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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NCDMB Webinar Unlocks AfCFTA Market Access for Energy Sector

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Moniepoint Targets Downstream Sector with Innovative Financial Solutions

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

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

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

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

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

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

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

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

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

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

Some other Key insights from the report include:

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

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

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

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

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

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

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

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

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

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

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

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

E-Hailing Industry: Driver Relations Reshaped Corporate Reputation

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

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

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

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

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

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

Banking Industry: Profitability Confronted by Governance Risk

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

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

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

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

Insurance Industry: Financial Stability and Data Protection Define Trust

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

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

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

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

Telecommunications Industry: Infrastructure Investment Meets Rising Public Expectations

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

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

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

Reputation Has Become a Strategic Business Asset

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

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

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

About P+ Measurement Services

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

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

 

 

 

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

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

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

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

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

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

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

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

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

About Paga / Doroki

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

About Leadway Assurance

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

An accelerated technological transition

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

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

New use cases enabled by improved speeds

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

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

 

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

Still fragile accessibility

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

 

 

 

About nPerf

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

 

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

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

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

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

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

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

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

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

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

 

About SanlamAllianz Nigeria

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

About UAC of Nigeria Plc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

Rationale for the Data Recapture Exercise

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

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

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

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

Overview of the Self-Service Process

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

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

Processing, Validation and Notifications

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

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

Importance of Compliance for RSA Holders

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

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

Alignment with PenCom’s Strategic Objectives

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

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