors.”

Commending FinTribe for its sustained commitment to financial education, Shobanjo emphasized that the Nigerian capital market offers practical frameworks for translating financial discipline into purposeful wealth-building strategies. “Financial inclusion begins with awareness,” he affirmed.

“When women understand how the market works, they can own their financial futures and build sustainable wealth.”

In alignment with these educational efforts, NGX Group’s technology-driven innovations are lowering barriers to market entry. The Group’s digital investment platform, NGX Invest, enables investors to participate in public offers and rights issues directly from their smart devices, bridging awareness with active market participation.

Jennifer Awirigwe, founder of FinTribe and popularly known as Financial Jennifer, commended the collaboration for driving meaningful impact. “Our partnership with NGX RegCo through EquipHER has created a bridge between knowledge and action,” she stated. “Women are not just learning about finance, they are taking ownership of their financial journeys and inspiring others to do the same. It’s equipping her, not in words, but in action.”

During an interactive Q&A session, Shobanjo addressed questions on share ownership transfers, portfolio management, and investment process navigation, encouraging participants to engage licensed stockbrokers and financial advisers for transparency and efficiency. “It can seem overwhelming at first,” he acknowledged. “But with the right professional guidance, investors can easily navigate the process and take control of their holdings.”

Throughout the fair, the EquipHER booth became a hub of engagement, attracting participants eager to learn how to initiate or expand their investment portfolios.

This initiative complements NGX Group’s broader retail engagement strategy, aimed at deepening participation in Nigeria’s capital market. Recently, the Exchange participated in a public lecture at Godfrey Okoye University, Enugu, themed “Harnessing the Capital Market for Catalyzing Infrastructure Development and Economic Transformation in Nigeria,” reinforcing NGX’s conviction that an informed and engaged public is essential to sustainable economic growth and inclusion.

Through initiatives such as EquipHER and regional retail engagements across Nigeria, NGX Group continues to build a more inclusive, informed, and empowered investor base, reflecting its vision to deepen market participation across gender, geography, and generation.

BOI, MAN, NECA CEOs to Address Low Productivity in Nigeria at WES 2025

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Business Journal

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27/10/2025

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*As nominations portal closes for WES 2025 Awards for Outstanding Economic Impacts

All is set for the annual WorldStage Economic Summit 2025 on Friday November 21, 2025 at The Event Centre, Nigerian Exchange Limited, 2/4 Customs Street, Lagos by 10am, with top experts from the public, private and academia set to address the theme: Tackling the Issue of Low Productivity in Nigeria.

According to a statement by the organisers, World Stage Limited, a research and technology driven Africa focused firm, among the top chief executives that have confirmed participation in the summit include Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BoI); Mr. Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN) and Mr. Adewale Smatt-Oyerinde, Director General, Nigeria Employers’ Consultative Association (NECA).

The statement also said that Dr Abidemi Adegboye, an academia from the University of Lagos, Nigeria will deliver a researched paper on why Nigeria’s economy has been trapped in low productivity over the years.

The statement confirmed that the online nominations by stakeholders including the media for the WES 2025 Awards for Outstanding Economic Impacts has closed.

It said winners from different sectors of the economy have been notified and will be presented with Certificates for Outstanding Economic Impacts during the summit.

WES is conceived to address economic challenges through diagnoses and application of practicable solutions with public and private sector engagement in a research and innovation driven platform to inspire new thinking in business initiative, policy formulation/implementation, economic reform and development.

Top corporate institutions that are supporting WES 2025 include Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Nigerian Exchange Group Plc (NGX), NLNG, Zenith Bank, Access Bank, Polaris Bank, Fidelity Bank, Sterling Bank, Shara Group and Ecobank.

Other critical stakeholders for economic productivity expected to take the front seats at the summit include federal, state governments and private bodies responsible for food production, technology transfer, job creation, energy supply, blue economy, banking and export promotion.

The statement said, the summit will specifically attract those in the manufacturing, oil and gas, housing, agriculture, and water resources, banking, insurance, maritime, ICT, aviation, mining, hospitality & tourism, health care, education, transportation, local and foreign investors, and the media.

Mr. Segun Adeleye, President/CEO, World Stage Limited said one of the biggest challenges facing Nigeria’s economy is low productivity.

“Even-though many are working, almost half of Nigerians are estimated to be poor, living below the national poverty line with multidimensional poverty at 63% and income poverty at 40%, just because the right jobs are not available,” he said.

“The question being asked by many is that if Nigeria’s economy is transforming, does the transformation deliver higher productivity jobs to raise living standards?”

He explained that WES 2025 will provide a template to discuss evidence-based policies to generate jobs that can lift people out of poverty; legislative intervention to curb annual economic loss through multiple public holidays; ideas on how to boost earnings in activities that are currently low productivity and small scale activities such as in farm and non-farm household enterprises; a stable macro environment, requiring a continuation of fiscal and exchange rate reforms that will inspire better integrating firms into global value chains and attracting foreign direct investment; further opening of the economy to international trade by removing trade restrictions and improving trade facilitation, as well as ensuring skills are aligned with the economy’s needs; design and implement national skills programs aimed at upskilling young Nigerians, to ensure many more embrace digital skills and capabilities; upgrading infrastructure as key ingredients of an effective policy mix; aggressive integration of mineral resources into national income generation stream to benefit from the opportunities presented by AfCFTA; financing structural transformation with accelerated domestic resource mobilisation through reforming tax administration.

WES has always been a hub of opportunity, an unparalleled platform for networking, learning, and adapting. It is an invaluable experience that brings together public, industry leaders and like-minded professionals.

Stanbic IBTC Bank Rewards 78 Savers with ₦16m in 6th Monthly, 2nd Quarterly Draws

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Business Journal

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27/10/2025

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Stanbic IBTC Bank remains committed to putting smiles on the faces of its customers by enhancing their financial well-being. At the bank’s recent Reward4Saving Season 4 Promo combined draw, 78 savers emerged as joint winners of ₦16 million.

The milestone event combined the sixth monthly draw with the second quarterly draw for this season. The initiative continues to turn everyday savings into meaningful rewards while inspiring more Nigerians to embrace the saving culture.

The combined draw, which was held on Wednesday, 15 October 2025 at Stanbic IBTC’s Head Office in Victoria Island, Lagos, saw 70 winners, 10 from each of the bank’s seven business zones, receive ₦100,000 each. Adding to the celebrations, seven lucky customers went home with ₦1 million each, while one saver clinched the grand quarterly prize of ₦2 million. Altogether, winners got ₦16 million in cash prizes.

The draw was overseen by regulators including the Federal Competition and Consumer Protection Commission (FCCPC), Advertising Regulatory Council of Nigeria (ARCON), and the Lagos State Lotteries and Gaming Authority (LSLGA) to ensure transparency and fairness throughout the process.

Since the launch of the Reward4Saving Season 4 campaign, 436 customers have collectively won ₦60 million. With a total prize pool of ₦130 million, the excitement is far from over, as ₦70 million remains to be won before the promo ends on 31 March 2026.

This generous reward scheme continues to fuel enthusiasm and strengthen loyalty among Stanbic IBTC Bank’s growing customer base nationwide.

Speaking at the draw, Sadiya Ojo, Head, Entrenchment, Stanbic IBTC Bank, reaffirmed the bank’s dedication to customers and its role in deepening Nigeria’s savings culture: “We are here to witness Stanbic IBTC Bank’s commitment to acknowledging the efforts of our loyal customers while promoting the importance of saving within our community.

Today, we are rewarding 78 savers with ₦16 million. This promotion is open to both existing and new customers. By saving just ₦10,000 in your Stanbic IBTC Savings Account or @ease Wallet for a continuous 30-day period, you automatically qualify for the draw. The more you save, the better your chances of winning.”

Bidemi Iziomoh, who emerged as the grand quarterly winner of ₦2 million, also shared his excitement. He said:

“I started banking with Stanbic IBTC Bank after facing challenges with my former bank. A friend introduced me to Stanbic IBTC, and I wasn’t even aware of the promo until I got a call. As a cybersecurity expert, I had to confirm the authenticity, so I checked the number on Truecaller and conducted some online research. To my delight, it was genuine. I have received my money, and I am deeply grateful to Stanbic IBTC Bank.”

Francis Goma, a dry cleaner and one of the ₦1 million beneficiaries, expressed his joy at winning in the Stanbic IBTC Bank Reward4Saving Promo. He said:

“When I first got the text message, I thought it was a scam. But I decided to come and verify, and to my surprise, it was real. I have been credited, and I am so happy because I plan to invest the money in my business. I honestly did not expect to win; I was simply saving as part of my normal routine. Today, I am a millionaire, thanks to Stanbic IBTC Bank.”

With six monthly draws, two quarterly draws, and the grand finale still to come, more opportunities lie ahead. Customers are encouraged to save at least ₦10,000 for 30 consecutive days in a Stanbic IBTC Savings Account or @ease Wallet for a chance to be among the next winners.

Access Holdings Reports ₦2.5tn Gross Earnings in H1 2025

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Business Journal

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27/10/2025

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Access Holdings Plc has announced its half-year audited financial results for the period ended June 30, 2025.

The Group’s financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress to the execution of our five-year strategic plan.

Gross earnings increased by 13.8% year-on-year to ₦2.5 trillion in H1 2025 from ₦2.2 trillion in H1 2024, driven by strong growth in interest income which increased by 38.9% year-on-year to ₦2.0 trillion from ₦1.5 billion in H1 2024.

Net interest income also increased by 91.8% year-on-year to ₦984.6 billion in H1 2025 from ₦513.4 billion in H1 2024.

Complementing this performance was a growth in net fees and commission income, which increased by 16.1% year-on-year to ₦237.7billion in H1 2025 from ₦204.7 billion in H1 2024.

Profit before tax (PBT) and profit after tax (PAT) closed at ₦320.6 billion and ₦215.9 billion respectively underscoring the strength and resilience of our business model in the markets we operate in.

Key balance sheet indicators remain strong with total assets, customer deposits, loans and advances, and shareholders’ equity closing at ₦42.4 trillion, ₦22.9 trillion, ₦13.2 trillion ₦3.8 trillion respectively.

The Banking group demonstrated resilient performance in H1 2025. Interest income grew by 38.7% year-on-year to ₦2.0 trillion in H1 2025 from ₦1.5 trillion in H1 2024. Net interest income increased by 85%, from ₦536.7 billion in H1 2024 to ₦992.7 billion in H1 2025. Fee and commission income increased by 27% to ₦294.9 in H1 2025 from ₦232.5 billion in H1 2024 driven by increased transaction volumes. Profit before tax (PBT) and profit after tax (PAT) closed at ₦303.0 billion and ₦199.3 billion respectively.

Banking group subsidiaries contributed 65% to the Banking group’s profit before tax (PBT) in H1 2025. This result highlights our journey towards sustainable performance and execution across our key African and international markets.

The Group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9% to ₦21.0 billion and profit before tax up 65.1% to ₦13.1 billion. The business delivered a solid ROAE of 48.1%, a cost-to-income ratio of 35.1%, and a PBT margin of 62.5%, underscoring strong operational efficiency and profitability.

Hydrogen Payments recorded a 40.5% growth in top-line revenue compared to H1

Profit before tax (PBT) grew by 273% year-on-year. The total transaction value processed increased by 211%, reaching ₦41.1 trillion in H1 2025, up from ₦13.8 trillion in H1 2024.

Access Insurance Brokers has sustained strong momentum, recording a 125% year-on-year increase in gross written premium, 146% growth in revenue, and a 161% improvement in profit before tax (PBT).

Oxygen X, the Group’s digital lending arm, has sustained strong momentum since launch in Q3 2024, delivering ₦5.4 billion in revenue and ₦2.2 billion in profit before tax in H1 2025.

Access Holdings’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the Group to drive continued growth and profitability.

The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business.

It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.

Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders.

Its long-term objective is to build a stronger, more agile Group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings.

The Group appreciates the continued trust and support of its shareholders, customers and employees. Together, the Group is building a stronger future.

CBN Welcomes Nigeria’s Removal from FATF Grey List

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Business Journal

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27/10/2025

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The Central Bank of Nigeria (CBN) welcomes the Financial Action Task Force’s (FATF) formal announcement of Nigeria’s removal from the list of jurisdictions under increased monitoring, known as the “grey list”, following a successful on-site evaluation of reforms implemented across the financial system.

The FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing.

It marks an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.

The FATF’s decision follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC).

The CBN’s contribution centred on enhancing supervision, governance, and transparency across the financial system. Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, included:

Strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments.
Expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency.
Enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies.
Implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS). Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.

Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.

In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange – enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion.

The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management. Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external balances, credible policy execution, and renewed monetary-policy credibility.

Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater transparency, and a reform agenda increasingly aligned with global standards. Commenting on the announcement, Governor Olayemi Cardoso said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”

Nigeria joins South Africa, Mozambique and Burkina Faso as the latest African countries to achieve this milestone, reflecting broader progress across the continent.

The CBN remains committed to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards financial stability and market integrity while advancing inclusive and sustainable economic growth.

Tinubu Sacks Service Chiefs

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24/10/2025

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President Bola Ahmed Tinubu has sacked the service chiefs headed by General Christopher Musa as Chief of Defence Staff. The new CDS is now General Olufemi Oluyede.

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