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CBN Gov, Cardoso, Hails AU Decision on African Monetary Institute, Central Bank

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The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision of the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit to officially approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI).

This approval followed the earlier adoption by the Executive Council of the African Union (AU), at its 48th Ordinary Session. The AMI, established under the African Union’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

Cardoso noted that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent. He stressed that it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture.

Hailing the decision that also makes Nigeria a permanent member of the Convergence Council, he said: “This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture.”

Its implementation marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration.

The AU Heads of State and Government at the Summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of the ACB.

The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central, strategic, and historic role in achieving this milestone.

Over the past years, the Bank has led the technical effort that contributed to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI.

The CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels.

According to Mr. Cardoso, the latest success reflects the collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.

“These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation. Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he noted.

“We will continue collaborating with the African Union Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the African Central Bank and the future African Single Currency,” he added.

The permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. This design fully respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.

While thanking President Bola Ahmed Tinubu, and his vice, Senator Kashim Shettima for their strategic guidance, Mr. Cardoso described the development not only as a victory for Nigeria but also a triumph for Africa’s integration and monetary sovereignty.

 

Tinubu to Governors: Remember the Poor, Empower the Under-privileged

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President Bola Tinubu, on Monday in Abuja, urged Muslim and Christian leaders in the country to show greater compassion for the poor and under-privileged by pursuing policies that cater to the needs of the majority in the grassroots.

The President, who hosted governors for the breaking of an interfaith fast at the Presidential Villa, said the simultaneous periods of abstinence and penitence for both religions underscore a common humanity.

President Tinubu noted that Ramadan and Lent provide opportunities for leaders in both religions to reflect further on the plight of others and to design programmes that will directly impact the livelihoods of many.

“It is a joy and great honour to be with you again this year. To give thanks to the Almighty God for sparing our lives and keeping us together to see another Ramadan.

“A great Ramadan that coincides with that of the Christian faith, Lent. You know what it means: discipline, sacrifice, faith, resilience, and strong determination to continue to bridge together, pray together, and love one another.

“For the humility, self-restraint, love for our neighbours, and their service for humanity, I want to thank all of you for what you have been able to get and achieve so far. I thank God for what we have been able to achieve together,’’ he said.

The President said more could be achieved, especially in reducing poverty and empowering the youth.

“I didn’t expect this number because some governors are still buried in various congresses and other local government or state-level activities.

“Tolerate everybody and build structure in this period of faith, unity, harmony and sacrifice that you are experiencing. Let the young ones breathe too,’’ the President added.

President Tinubu welcomed the Kano State Governor, Abba Kabir Yusuf, to the State House.

“I am glad I can see Abba from Kano. Even though the cap is red, it is not different from that of the Ebonyi State governor. Ebonyi Governor, I saw the crisis on the news, please temper justice with mercy,’’ he stated.

The President commended Governor Babagana Zulum of Borno State for his magnanimity to both Muslims and Christians during the period of fasting.

“I must refer to the generosity of Prof. Zulum. I saw the layout of the Ramadan outreach for both Christians and Muslims. That is a very good spirit. I watched the story.

“To all of you, I am very grateful because we have seen progress and commitment to duty. But please, I appeal again, let’s go further to embrace the downtrodden, the young ones and all the supporters.

“Let it be all encompassing so that we can spread the development opportunity across to the grassroots and local governments. I have seen a lot of progress being made in the States. The reward of hard work is more work, including for my son, the farmer from Niger State, Mohammed Umar Bago.

“There are lots of gains and commendations coming from all angles. As long as we stay together, work together, and are determined to rescue this country, the best is yet to come for Nigeria.

“We are out of the woods. Out of the dark tunnel of uncertainty. The economy is showing up. Let’s help the unemployed. What I promise you will not be postponed. We will establish State Police to combat insecurity. Start looking around you,’’ the President noted.

The President added, “To reach the young man who feels forgotten. To lift the woman who carries her family on tired shoulders. To touch the communities at the grassroots, where hope sometimes flickers. Development must not recognise religion. Compassion must not recognise tribe. Opportunity must not recognise status.

“I am determined to rescue this country. And as long as we work together in delivering hope to our citizens, the best is yet to come for Nigeria.

“What I promised Nigerians will not be postponed.

“Security is the foundation of prosperity. Without it, farms cannot flourish, businesses cannot grow, and families cannot sleep in peace.

“We will establish state police to curb insecurity. This is not about politics. It is about practicality. It is about empowering states with the tools to protect their people while strengthening our national framework.

“We must be bold enough to reform what is not working. We must be united enough to protect what we hold dear.’’

Imo State Governor, Sen. Hope Uzodimma, representing the Nigeria Governors’ Forum (NGF) Chairman, commended President Tinubu for fostering national unity amid religious and ethnic tensions during an interfaith.

Uzodimma said the simultaneous fasting was divinely inspired.

“It is not often that the Muslim Ramadan fast coincides with the Lent season. The last time was 33 years ago. This convergence is a special situation created by God to remind us Christians and Muslims, not to allow religious and ethnic differences to guide our thoughts and our political activities,” Uzodinma stated.

The governor commended President Tinubu’s leadership: “Mr President, you have brought to bear in the goings on and activities of governance in Nigeria. I have been around for some time now, playing politics. Never in the history of this country have we had the opportunity to remove some situations in our political environment.”

Uzodimma highlighted collaborative progress: “You’ve done this and forged national partners in progress with governors. There are also challenges with governors. This period of fasting is a holy time that God has enjoined on us to support the less privileged. In your wisdom, you invited us to come and eat together.”

 

 

Stanbic IBTC Nominees Celebrates 30 Years of Trust with Landmark Gala Event

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Stanbic IBTC Nominees Limited marked a significant milestone on Wednesday, February 11, 2026, celebrating three decades of exceptional custodial services in Nigeria’s financial markets.

The anniversary gala, held under the theme “30 Years of Trust,” brought together industry leaders, clients, regulators, and stakeholders to commemorate the institution’s enduring legacy and steadfast commitment to safeguarding client assets.

Since its establishment in 1996, Stanbic IBTC Nominees has grown into one of Nigeria’s most trusted custodians, providing comprehensive asset servicing, safekeeping, and investment administration solutions to institutional and retail clients nationwide.

The celebratory event highlighted the business’s journey from its inception to its current position as a market leader, showcasing its evolution through regulatory changes, technological advancements, and shifting market dynamics. The evening featured testimonials from long-standing clients, recognition of dedicated team members, and reflections on the milestones that have shaped the business over the past 30 years.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, emphasised the strategic importance of the custody business to the group’s overall operations:

“Our vision is to be Africa’s most innovative and trusted custody provider, leveraging cutting-edge technology while maintaining the personalised service that has defined us for 30 years. The next 30 years will be about combining global expertise with local insight to create unparalleled value for our clients and supporting Nigeria’s capital market growth with infrastructure that meets global standards.”

Speaking at the event, Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees, highlighted the custody team’s dedication to excellence:

“What truly distinguishes us is our holistic approach; we do not just safeguard assets, we provide comprehensive solutions that include settlement efficiency, accurate reporting, and regulatory compliance support. Our track record of zero tolerance for operational errors and consistent regulatory compliance reflects our commitment to being more than service providers; we’re trusted partners to Nigeria’s leading institutional investors.”

The custody business has played a pivotal role in Nigeria’s capital markets development, supporting pension fund administrators, asset managers, insurance companies, and other institutional investors in their investment operations. The business has consistently maintained compliance with regulators and global best practices while adopting innovative technology solutions to enhance service delivery.

Jude Chiemeka, Chief Executive officer, Nigerian Exchange Limited, shared his experience working with Stanbic IBTC:

“Our partnership with Stanbic IBTC has been transformative for our operations. What stands out most is the peace of mind that comes from knowing our assets are in safe hands. Beyond technology, it is the people that make the difference; their team is responsive, knowledgeable, and genuinely invested in our success. We view them as strategic partners rather than just service providers.”

As part of the celebrations, Stanbic IBTC reaffirmed its commitment to maintaining the highest standards of custody services, continuing to invest in technology and human capital, and expanding its service offerings to meet the evolving needs of Nigeria’s investment community.

The 30th anniversary celebration underscores Stanbic IBTC’s position as a cornerstone in Nigeria’s financial infrastructure and its dedication to being a trusted partner for clients seeking secure, efficient, and reliable custodian services.

Executive Order 9: Constitutional Fidelity, Not Executive Overreach-FG

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Commentary suggesting that Executive Order 9 (EO9) amounts to the President “making law” misstates both the Constitution and the fiscal question at issue. EO9 does not create law; it enforces constitutional custody of Federation revenues.

Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation. Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds.

Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles. The order of legality is clear: revenue must first enter constitutionally recognised accounts before it can be appropriated, shared, or spent.

EO9 operationalises these provisions in the oil and gas sector by directing direct remittance of petroleum revenues – including royalties, taxes, profit oil and gas, penalties, and related receipts – into constitutionally recognised accounts, and by tightening reconciliation and transparency across collection, custody, and reporting.

EO9 does not intrude into legislative competence. Section 60(1) preserves the procedural autonomy of the National Assembly; EO9 does not regulate legislative procedure, amend the Petroleum Industry Act (PIA), or repeal any statute. It is an executive instrument issued under Section 5 to ensure faithful execution of the Constitution and applicable laws.

If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.

Pending any judicial pronouncement, the Executive is duty-bound to protect Federation revenues, uphold constitutional supremacy, and strengthen fiscal integrity for FAAC distributions, budget credibility, and macroeconomic stability.

 

Tinubu Issues EO for Direct Remittance of Oil, Gas Revenue to Federation Account

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President Bola Tinubu has issued an executive order to safeguard and enhance oil and gas revenues for the Federation, curb wasteful spending, eliminate duplicative structures in this critical sector of the national economy, and redirect resources for the benefit of the Nigerian people.

The President signed the EO in pursuance of Section 5 of the Constitution of the Federal Republic of Nigeria (as amended).

The Executive Order is anchored on Section 44(3) of the Constitution, which vests ownership, control, and derivative rights in all minerals, mineral oils, and natural gas in, under, and upon any land in Nigeria, including its territorial waters and Exclusive Economic Zone, in the Government of the Federation.

The directive seeks to restore the constitutional revenue entitlements of the Federal, State, and Local Governments, which were taken away in 2021 by the Petroleum Industry Act (PIA). The PIA created structural and legal channels through which substantial Federation revenues are lost through deductions, sundry charges, and fees.

Under the current PIA framework, NNPC Limited retains 30 per cent of the Federation’s oil revenues as a management fee on Profit Oil and Profit Gas derived from Production Sharing Contracts, Profit Sharing Contracts, and Risk Service Contracts.

In addition, the company retains 20 per cent of its profits to cover working capital and future investments.

Given the existing 20% retention, the additional 30% management fee is considered unjustified by the Federal Government, as the retained earnings are already sufficient to support the functions NNPCL performs under these contracts.

NNPC Limited also retains another 30% of its profit oil and profit gas under the production sharing, profit sharing, and risk service contracts, as the Frontier Exploration Fund under sections 9(4) and (5) of the PIA.

A fund of this size, being devoted to speculative exploration, risks accumulating large idle cash balances, which would encourage inefficient exploration spending, at a time when government resources are urgently needed for core national priorities, including security, education, healthcare, and energy transition investments.

There is also the Midstream and Downstream Gas Infrastructure Fund (MDGIF) under Section 52(7)(d) PIA, funded by the collection of gas flaring penalties provided under Section 104. The fund is to be used for supporting environmental remediation and relief for host communities impacted by gas flaring. However, section 103 of the PIA has already established a dedicated Environmental Remediation Fund, administered by NUPRC, specifically designed to fund the rehabilitation of communities negatively impacted by upstream petroleum operations, including gas flaring. Furthermore, Section 103 already imposes a fee on lessees to contribute to this fund for precisely this purpose.

All these deductions far exceed global norms and effectively divert more than two-thirds of potential remittances to the Federation Account. The continuing decline in net oil revenue inflows is largely attributable to these deductions and fragmented oversight under the current PIA architecture.

The Executive Order aims to resolve, among others, the duplicative 30 per cent deduction for Profit Sharing arrangements by addressing overlapping and redundant provisions across all relevant laws and regulatory instruments under the PIA framework and NNPC Limited’s governing structure. The objective is to eliminate unjustified multiple layers of deductions that erode revenues that ought to accrue to the Federation Account, enabling the three tiers of government to pursue critical national priorities.

The President has identified structural concerns regarding the continued role of NNPC Limited as a concessionaire under Production Sharing Contract arrangements.

The existing framework, which allows the company to influence operating costs while simultaneously functioning as a commercial entity, creates potential competitive distortions and undermines its transition into a fully commercial operator as envisioned under the PIA.

The Executive Order, therefore, introduces immediate measures to curb leakages, enhance transparency, eliminate duplicative structures, and reposition NNPC Limited strictly as a commercial enterprise, while safeguarding the Federation’s interests.

In rolling out the order, the President affirmed that the reforms are of urgent national importance, given their implications for national budgeting, debt sustainability, economic stability, and the overall well-being of Nigerians.

President Tinubu noted that his administration will also undertake a comprehensive review of the Petroleum Industry Act in consultation with relevant stakeholders to address identified fiscal and structural anomalies.

According to the Presidential Executive Order, which has been officially gazetted, NNPC Limited will no longer collect and manage the 30% Frontier Exploration Fund.

NNPC Limited will ensure that the 30% profit from oil and gas from production sharing, profit sharing, and risk service contracts currently earmarked for the frontier exploration fund is henceforth transferred to the Federation Account.

NNPC Limited will no longer be entitled to the 30% management fee on profit oil and profit gas revenues, which should go to the federation account.

In the same vein, all operators/contractors of oil and gas assets held under a production sharing contract shall, from the date of the Executive Order, which is February 13, 2026, pay Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and any other interest howsoever described which is due to the government of the federation directly to the Federation Account.

President Tinubu has also suspended payments of the Gas Flare Penalty into the Midstream and Downstream Gas Infrastructure Fund.

The Commission shall, from the date of the Executive Order, pay proceeds from all penalties imposed on operators for flaring gas into the Federation Account and cease payment of such proceeds into the Midstream and Downstream Gas Infrastructure Fund (MDGIF). All expenditure from the MDGIF shall be conducted in line with extant public procurement laws, policies and regulations.

President Tinubu has approved the constitution of a joint project team to execute integrated petroleum operations. The Commission shall serve as the interface with licensees and lessees in respect of integrated operations where upstream and midstream petroleum operations are fully combined.

President Tinubu approved the establishment of an implementation committee to oversee and ensure the effective, coordinated implementation of the executive order.

The members of the committee include the Minister of Finance and Co-ordinating Minister of the Economy, the Attorney-General of the Federation and Minister of Justice, the Minister of Budget and National Planning and the Minister of State, Petroleum Resources (Oil).

Other members of the Committee are the Chairman, Nigeria Revenue Service; a Representative of the Ministry of Justice; the Special Adviser to the President on Energy; and the Director-General, Budget Office of the Federation.

Mutual Benefits Begins 2026 with ₦5.9bn January Claims Settlement

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Mutual Benefits Assurance Plc, a leading Nigerian insurance company, has paid a total of ₦5,937,665,353.57 in claims to policyholders in January 2026 alone, underlining its strong financial capacity and unwavering commitment to prompt claims settlement.

A breakdown of the figures shows that ₦3,426,602,834.28 was paid under its General (Non-Life) Insurance portfolio, while ₦2,511,062,519.29 was paid across its Life businesses, including Group Life and Retail Life policies.

The significant payout within a single month reinforces Mutual Benefits’ reputation as a dependable insurer that honors its obligations swiftly and responsibly.

Commenting on the development, Olufemi Asenuga, Managing Director, Mutual Benefits Assurance Plc stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over ₦5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer. The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).

The January payout reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework. It also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors.

Industry observers note that prompt claims payment remains one of the most critical differentiators in Nigeria’s competitive insurance landscape. By consistently settling valid claims without delay, Mutual Benefits continues to strengthen customer confidence, deepen market trust and expand its footprint across retail and corporate segments.

As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence and delivering value to policyholders and stakeholders alike.

Mutual Benefits Assurance focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity.

 

Unity, Providus Banks Merger a Done Deal as Integration Progresses

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Following the recently held Court-Ordered Meeting and subsequent overwhelming endorsement, the merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course.

Analysts appraising the ongoing recapitalisation programme believe that the regulatory backing and shareholders’ support for the merger represent the most important milestones for meeting the recapitalisation requirements within the stipulated timeline.

Recall that the Central Bank of Nigeria (CBN) backed the merger between the two lenders, with a pivotal financial accommodation to support the transaction.

The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC). The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.

The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.

Through the proposed merger, the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework. The transaction marks a significant milestone in strengthening the financial stability and long-term competitiveness of the enlarged institution.

Following the CBN’s approval, shareholders of both banks overwhelmingly endorsed the merger at their respective Extraordinary General Meetings held in September 2025, where the scheme of merger was formally adopted.

The transaction has since progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are currently underway, with the final court sanction expected to conclude the process.

Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the development as a defining moment for the institution, adding that the complementary strengths and unique advantages of the Unity Bank and Providus Bank merger place the new entity on a strong footing to create and leverage opportunities in the market.

“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”

The Bank further clarified that, contrary to reports in certain sections of the media suggesting that the merger process had stalled, the transaction remains firmly on track. The necessary regulatory steps have been completed, with a few other steps only a matter of formality.

When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.

 

NCC Seeks Stakeholders’ Input on National Telecoms Policy Review 

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The Nigerian Communications Commission (NCC) has called on interested industry stakeholders to make written submissions to the Commission on the ongoing review of the National Telecommunications Policy (NTP) 2000, whose consultation paper has been published on the Commission’s website.

The Commission has set Friday, March 20, 2026, as the deadline for all submissions from stakeholders to be addressed to the Executive Vice Chairman/CEO of the Commission or sent to the dedicated email: [email protected].

The consultation process, which is in exercise of the Commission’s functions under the Nigerian Communications Act (NCA), 2003 and upon the activation of the provisions of Section 24 (1) of the Act on conducting consultative processes for the review of policies, is the first step in the public consultation process to guide the review of the subsisting NTP 2000.

The review of the NTP follows the inauguration of a Ministerial Steering Committee (MSC) and a Ministerial Technical Committee (MTC) by the Hon. Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to commence the process of reviewing the NTP 2000.

Section 24 (1) of the NCA, 2003 states that “Prior to the formulation or review of the general policy for the Nigerian communications sector, the Minister shall cause the Commission on his behalf to first carry out a public consultative process on the proposed policy formulation or modification.”

The policy review will also align with the Hon. Minister’s Strategic Blueprint- Accelerating Our Collective Prosperity through Technical Efficiency, which states that the Ministry will drive the review of the Telecoms Policy to account for core issues such as spectrum management, universal access, broadband penetration, net neutrality and quality of service (QoS).

Hence, the consultation process and its outcome will support the work of the MSC and the Implementation Committee (IC) in coming up with a reviewed policy that will meet the current challenges of the communications sector and keep up with the rapid and dynamic changes since the current NTP was issued 25 years ago.

The Executive Vice Chairman of the NCC, Dr. Aminu Maida, said in the published consultation paper, that the process will lead to the development of the first draft of the NTP 2026 to replace the existing NTP 2000, following 25 years of implementation.

The draft will also undergo further consultations to enable stakeholders to make more input before a final draft is subjected to the statutory policy approval and validation processes.

“The NTP 2000 has been instrumental to advancing Nigeria’s telecom sector from where it was 25 years ago – from a mere 500,000 lines to almost 180 million active mobile connections as of December 2026.  One of the gaps that the revised policy seeks to address is the increased demand for data services and its externalities.

“This is a first step in the consultation process and there will be other layers of engagements, to ensure that the final draft accommodates varied expertise, feedback and inputs from a cross section of stakeholders,” Maida said.

He implored stakeholders to take the opportunity to participate in developing the policy that will take the communications sector to the next level after the immeasurable successes attained since 2000.

The NTP 2000 marked a major progression from older policies, aiming for liberalisation, modernisation, and competition under then nascent democratic government. NTP replaced the 1998 Policy and successfully paved the way for the growth of mobile telephony and the eventual NCA 2003 by focusing on market deregulation and stakeholder consultation.

In the ongoing review, there are 15 key policy proposals, which form the baseline for the review and potential changes to the existing NTP and provide both the context and policy purpose for necessary changes. The policy proposal caters to regulation of the industry, its sustainability, emerging technologies, national security, among others.

According to the EVC, the expected feedback will guide the review and amendment of the NTP in line with the expectations of the NCA, 2003.

“The consultation process is open to licensees in the Nigerian communications sector, consumers, agencies of government, international agencies/partners/entities, Civil Society Organisations (CSOs), individuals and other interested stakeholders,” he said.

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

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

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

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

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

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

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

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

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

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

 

NCC Management Hosts ATCON EXCO on Courtesy Visit

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

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

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

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

The answers were heartfelt, surprising, and deeply moving.

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

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

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

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

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

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

 

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Thank you.

Alhaji (Dr) Umaru Kwairanga

Chairman NGX Group

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

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

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

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

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

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

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

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

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

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

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

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

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