Nume Ekeghe

The HOW Foundation has launched the Wigwe University Fearless Leadership Series, a flagship initiative aimed at equipping young Africans with the mindset, mentorship and practical skills needed to build sustainable businesses, with entrepreneur and author Tara Fela-Durotoye serving as its inaugural partner.

The initiative, unveiled during an event held at Wigwe University in Isiokpo, Rivers State, forms part of the Foundation’s broader strategy to advance the vision of the university’s founder, the late Dr. Herbert Wigwe, of developing fearless leaders capable of driving Africa’s economic transformation.

According to a statement, the Leadership Series is designed to expose students and young entrepreneurs to real-life experiences from accomplished business leaders while providing practical insights into entrepreneurship, leadership and innovation.

More than 320 students attended the maiden edition of the programme, drawing participants from Wigwe University, the University of Port Harcourt, Rivers State University and Abia State University, alongside youth leaders from the host community of Isiokpo.

The event also marked the first stop of Fela-Durotoye’s nationwide campus tour to promote her latest book, Building Beyond You: The House of Tara Story. 

Moderated by the university’s Public Relations Officer, Dr. Emmanuel Attat, the fireside chat explored the lessons behind Fela-Durotoye’s journey in building House of Tara International into one of Nigeria’s leading beauty and lifestyle brands. The event was anchored by student master of ceremonies, Wilson M. Richard.

Addressing participants, Fela-Durotoye encouraged young entrepreneurs to embrace uncertainty while remaining committed to their ambitions.

“You may not have the full picture but you must have the courage to take a step,” she said. 

Sharing their experiences, student participant Adika Tamarabrakemi said: “You don’t have to start big. You can start small and build a legacy.”

Another attendee, Akpana Lolia, added: “No business blows overnight. You have to keep trying and believe in yourself and what you do.”

Sunday Ehigiator

Stakeholders have called for stronger collaboration among government agencies, financial institutions and the private sector to unlock the growth potential of Nigeria鈥檚 Micro, Small and Medium Enterprises (MSMEs), stressing that access to finance alone is insufficient to drive sustainable business growth.

The call was made at the maiden edition of LAPO SME Connect 1.0, organised by LAPO Microfinance Bank in collaboration with the Association of Small 糖心视频 Owners of Nigeria (ASBON) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to commemorate the 2026 World MSME Day. 

Speaking at the event, the Managing Director and Chief Executive Officer of LAPO Microfinance Bank, Cynthia Ikponmwosa, said entrepreneurs require much more than funding to build resilient businesses.

鈥淎t LAPO Microfinance Bank, we recognise that access to finance alone is not enough. Entrepreneurs need the right knowledge, skills, networks and opportunities to build resilient businesses. Through initiatives like SME Connect, we are creating platforms that empower MSMEs to thrive, create jobs and contribute meaningfully to Nigeria鈥檚 economic development,鈥� she said. 

In his keynote address, National President of ASBON, Dr. Olufemi Egbesola, called for stronger partnerships among government, financial institutions and the private sector to create an enabling environment for small businesses through supportive policies, improved access to finance and enterprise development programmes. 

Representing SMEDAN, Tosin Abajo emphasised that collaboration remains critical to enterprise growth, noting that entrepreneurs need business development support, formalisation, digital skills, market access and continuous capacity building alongside access to finance.

He said: 鈥淎t SMEDAN, we remain committed to working with stakeholders to create an enabling environment where MSMEs can grow, innovate and contribute meaningfully to national development.鈥� 

Nume Ekeghe

Stanbic IBTC is set to take its Nigeria 糖心视频 Summit nationwide, launching a regional tour across key commercial cities to strengthen engagement with small and medium-sized enterprises (SMEs) following the successful hosting of the summit’s Lagos edition.

The inaugural summit, held in Lagos, attracted nearly 2,000 physical attendees, delivering strong engagement and positive ratings among participants. The regional tour extends this momentum by taking the experience directly to business owners within their local markets. 

The bank in a statement noted: 鈥淭he Nigeria 糖心视频 Summit Regional Tour is designed to deliver targeted, on-ground engagement in major trading hubs, where SMEs can access tailored insights, advisory support, and networking opportunities.

鈥淭he tour will take place in the following cities: Wednesday, 01 July 2026 in Onitsha, Wednesday, 08 July 2026 in Aba, Wednesday, 15 July 2026 in Ibadan and Wednesday, 05 August 2026 in Kano. This phased rollout reflects Stanbic IBTC鈥檚 strategy to engage SMEs where they operate and trade, while addressing region-specific business challenges and opportunities.

鈥淓ach regional activation will deliver practical and actionable value for business owners through a structured programme. Sessions will include expert-led discussions on funding readiness, trade opportunities, and enterprise growth, alongside interactive masterclasses and panel conversations.

鈥淧articipants will also benefit from enterprise clinics, where Stanbic IBTC relationship managers and specialists will provide one-on-one advisory on access to finance, digital banking solutions, and business expansion strategies.鈥� 

Ebere Nwoji

emPLE, one of Nigeria鈥檚 fast -growing insurance companies, has partnered with Medplus Pharmacy Limited to provide free preventive and early-intervention healthcare services to local entrepreneurs at the Badagry International Market.

The underwriting firm said this underscores its commitment to empowering people beyond commercial solutions.

emPLE  General Insurance Managing Director/ CEO, Mr Olalekan Oyinlade, said the medical outreach, held on June 17, 2026, served about 100 local entrepreneurs in the Badagry community, providing free blood pressure checks, blood glucose tests, malaria tests, Hepatitis B screening, health consultations, and medication support.

According to him, the screening results showed that 25 percent of traders had malaria, 22 percent had high blood pressure, 15 percent had elevated blood glucose levels, and 4 percent had Hepatitis B.  He said early detection enabled timely intervention, counselling, referrals, and treatment support. 

Also speaking at the event, Managing Director/CEO of emPLE Life Assurance Limited, Jolaolu Fakoya,  said  findings from the outreach reinforce an important reality.

According to him, the reality is that while local entrepreneurs are focused on protecting and growing their businesses, there鈥檚 a subtle underestimation of the impact that unexpected health challenges can have on their livelihoods. 

Mary Nnah

The 9th edition of the Lagos Leather Fair opened on Saturday, June 27, with Hon. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, commending the fair for driving industrialisation, creating jobs, and aligning with the federal government鈥檚 economic diversification agenda. She reaffirmed the government鈥檚 commitment to scaling local value chains, supporting artisanal craftsmanship, and creating an enabling environment for micro, small, and medium enterprises to compete internationally.  

Founder of the Lagos Leather Fair, Mrs. Femi Olayemi, said the platform was launched in 2017 out of frustration with the structural gaps holding the sector back and belief in the untapped potential of Nigeria鈥檚 leather ecosystem. While acknowledging the progress made over the years, she warned that infrastructure alone would not build an industry. 鈥淏uildings do not build industries. Machines alone do not create ecosystems.

 The right blueprint needs to be put in place,鈥� she told guests, noting that the fair鈥檚 focus remains on positioning African leather globally, fostering local talent, and driving sustainable manufacturing.  

 A panel on exportation and compliance unpacked the legal and regulatory barriers that often prevent African brands from entering Western and Asian markets, with experts examining CITES regulations, ethical sourcing requirements, and the trade standards that serve as a gateway to premium retail shelves.  

Head of SME and Partnerships at Ecobank, Mrs. Omoboye Odu, reaffirmed the bank鈥檚 commitment to funding pathways for SMEs and outlined the financial structures available to scale leather design businesses.

Kayode Tokede  

PwC Nigeria has announced the admission of four new partners effective 1 July 2026 as part of PwC Africa鈥檚 admission of 20 new partners across the region.

The new partners are Adesola Abiodun (Advisory Services), Oluwadamilola Dada (Assurance

Services), Ugochi Ndebbio (Tax & Regulatory Services), and Emeka Chime (Tax &  Regulatory Services).

Their admission comes at a pivotal moment as organisations navigate rapid technological disruption, evolving stakeholder expectations, and shifting regulatory and economic realities. The new partners bring the expertise and leadership needed to support organisations to thrive in this dynamic environment.

This year鈥檚 partner admissions also reflect PwC Africa鈥檚 continued commitment to diversity and inclusion, with women representing 55% of the total cohort.

Commenting on the admissions, Country Senior Partner, PwC Nigeria, Sam Abu in a statement said: 鈥淚 am delighted to welcome four new partners to our partnership in Nigeria. Their admission recognises years of exceptional performance and marks their rise to the highest level of the profession.

鈥淥ver the years, they have supported our clients and helped shape our people and our firm. As

businesses navigate a world of accelerating change, they need trusted advisers who can help them respond with confidence. Our new partners bring the perspective and leadership to help clients build trust, reinvent, and unlock new opportunities for growth.鈥�

Dike Onwumaeze

The Centre for the Promotion of Private Enterprise (CPPE) has warned that the Senate’s resolution calling for a ban on textile fabric imports could impose substantial collateral costs on Nigeria鈥檚 over N10 trillion garment-making and tailoring industry, disrupt critical supply chains and jeopardise millions of jobs and livelihoods.

This view was expressed by the Chief Executive Officer of CPPE, Dr. Muda Yusuf, is a public statement titled, 鈥淪enate鈥檚 Textile Import Ban Resolution Risks Doing More Harm Than Good,鈥� which called for structural reforms rather than import prohibition.

Yusuf said: 鈥淭he proposed textile import鈥檚 ban risks undermining a vibrant garment and fashion ecosystem that supports millions of Nigerians while generating substantial domestic value addition. It could also adversely affect the furniture industry, encourage smuggling and reduce customs revenue.

鈥淭he challenge confronting Nigeria’s textile industry is fundamentally one of competitiveness rather than import penetration. Sustainable revival will require structural reforms that improve productivity, reduce production costs, revive cotton production, expand access to affordable finance and leverage government procurement to stimulate domestic demand.鈥�

He said that while the objective of reviving Nigeria’s textile industry is legitimate and commendable, an outright import prohibition is unlikely to achieve that objective.

Yusuf argued that the proposal reflected a narrow view of the textile industry’s challenges and overlooked the extensive linkages within Nigeria’s textile, garment, fashion, furniture and creative economy value chains.  

He stated that Nigeria’s fashion, garment-making and tailoring industry is substantially larger than the textile manufacturing segment that the proposed ban would benefit.

He said: 鈥淐onservatively valued at about N10 trillion, the industry provides livelihoods for an estimated ten million Nigerians and is one of the country’s most vibrant creative economy sectors.鈥�

Onuminya Innocent in Sokoto 

Assistant Comptroller General of Customs in charge of Zone B, Kaduna, ACG Nsikan Patrick Umoh, has charged officers and men of the Nigeria Customs Service, Sokoto/Zamfara Area Command to uphold the highest standards of ethical conduct in the discharge of their duties.

He gave the charge during a working visit to the Command Headquarters in Sokoto.

Addressing officers, ACG Umoh stressed that the reputation of the Service rests on the integrity, discipline and professionalism of individual officers. She warned that misconduct by a few personnel can erode public trust built over years of service.

She quoted the Comptroller-General of Customs as driving reforms to modernize operations and facilitate trade. However, she noted that no reform can succeed without a workforce committed to discipline and national interest.

鈥淭herefore I urge you to be firm but fair, be courteous to compliant traders and uncompromising against smugglers. Let your character bring honor to the uniform,鈥漢e told officers.

The Zonal Coordinator also met with critical stakeholders at the Command, including importers, exporters and licensed customs agents. She urged them to maintain trust, transparency and integrity in all dealings with Customs.

Kayode Tokede

Following out of court settlement with most of their customers, a total of 10 banks declared N8.9 trillion litigation and claims by customers in 2025, nearly 40 per cent drop from  N14.83 trillion reported in 2024. 

Analysis of the banks’ audited result and accounts for year ended December 31, 2025, showed that the litigations were related to alleged breaches of agreements, human omissions / errors, fraud related, among others.  

Nigerian banks have over the years insisted that litigation instituted by customers do not  have any impact on their financial positions stressing that provisions are made in case of unforeseen events. 

The 10 banks investigated by 糖心视频 are: Access Holdings Plc,  Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa Plc (UBA) and First Holdco Plc.

Others are: Stanbic IBTC Holdings Plc, Fidelity Bank Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc and  Wema Bank Plc.

In the year under review, Stanbic IBTC Holdings declared the highest percentage increase in litigation, while Access Holdings saw its  litigation  cases drop significantly.  

As Stanbic IBTC Holdings declared N2.39 trillion worth of litigation in 2025, about 807 per cent increase over N263.08 billion in 2024, Access Holdings announced in its 2025 result and accounts recorded N1.05 trillion litigation, which is 907 per cent drop from N11.3 trillion in 2024.  

Stanbic IBTC Holdings said its litigation portfolio as at December 31, 2025 consisted of 456 cases and aggregate value of monetary claims  at N524,953,490,875.75; $1,301,802,141.61. & GBP 拢1,556.07.

In 2024, the group announced litigation portfolio that  consisted of 431 cases and aggregate value of

N263,070,555,801.17; $2,267,141.61 &  拢1,556.07.

鈥淭he claims against the Group are generally considered to have a low likelihood of success and the Group is actively defending same. Management believes that the ultimate resolution of any of the proceedings will not have a significantly adverse effect on the Group. Where the Group envisages that there is a more than average chance that a claim against it will succeed, adequate provisions are raised in respect of such claim,鈥� the management of Stanbic IBTC Holdings explained.     

In 2025, Access Holdings declared  a significant drop in its claims and litigation  to  N1.05 trillion, about 90.7per cent drop from N11.3 trillion reported in 2024. The Group disclosed that it made an aggregate N8.63billion provision as at December 31, 2025. 

鈥淭he Company is currently involved in two legal cases as a defendant. The total amount claimed against the

company is estimated at N1.05trillion (Dec 2024: N11.3 trillion). These claims are pending resolution, and as of the reporting date, the outcome is uncertain,鈥� Access Holdings explained in 2025 result and accounts released to the investing public on the Nigerian Exchange Limited (NGX).

It noted that it was involved in two cases and it has assessed the potential financial impact of these claims and based on professional legal advice, it is not possible to reliably estimate the timing or amount of any potential outflow of resources that may arise from these legal proceedings. 

On its part, Zenith Bank declared N1.9 trillion worth of litigation in 2025, about 46 per cent increase over N1.3 trillion in 2024 while GTCO posted N502.96 billion in 2025, a decline of 9.7 per cent from N556.91billion in 2024.

GTCO said, 鈥淭he Group in its ordinary course of business, is presently involved in 1237 cases as a Defendant (31 December 2024: 1051) and 503 as a plaintiff (31 December 2024: 466).  The total amount claimed in the 1237 cases against the Bank is estimated at N485.34 billion and $12.32 Million (31 December 2024: N427.9 Billion and $83.96 Million) while the total amount claimed in the 503 cases instituted by  the Bank is N380.2 Billion (31 December 2024: N201.89 Billion). However, the solicitors of the Bank are of the view that the probable  liability which may arise from the cases pending against the Bank is not likely to exceed N10.41 Billion (31 December 2024: N10.9 Billion).鈥� 

The likes of UBA announced N2.5 trillion; Fidelity Bank, N491.8 billion; FCMB Group, N12.29 billion;  First Holdco,  N1.001 trillion;  Sterling Financial Holdings Company, N57.4billion and Wema bank, N10.9 billion value of litigation in 2025.   

Analysts however, expressed that litigations in the corporate world have increased significantly amid modern day business transactions, urging banks to strengthen compliance with provisions of the Central Bank of Nigeria (CBN).  

The Economic and Financial Crimes Commission (EFCC), among other stakeholders over the years had warned financial institutions and compliance officers to be diligent and avoid being complicit in financial practices.

The collapse of a three storey shopping mall at old Ojo road, near Alakija bus stop in Lagos penultimate week, has spelt the need for implementation of section 75 and 76 of NIIRA 2025 on compulsory builders鈥� insurance,  writes Ebere Nwoji 

The two incidences of building collapse in  Alakija area of Lagos State and PortHarcourt  area of River State the same day,  Thursday June 25th, 2026 spells the need for speedy  implementation of sections 75 and 76 of Nigeria Insurance Industry Reform Act NIIRA 2025 on compulsory builders鈥� insurance.

A three-story shopping complex collapsed on June 25, 2026, in Alakija area of Lagos State, killing nine people at the spot while 26 others were rescued with different degree of injuries. 

The building, an over 30 year old shopping mall  located along old Ojo road near Alakija bus stop is a public building housing different business out fits such as  a cyber cafe, a photography studio, mobile phone repair shops, printing press / business centre, a cold room, retail shops and travel agency. It was said to have been marked  for demolition  years back  due to  obvious structural weakness  of the building but was neglected by government agency in charge.

Similarly, the four storey building located  along Peter Odili Road,  Port Harcourt was said to be under construction before the unfortunate incident happened trapping several workers three of which were rescued shortly after. 

Compulsory builders insurance Laws 

This is happening whereas both repealed insurance Act 2003 and NIIRA 2025 made compulsory insurance of the categories in which the two buildings fall within. Investigation by 糖心视频 reveals that for  the two incidences, there is no confirmation that any of them has insurance cover as no insurance underwriting firm or brokerage firm has confirmed any form of insurance cover for any of the buildings. This is common  in Nigeria as in recent past  a good number of building collapses that happened in different parts of the country did not have insurance cover.

But statutorily, both buildings which fall within the categories  of public building should have an insurance cover. Indeed, both the repealed 2003 insurance act and the prevailing Nigeria Insurance  Industry Reform Act NIIRA 2025  made provisions for compulsory insurance of such buildings.

Section 64 and 65 of insurance Act 2003  states: 鈥淣o person shall cause to be constructed any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public.鈥�

Sub section two of it explained that the  duty to insure under subsection (1) of this section shall arise when a building is under construction.

Subsection three warns that a person who contravenes subsection (1) of this section commits an offence and on conviction shall be liable to a fine of N250,000 or imprisonment for three years or both.

Section 65 in respect of insurance of public buildings  under which the collapsed Alakija shopping mall falls within states: 鈥淓very public building shall be insured with a registered insurer against the hazards of collapse, fire, earthquake, storm and flood.鈥�

The act defines public building to  include a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which  members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business. The section went further to explain that, 鈥淚nsurance policy under subsection (1) shall cover the legal liabilities of an owner or occupier of premises in respect of loss of or damage to property or bodily injury or death suffered by any user of the premises and third parties, adding that 0.25 percent of the net premium received by every direct insurer on policies issued under subsection (1) of this section shall be paid quarterly by every insurer into a Fire Services Maintenance Fund which shall be established, administered and disbursed by the  National Insurance Commission for the purpose of providing grant or equipment to institutions engaged in fire fighting services.鈥�

Subsection 5 of the act spelt the punishment awaiting offenders saying, 鈥滱n insurer who defaults in making payment as required under subsection (4) of this section commits an offence and is liable on conviction to a fine ten times the amount payable provided that persistence in non-compliance with the provision shall be a ground for the cancellation of registration of an insurer.鈥�

Compulsory building insurance was not in any way expunged from NIIRA 2025, rather it significantly expanded compulsory building insurance in Nigeria. It targeted buildings under construction and existing public buildings, with strict penalties for non-compliance. Section 75 of  NIIRA 2025 on Insurance for Buildings Under Construction 

requires Mandatory Builders’ Liability Insurance before construction begins for any building exceeding two floors. The act said the policy covered Owner/contractor negligence causing death/injury to workers/public. A fine up to N5 million, 12 months imprisonment, or both is attached for defaulters. 

Section 76 of the act spells out compulsory insurance for public buildings  under which the Act said compliance is compulsory  for Owners/occupiers of public buildings (multi-floor tenements, hostels, schools, hospitals, malls, hotels).

Need for enforcement  

Unfortunately, Nigerians have vague understanding of the value of insurance as such expose their workers and building occupiers to risk of building collapses.

However some state governments have even before the NIIRA 2025 started implementation of the compulsory building insurance law.

The Ogun State Government two years back  announced the implementation and enforcement of compulsory building insurance insisting that all buildings above two floors in the state must have insurance cover that was under insurance Act 2003.

The Lagos State Government is actively enforcing mandatory insurance for commercial buildings above two floors, but the policy is in its early stages and faces compliance challenges

Similarly, the  Lagos State Government has announced compulsory insurance for multi-storey commercial buildings. It aimed to hold owners accountable by using digital mapping (e-GIS) to verify property information.

The Lagos State Building Control Agency ( LASBCA) in 2025  verified 782 building insurance policies . However, as of mid-2025, only 159 buildings had verified policies, against thousands of infractions detected.

This  calls for enforcement of  the NIIRA 20254 Insurance Act, which requires insurance for buildings under construction and public structures. The punishment spelt out for Non-compliance should be meted out to the later.

NAICOM鈥檚 stand

The commissioner for Insurance, Mr Olusegun Ayo Omosehin had at several insurance forums said that the NIIRA 2025 would be implemented to the later by his administration. Omosehin had  described the NIIRA 2025 as a  game changer, a transformative blueprint for modernising Nigeria’s insurance sector. On the  implementation, Omosehin said NIIRA 2025  was a roadmap for regulatory reform, financial inclusion, digital transformation, and global competitiveness, aimed at building a technology-driven industry that protects lives, businesses, and investments.

He said for every aspect of the law to be implemented, it  needed full compliance and  enforcement support. 

The commissioner has entered into partnerships with  relevant government agencies including the Nigeria Police Force to tackle illegal operators and enforce compulsory insurances such as third-party motor insurance, compulsory builders insurance, Policyholders’ Protection Fund (IPPF)

Touching Compulsory builders insurance,  Omosehin had outlined a clear strategy for implementing compulsory Builders’ Liability Insurance under the NIIRA 2025, focusing on structured enforcement and a preventive philosophy.

NAICOM Enforcement Drive

Lao, Omosehin has made enforcing all compulsory insurances a central pillar of NIIRA 2025. Builders’ Liability is specifically included in the mandate of the Compulsory Insurance Working Group, with former President of Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Shola Tinubu  as the Chairman. His team was tasked with  the responsibility of strengthening enforcement and adoption nationwide. 

According to the commissioner, the group will collaborate with federal and state agencies to ensure compliance.

Enforcement As Prevention strategy

Omosehin emphasised that the enforcement was not punitive but preventive in nature.

According to him, the enforcement would ensure that developers internalise safety standards to prevent building collapses.

The implementation, according to him, will guarantee that victims and affected communities were not abandoned after a disaster.

鈥淭he implementation will shift public perception to see insurance as a practical tool for financial resilience. Builders’ Liability Insurance is mandatory for buildings with more than two floors under construction. It covers risks like collapse, injury, or damage, ensuring that developers are financially responsible for third-party harm caused by their negligence,鈥漢e said.

Industry analysts said full implementation of NIIRA 2025 especially on compulsory builders insurance has become  necessary because of cases of building collapses round the country.

Cases of building collapses

Tales of building collapses  abound in different parts of the country with victims left in their own fate as in most cases the owners run away so as not to be caught by the law enforcement agents.The  BBC news on September 1,2024 reported that in Lagos, during the year   building   collapses were  on average of one every two weeks.

The BBC report quoted a Lagos based building expert as saying that in Lagos alone in the past 12 years, there have been cases of no less than 90 collapsed buildings with many lives and properties wasted without the least compensation because none of the buildings was insured.

The BBC report quoted the Council of Regulation of Engineering as saying that in these cases no less than 350 lives were lost.

The most remarkable building collapse recorded in Lagos was the 21 storey building collapse in Ikoyi which  happened  in 2021 in which 21 people were killed and investigation revealed that the building which was under construction had no insurance cover.

Aside the cases in Lagos, other states in different regions of the country also  record cases of building collapses, a situation which made Lagos State Government to  embark on implementation of  the NIIRA 2025 on building and building under  construction.

Nume Ekeghe

Latest data from the Central Bank of Nigeria (CBN) has revealed that Currency Outside Banks (COB) rose to N5.19 trillion in May 2026, accounting for 91.3 per cent of the country’s N5.69 trillion Currency in Circulation (CIC). 

The amount of cash held outside banks increased by 12.1 per cent from N4.63 trillion in May 2025 and by 2.2 per cent from N5.08 trillion recorded in April 2026.

The figures also showed that only about N497 billion, representing 8.7 per cent of the total currency in circulation, remained within the banking system in May.

Currency in circulation also continued its upward trend, rising to N5.69 trillion in May from N5.65 trillion in April and N5.01 trillion in the corresponding month of 2025. The latest figure represented a 13.5 per cent year-on-year increase and a 0.8 per cent month-on-month rise.

The trajectory of currency outside banks over the past year reflects persistent demand for cash despite periodic fluctuations. From N4.63 trillion in May 2025, the figure declined to N4.49 trillion in June and N4.42 trillion in July before recovering to N4.45 trillion in August and N4.47 trillion in September. It continued its upward climb to N4.65 trillion in October and N4.91 trillion in November before surging to N5.41 trillion in December amid heightened festive and commercial activities.

Cash outside banks subsequently moderated to N5.25 trillion in January 2026, N5.19 trillion in February and N5.08 trillion in April before rebounding to N5.19 trillion in May, the highest level recorded during the 12-month period.

Currency in circulation followed a similar pattern, although with less volatility. It eased marginally from N5.01 trillion in May 2025 to N5.008 trillion in June before falling to N4.92 trillion in both July and August. The figure rose to N4.95 trillion in September and crossed the N5 trillion mark again in October at N5.06 trillion, increasing further to N5.26 trillion in November and peaking at N5.73 trillion in December. 

Currency in circulation remained broadly stable at N5.73 trillion in January, slipped slightly to N5.71 trillion in February and N5.65 trillion in April before edging higher to N5.69 trillion in May, extending the long-term upward trend.

Although Nigeria’s digital payments ecosystem has expanded significantly, with strong growth in instant transfers, mobile banking, agency banking and point-of-sale transactions, cash continues to dominate transactions across large segments of the economy, particularly within the informal sector, transportation, retail markets and rural communities.

Dike Onwuamaeze and Kayode Tokede听

The Chief Executive Officer of HighCap Securities Limited, David Adonri, yesterday  said Nigeria’s stock market is expected to stage a mild recovery in the second half of 2026, supported by improving corporate fundamentals and sustained macroeconomic reforms, despite persistent high interest rates and mounting political and economic risks, 

Speaking during the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook in Lagos, Adonri projected that the equities market would gradually regain momentum as investors respond to stronger corporate earnings, improved economic indicators and growing confidence in Nigeria’s reform agenda.

He, however, cautioned that inflationary pressures, the build-up to the 2027 general elections, insecurity, simultaneous capital-raising exercises and the ongoing conflict in the Gulf region could pose significant downside risks to market performance in the months ahead.

According to him, the recent correction witnessed on the Nigerian Exchange should not be interpreted as a sign of structural weakness in the capital market but rather as a normal phase of institutional portfolio repositioning following the strong rally triggered by economic reforms.

“The current market correction is a result of institutional investors repositioning their portfolios and not an indication of a breakdown in market fundamentals,” he said, adding that investor sentiment remains largely supported by improving macroeconomic conditions.

Adonri projected a mild recovery in the equities market in the second half of the year, driven by stronger corporate fundamentals and better earnings prospects across listed companies.

He also predicted that the current high interest rate environment would persist, although he expects Exchange Traded Products (ETPs) to witness a realignment in valuations with their underlying fundamentals as market conditions improve.

In addition, he said the activation of the commercial papers and derivatives markets would deepen Nigeria’s capital market, broaden investment opportunities and improve liquidity.

One of the most significant developments expected in the coming months, according to Adonri, is the anticipated listing of Dangote Refinery on the Nigerian Exchange, which he described as a potential game changer capable of transforming the size, depth and attractiveness of the domestic capital market.

Reviewing Nigeria’s macroeconomic performance, Adonri noted that recent economic reforms have continued to receive international endorsement.

He pointed out that the International Monetary Fund (IMF) has acknowledged that the reforms are yielding improved macroeconomic outcomes, while leading global credit rating agencies have upgraded or affirmed Nigeria’s sovereign credit ratings.

He recalled that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to ‘B’ from ‘B-‘ with a stable outlook in May 2026. 

Fitch Ratings also affirmed the country’s rating at ‘B’ with a stable outlook, while Moody’s upgraded Nigeria to ‘B3’ from ‘Caa1’.

According to him, the improved ratings reflect growing confidence in Nigeria’s economic management, supported by increased foreign exchange stability, rising external reserves and higher crude oil production.

On the broader economy, Adonri cited growth forecasts by the World Bank and IMF, which project Nigeria’s economy to expand by 4.1 per cent in 2026, while the Central Bank of Nigeria (CBN) forecasts a stronger 4.49 per cent growth rate.

He identified rising crude oil production, expanding domestic refining capacity, improving foreign reserves and a relatively stable and appreciating naira as major positive indicators expected to support investor confidence and economic growth.

Despite these gains, he warned that inflationary pressures remain elevated, while political activities ahead of the 2027 elections could heighten uncertainty in financial markets. He also noted that concurrent capital-raising programmes by companies, lingering insecurity and geopolitical tensions arising from the Gulf conflict may affect capital flows and investor sentiment.

Adonri stressed that the performance of the capital market is ultimately determined by prevailing socioeconomic and political conditions.

According to him, changing economic realities can either stimulate or constrain market growth, making policy consistency and macroeconomic stability essential for sustaining investor confidence.

He concluded that while the reform-driven rally in the Nigerian capital market has entered a phase of correction, the underlying fundamentals remain intact, expressing optimism that the market is well-positioned to recover gradually in the second half of 2026 as institutional investors complete their portfolio adjustments and economic reforms continue to gain traction.

, Africa’s leading payment cards and digital solutions brand, is accelerating its expansion across Africa while strengthening its global acceptance footprint through strategic partnerships with leading digital platforms, reinforcing its role as a key enabler of digital payments and financial inclusion across the continent.

Today, Verve has established a strong presence in more than 13 African countries, including Kenya, Uganda, The Gambia, Senegal, Sierra Leone, Benin Republic, the Democratic Republic of Congo, Rwanda, and several other markets across the continent. This growing reach reflects Verve’s commitment to delivering secure, convenient and innovative payment solutions that empower consumers, businesses and financial institutions while advancing financial inclusion and economic participation across Africa.

础蝉听听continue to transform economies across Africa, Verve remains focused on developing solutions that address local payment needs while supporting broader participation in the digital economy. Through collaborations with banks, fintechs, merchants and payment service providers, Verve continues to drive financial inclusion and enable seamless payment experiences for millions of consumers across the continent.

Speaking on Verve’s growth trajectory and expanding reach, Vincent Ogbunude, Managing Director, Verve International, said:

“Verve’s continued expansion across Africa reflects our commitment to building payment solutions that empower individuals, businesses and economies to thrive. Today, our presence across more than 13 African countries demonstrates the strength of our partnerships, innovation and ambition to be the preferred payment brand for Africans wherever they are.

“As digital commerce continues to evolve, we are expanding access to global opportunities through strategic partnerships with leading technology and digital platforms, while introducing innovations such as contactless payments and enhanced digital payment capabilities. Together, these efforts are enabling more seamless, secure and convenient payment experiences for consumers across Africa and beyond.”

Complementing its growing reach across Africa, Verve continues to expand its global acceptance footprint through partnerships with some of the world’s most recognised technology, e-commerce and digital service brands. Today, Verve cardholders can conveniently make payments for products, services and subscriptions on platforms including Google, Spotify, Netflix, Facebook, YouTube Premium, Adobe, AliExpress, Temu and Flywire, among others.

These partnerships are helping bridge the gap between African consumers and the global digital marketplace by providing secure and convenient access to education, entertainment, travel, e-commerce, productivity tools and business solutions from virtually anywhere in the world.

Verve’s growth strategy is underpinned by continued investment in payment innovation. Through capabilities such as contactless payments, tokenisation and digital wallet integrations, Verve isenhancing convenience, security and user experience across physical and digital channels.

As  strengthens its position across existing markets and explores new growth opportunities, the company remains committed to driving financial inclusion, accelerating digital commerce and delivering innovative payment solutions that enable consumers and businesses to participate confidently in an increasingly connected world.

With an expanding presence across Africa, growing acceptance on global digital platforms and continued investment in innovation, Verve is helping connect millions of consumers to opportunities within and beyond the continent while shaping the future of Africa’s digital payments landscape.

Kayode Tokede  

The domestic stock market opened the week on a negative note, as profit-taking in  MTN Nigeria Communications (MTNN) Plc and 44 others caused the overall capitalization to close lower by N2.34 trillion.

As  MTN Nigeria depreciated by 10 per cent,  the Nigerian Exchange Limited  All-Share Index (NGX ASI) dipped by 3,647.10 basis points, or 1.57 per cent to close at 228,401.92 basis points. Also, market capitalisation depreciated by N2.34 trillion to close at N146.565 trillion.

Sectoral performance was negative as the Insurance (-1.3per cent), Banking (-1.2per cent), Consumer Goods (-0.6per cent), Industrial Goods (-0.4per cent) and Oil and Gas (-0.1per cent) indices declined.

As measured by market breadth, market sentiment was negative, as 12 stocks gained relative to 45 losers. UPDC recorded the highest price gain of 9.23 per cent to close at N3.55, per share. Sovereign Trust Insurance followed with a gain of 4.08 per cent to close at N2.04, while Cornerstone Insurance rose by 3.45 per cent to close at N6.00, per share.

Neimeth International Pharmaceuticals appreciated by 3.03 per cent to close at N8.50, while Livestock Feeds up by 1.92 per cent to close at N7.95, per share.

On the other hand, Learn Africa, Unilever Nigeria and MTNN led the losers鈥� chart by 10 per cent each to close at N9.00, N126.00 and N747,00 respectively, per share.

Austin Laz & Company and Abbey Mortgage Bank followed with a decline of 9.94 per cent each to close at N3.17 and N7.25 respectively, while Universal Insurance lost 9.90 per cent to close at 91 kobo, per share. 

Meanwhile, the total volume traded advanced by 156.4 per cent to 996.47 million units, valued at N43.73 billion, and exchanged in 61,813 deals. Transactions in the shares of Ikeja Hotels topped the activity chart with 305.537 million shares valued at N13.214 billion. Access Holdings followed with 289.901 million shares worth N6.623 billion, while Dangote Sugar Refinery traded 29.363 million shares valued at N1.891 billion.

Chams Holding Company traded 22.012 million shares valued at N87.940 million, while Zenith Bank transacted 21.206 million shares worth N2.360 billion.

On market outlook, United Capital Plc said, 鈥渢he Nigerian equity market is expected to trade mixed in the week ahead as bargain hunting competes with continued profit-taking. Investors are likely to focus on fundamentally strong stocks, particularly in the banking, industrial and consumer goods sectors, supported by resilient corporate fundamentals ahead of H1 financials release.

Strong external reserves and relative exchange rate stability continue to support investor confidence, although elevated fixed-income yields may limit demand for equities as investors weigh returns across asset classes. Market sentiment will be influenced by movements in oil prices, exchange rate developments and corporate releases, with sector rotation expected to remain a key feature of trading.鈥�

The Supervisory Board of Heineken N.V. has announced the nomination of Rafael (Rafa) Oliveira as the company鈥檚 new Chair of the Executive Board and Chief Executive Officer. The Supervisory Board will nominate Rafa to be appointed for a period of four years, effective 1 October 2026, at an Extraordinary General Meeting of Shareholders to be held on 5 August 2026.

Rafa, it said in a statement, will join HEINEKEN from JDE Peet鈥檚 N.V., where he has served as CEO since 2024. Following Keurig Dr Pepper鈥檚 acquisition of JDE Peet鈥檚, he has been appointed to lead Keurig Dr Pepper鈥檚 planned Global Coffee Co. (annual revenue $16 billion), a new publicly traded business combining its coffee operations with JDE Peet鈥檚, underscoring his proven ability to lead complex global enterprises.

鈥淲e are delighted to welcome Rafa to HEINEKEN. He is a dynamic, visionary leader with an exceptional track record of leading global consumer businesses and delivering transformational growth. Throughout his career, Rafa has consistently transformed complex challenges into clear organisational priorities, aligning teams around what matters most, and driving disciplined execution of strategy. He combines strategic clarity with operational rigour and strong people leadership to deliver superior results. The Supervisory Board is confident that his energy and strategic acumen will accelerate the execution of the company鈥檚 EverGreen 2030 strategic agenda and create sustainable value for all our stakeholders. With Rafa at the helm, we look forward to building on HEINEKEN鈥檚 strong foundations and continuing our journey of long-term, balanced growth,鈥� the statement added.

The Nigerian Maritime Administration and Safety Agency (NIMASA), has launched the Seafarer Discharge Book Management Portal, a digital platform designed to streamline the application, verification, processing and issuance of Seafarers’ Discharge Books.

The portal was unveiled as part of activities marking the 2026 Day of the Seafarer celebration in Lagos, themed “Carrying the World Trade. Carrying the Risk,” underscoring the Agency’s commitment to improving service delivery, enhancing maritime safety standards and strengthening the global competitiveness of Nigerian seafarers through digital innovation.

Speaking at the launch, the Director General of NIMASA, Dr. Dayo Mobereola, described the platform as a significant milestone in the Agency’s digital transformation agenda.

According to him, “As we celebrate the men and women who keep global trade moving, it is imperative that we also provide them with efficient and secure systems that support their professional development.”

Dike Onwuamaeze

The Rural Electrification Agency (REA) has said that it is designing programmes, smarter power system that would scale up mini-grids and solar infrastructure to power industrial production with cleaner energy and boost manufacturing competitiveness.

This, it said, means focusing on energy for industrial clusters, markets, agricultural processing zones, technology hubs, ports, logistics corridors and commercial centres.

The Managing Directoir/Chief Executive Officer of REA, Mr. Abba Aliyu, said in his address titled, 鈥淪caling Mini-Grids and Solar Infrastructure for Industrial Production,鈥� which he delivered at the Lagos Chamber of Commerce and Industry (LCCI) 鈥淩enewable Energy Outlook Conference 2026.鈥�

The theme of the conference was, 鈥淧owering Nigeria鈥檚 Energy Transition: Policy, Investment and Industrial-Scale Deployment.鈥�

Aliyu said: 鈥淭he world is entering an age where electricity is no longer just a social service but the operating system of modern economies. The opportunity is even clearer: if Nigeria gets this transition right, we can use renewable energy not only to expand access, but to power industry, support manufacturing, create jobs, strengthen exports and position ourselves as a regional clean energy hub. This is the lens through which I want to approach today鈥檚 topic: scaling mini-grids and solar infrastructure for industrial production.鈥�

Aliyu also said that the Nigerian Electricity Regulatory Commission鈥檚 Mini-Grid Regulations 2026 has expanded the space for commercially viable distributed energy projects, with isolated mini-grids of up to 5MW and interconnected mini-grids of up to 10MW.

The Chief Innovation & Commercialisation Officer at Matna Foods Limited, a Cavista Holding Company, Dr. Tony Bello,  in  this interview with Raheem Akingbolu, stresses  that as the world鈥檚 largest producer of cassava, Nigeria possesses a strategic opportunity to transform agricultural production into industrial value creation and export competitiveness. Excerpts:

Nigeria 听is seeing renewed attention on agriculture as a driver of jobs, food security, and industrial growth. What is driving this shift, and how can it be sustained beyond rhetoric?

Several global and domestic developments have converged to place agriculture back at the center of economic and national policy discussions. The COVID-19 pandemic exposed vulnerabilities in global supply chains and reminded nations that food security is inseparable from national security. The Russia-Ukraine conflict disrupted grain, fertilizer, and energy markets across the world, while continuing geopolitical tensions in the Middle East have reinforced concerns about supply chain resilience, inflation, and economic stability. These events have fundamentally changed how governments, investors, and businesses think about agriculture.
Besides, food security is no longer viewed solely as a social issue. It is increasingly recognised as an economic, industrial, and national security imperative. Countries are realising that dependence on global markets on critical food and agricultural inputs carries risks that extend far beyond agriculture. The ability to feed a nation has become a strategic capability, much like energy security, manufacturing capacity, and technological competitiveness. Nigeria faces its own realities. Rising food inflation, youth unemployment, foreign exchange pressures, insecurity in farming communities, and increasing demand for affordable food have heightened awareness of agriculture鈥檚 strategic importance.
The encouraging development is that agriculture is no longer being discussed solely through the lens of farming. Increasing attention is being given to value chains, processing, manufacturing, logistics, exports, and industrial development. This shift is significant because agriculture creates volume, while industrialization creates value. For too long, success was measured primarily by production volumes. Today, the conversation is gradually shifting toward value creation, competitiveness, jobs, and prosperity.

Ultimately, the challenge before Nigeria is not whether agriculture matters. The challenge is whether we can transform agriculture into a sustainable engine of industrialization, job creation, and prosperity. If we succeed, agriculture will become far more than a food security strategy. It will become one of the most powerful drivers of Nigeria鈥檚 economic transformation.

Why is agriculture still central to Nigeria鈥檚 long-term economic development, despite years of policy discussions around diversification?

Agriculture remains central to Nigeria鈥檚 long-term economic development because every prosperous nation must ultimately solve three interconnected challenges: food security, economic security, and industrial security. Agriculture sits at the intersection of all three. While discussions about economic diversification have often focused on reducing dependence on oil and gas, diversification is not simply about creating new sectors. It is about building productive sectors capable of creating jobs, generating wealth, supporting industries, and improving living standards.

Agriculture is uniquely positioned to achieve these objectives, but agriculture alone is not enough. Production alone is not enough. The real objective must be industrialization. Agriculture creates volume, industrialization creates value, markets create revenue, and prosperity emerges when value and revenue are sustained over time. This distinction is critical because prosperity is not measured solely by hectares cultivated or tons harvested. Prosperity is measured by industries built, jobs created, exports expanded, incomes generated, and wealth retained within the economy.

Youth participation in agriculture remains low. What practical changes are needed to make the sector attractive, profitable, and scalable for young Nigerians?

I believe the narrative around youth participation in agriculture has evolved significantly over the past decade. While there is certainly room for improvement, it would be inaccurate to suggest that young people are absent from the sector. In many respects, the foundation for today鈥檚 youth engagement was laid during Nigeria鈥檚 Agricultural Transformation Agenda under the leadership of Dr. Akinwumi Adesina.听 One of his most memorable messages was that the future billionaires of Nigeria would emerge not from oil and gas, but from agriculture. That message helped reshape perceptions about the sector and encouraged many young Nigerians to see agriculture as an opportunity rather than a fallback option. Today, evidence of that shift is visible across the ecosystem. Institutions such as Lagos 糖心视频 School have developed agribusiness management programmes that attract entrepreneurs and professionals seeking opportunities in food and agriculture. The participants in many of these programmes are young business leaders, innovators, and investors who recognize the opportunities emerging across agricultural value chains. Platforms such as LinkedIn have also become vibrant communities where young entrepreneurs are leading conversations around value-chain development, industrialization, investment, innovation, and commercialisation. Many of the most innovative agricultural businesses in Nigeria today are youth-led. Companies and platforms such as Thrive Agric, AFEX, Tomato Jos, ReelFruit, Nuli, Halo Tractor, AER Foods, XPJ, Alana Green, and KADI Xchange demonstrate the growing influence of young entrepreneurs in transforming agricultural value chains.

Cassava is one of Nigeria鈥檚 most strategic crops. Beyond food security, what economic and industrial value does it offer?

To understand cassava鈥檚 true potential, it helps to look beyond Nigeria. Every major economic region has historically built its food security and industrial development around one or more strategic staple crops. In the United States, wheat and potatoes became platforms for food security and industrial value creation. Across Europe, potatoes and corn played similar roles. In Latin America, maize evolved from a staple crop into an industrial platform supporting food products, ingredients, animal feed, sweeteners, starches, and exports. In Asia, rice has performed a similar function. What these regions have in common is that they did not stop at food security. They transformed staple crops into engines of industrialisation, employment, exports, and economic growth.

Nigeria鈥檚 equivalent staple crop is cassava. It remains the country鈥檚 most important food-security crop and supports millions of Nigerians through products such as garri, fufu, akpu, lafun, flour, tapioca, and starch. Historically, cassava鈥檚 role was associated primarily with subsistence and food security. Today, however, cassava is increasingly emerging as a strategic industrial crop. This is where the real opportunity begins.

Nigeria leads global cassava production, yet much of its value is lost to low processing capacity. Where are the most critical gaps across the value chain, including processing ecosystems such as Matna?

This is, perhaps, 听one of the most important questions confronting Nigeria鈥檚 cassava industry today. The reality is that Nigeria has already won the production race. As the world鈥檚 largest producer of cassava, the country consistently produces more than 60 million metric tons annually. The challenge is no longer production.
The challenge is industrialisation. The challenge is transforming production into value, value into revenue, and revenue into sustainable profitability. For many years, conversations about cassava focused primarily on increasing production. Yet production alone does not create prosperity. Prosperity emerges when production is connected to processing, processing is connected to markets, and markets are connected to sustainable demand. This is where many of the gaps in the value chain remain. The industry has invested heavily in production and processing capacity but significantly less in market development, commercialisation, innovation, and ecosystem integration.

The first generation of cassava investors focused largely on processing facilities. Many of those investments struggled because feedstock security was not adequately addressed. The second generation focused on backward integration by combining farming and processing operations. This created a stronger foundation and helped improve supply security. However, much of the industry remained concentrated on producing commodities such as HQCF and native cassava starch. While these products are important, they remain largely commodity products. The greatest opportunity lies further downstream.

One of the most revealing findings from recent industry analyses is that installed processing capacity is not the primary problem. Capacity utilisation is. Across the cassava processing sector, many factories operate significantly below installed capacity.

This means that billions of naira in investments are not generating their full economic potential. Underutilised factories result in higher operating costs, lower returns on investment, and reduced competitiveness. Industrialisation becomes difficult when factories designed to run at 80 or 90 percent utilisation are operating at 20, 30, or 40 per cent.

What role are technology, mechanisation, and recent policy interventions playing in improving cassava productivity and industrial output?

Technology, mechanisation, and policy interventions are becoming increasingly important because industrialisation begins with productivity. No country can build a globally competitive cassava industry with low yields, inefficient farming practices, fragmented supply chains, and inconsistent feedstock supply. The ability to produce, aggregate, transport, process, and commercialize cassava efficiently determines whether industrialisation succeeds or fails. One of the most significant lessons we have learned is that feedstock security cannot be assumed. It must be intentionally built. This is one of the reasons Agbeyewa Farms continues to invest aggressively in large-scale cassava production. From a modest beginning, the company has expanded cultivation to more than 2,800 hectares and is targeting approximately 5,000 hectares of planted cassava. By any measure, Agbeyewa is the largest cassava farming operation in Africa and potentially among the largest integrated cassava production platforms in the world.听 While many global agricultural enterprises measure landholdings in thousands of acres, Agbeyewa鈥檚 scale is increasingly measured in thousands of hectares, reflecting the magnitude of the opportunity before Nigeria鈥檚 cassava industry.

However, scale alone is not enough. Productivity matters. This is where technology and research become critical. Agbeyewa continues to work closely with institutions such as the International Institute of Tropical Agriculture (IITA) and other research partners on varietal selection, seed quality, disease resistance, starch content, vigor, and yield improvement. The objective is not simply to plant more cassava. The objective is to plant better cassava.

This year鈥檚 theme of World Cassava Day is 鈥淔rom Cassava to Industrialisation, From Industrialization to Prosperity.鈥� What does this transformation require in practical terms?

The theme captures what I believe is the most important economic conversation Nigeria should be having today. The progression from cassava to industrialisation and from industrialisation to prosperity is neither automatic nor inevitable. It requires intentionality. It requires leadership. It requires investment. And most importantly, it requires a fundamental shift in mindset. For decades, agricultural success was often measured by production volumes alone. We celebrated hectares planted, tons harvested, and projects launched. While these remain important indicators, they do not necessarily translate into prosperity. Prosperity emerges when production is connected to value creation, when value creation is connected to markets, and when markets generate sustainable revenue and jobs. The challenge before Nigeria is therefore not simply to produce more cassava. The challenge is to create more value from cassava.

This transformation begins with a mindset shift. We must move beyond seeing cassava as merely a food-security crop and recognise it as an industrial platform. We must move beyond viewing agriculture as a development activity and embrace it as a business, manufacturing, and industrial growth opportunity. Industrialisation requires us to think differently about research, technology, investment, commercialisation, customer needs, exports, and competitiveness.

Emmanuel Addeh in Abuja

Nigerians continued to contend with elevated energy costs in May as the prices of the country’s three major fuels remained substantially higher than they were a year earlier, with diesel recording the sharpest annual increase of 86.4 per cent.

In the same vein, petrol rose by 55.31 per cent while household kerosene climbed by 36.62 per cent, the latest Price Watch reports released by the National Bureau of Statistics (NBS)  showed.

Although the three fuels exhibited varying monthly movements, the year-on-year figures suggested that households, transport operators, manufacturers and businesses are still paying significantly more for energy than they did in the corresponding period of 2025, underlining the persistence of fuel inflation across the economy.

According to the NBS data, the average retail price of Automotive Gas Oil (diesel) increased from N1,758.26 per litre in May 2025 to N3,277.47 in May 2026, representing an annual increase of 86.4 per cent, the highest among the three petroleum products tracked by the bureau. Diesel also posted the largest month-on-month increase, rising by 32.44 per cent from N2,474.69 recorded in April.

The sharp rise in diesel prices remained significant because the product is widely used by industries, commercial transport operators, manufacturers and businesses that rely on self-generated electricity, making it a key input cost across several sectors of the economy.

Petrol, the country’s most widely consumed transport fuel, also maintained a strong upward trajectory, the NBS report showed. The average retail price paid by consumers rose to N1,596.25 per litre in May from N1,027.76 in the corresponding period of last year, translating to an annual increase of 55.31 per cent. 

However, on a monthly basis, the increase was comparatively moderate at 4.13 per cent from the N1,532.93 recorded in April.

Household kerosene, which remains an important cooking fuel for many families despite the growing adoption of Liquefied Petroleum Gas (LPG), recorded the slowest annual increase among the three fuels. The average retail price stood at N2,971.94 per litre in May, up 36.62 per cent from N2,175.29 recorded a year earlier.

Although still too high for many families, unlike diesel and petrol, kerosene prices showed signs of easing on a monthly basis, with the average retail price per litre declining marginally by 0.17 per cent from N2,976.94 in April. 

But the average retail price per gallon dropped by a much steeper 10.8 per cent to N11,949.39 from N13,396.23 recorded in the previous month. Nevertheless, on a year-on-year basis, the average price per gallon was still 40.88 per cent higher than the N8,482.22 recorded in May 2025.

A 糖心视频 analysis of the three NBS reports showed that while diesel experienced the steepest annual and monthly increases, petrol prices continued to rise at a slower pace, whereas kerosene was the only fuel to record a month-on-month decline. However, all three products remained considerably more expensive than they were a year ago, underscoring the sustained pressure on household and business expenditure.

State-by-state data further highlighted wide disparities in fuel prices across the federation. For diesel, Nasarawa recorded the highest average retail price at N3,785.84 per litre, followed by Plateau at N3,576.40 and Ebonyi at N3,574.75. The lowest average prices were recorded in Kogi at N2,823.85, Benue at N2,961.33 and Kebbi at N3,016.14.

Petrol prices were highest in Edo, where consumers paid an average of N1,722.91 per litre. Bauchi followed at N1,715.47, while Benue recorded N1,698.57. At the other end of the spectrum, Adamawa posted the lowest average price at N1,469.83 per litre, followed by Katsina at N1,470.63 and Sokoto at N1,489.33.

Also, household kerosene was most expensive in Sokoto, where the average retail price reached N3,984.09 per litre. Jigawa followed with N3,824.68, while Taraba recorded N3,595.64. Bayelsa had the cheapest kerosene at N2,018.79 per litre, followed by Kogi at N2,348.81 and Ekiti at N2,511.31.

On zonal analysis, it equally reflected notable variations in fuel costs across the country. The North-west recorded the highest average diesel price at N3,313.60 per litre, while the South-west posted the lowest zonal average at N3,227.55. 

For petrol, the South-south recorded the highest average retail price at N1,623.84 per litre, while the North-west had the lowest at N1,564.11.

Similarly, the North-west emerged as the most expensive zone for household kerosene at N3,343.12 per litre, followed by the North-east at N3,004.30, while the South-south recorded the lowest zonal average of N2,777.76.

Overall, the latest NBS Price Watch reports indicated that despite differing month-on-month movements across the three major fuels, energy costs remained firmly elevated in May compared to a year earlier. 

Peter Uzoho

The federal government has said it is progressing arrangements for a second tranche of about N729 billion to settle part of the power sector鈥檚 legacy debt to Generation Companies (Gencos).

This is as the Association of Power Generation Companies (APGC), accused the government of excluding them from the design of the bond programme and forcing terms on member firms.

The Nigerian Bulk Electricity Trading Plc (NBET), confirmed the move in concurrence to an earlier disclosure by the Minister of Power, Joseph Tegbe, who had said that the second tranche would commence in July 2026.

Acting Chief Financial Officer (CFO) of NBET, Emily Yenvel, revealed the progress being made towards the second tranche of about N729 billion, in response to 糖心视频’s inquiry about the settlement.

鈥淭he federal government is progressing arrangements for the second tranche of approximately N729 billion in line with the presidential approval. The proceeds will be deployed towards eligible beneficiaries in accordance with executed Settlement Agreements and applicable transaction requirements,鈥� Yenvel told 糖心视频.听

Yenvel said the settlement is being implemented under the Presidential Power Sector Debt Reduction Programme (PPSDRP) through the Presidential Power Sector Debt Reduction Committee (PPSDRC) of which NBET is a member. 

She explained that the N501 billion Series I issuance was the first tranche of the approved programme. She added that payments under this tranche were being implemented in accordance with the approved framework, executed settlement agreements and applicable transaction requirements.

She stressed that the payments were phased, adding: 鈥淭herefore, comparing a beneficiary鈥檚 total verified legacy debt with the amount received under the first tranche does not reflect the overall programme, as verified entitlements are being settled over successive phases.鈥� 

The NBET CFO also clarified that the APGC was not part of the settlement negotiations and as it is not a contractual party to the individual Settlement Agreements.  Accordingly, she said NBET鈥檚 role was limited to implementing the executed agreements with the respective Gencos and the approved implementation framework.

In an earlier interview with 糖心视频, Chief Executive Officer of APGC, Dr Joy Ogaji had said the government shut out APGC from the negotiation and even threatened its member-companies to sign a 50 per cent 鈥榟aircut鈥�.

Ogaji stated that APGC has rejected the process, insisting it has been excluded since reconciliation ended in March 2025 and that government through the Special Adviser to the President on Energy, Olu Verheighen was unilaterally auditing invoices without the input of the Nigerian Electricity Regulatory Commission (NERC) and or the Nigerian Independent System Operator (NISO).

She said Gencos last reconciled with NBET in March 2025, when total legacy debt from 2015 to December 2024 was agreed at N4 trillion. 

鈥淲e have written severally to NBET, copied to the SA on Energy, Minister, anybody that needed to be copied, including finance, that we want our invoices reconciliation every quarter. Is that too hard to ask? If you don’t have anything to hide, why are you avoiding reconciling with somebody you are owing?鈥� Ogaji asked. 

She recounted that at a July 25, 2025 meeting with President Bola Tinubu, the president told them that he had approved a N4 trillion bond to deal with the legacy debt. But Ogaji said Gencos were kept in the dark on the structure.

鈥淎ugust, September, October, till December 2025 no news. I was still in the papers shouting, please, we need to be part of this design. You cannot be designing how to pay me behind me. How do you know that what you’re designing will be suitable for me, my lenders, and the gas suppliers? Nobody listened,鈥� she lamented.

The federal government had in December 2025, announced a N501 billion bond, structured as N300 billion cash and N200 billion in bonds.

But Ogaji described the terms as unacceptable. 鈥淪o, what they want to do is they will give the Gencos N300 billion in cash, and then N200 billion will be in bonds. So, the Gencos will have to look for where to go and sell that bond. You know what will happen. When you take a bond to the bank, they will further discount it. That’s more losses for the Gencos,鈥� she explained.

She added: 鈥淭he terms for Gencos to access that N300 billion of N501 billion is that they will give up 50 per cent of their invoice. The government calls it a haircut. The Gencos call it a head cut.

鈥淭hey started threatening Gencos. The EFCC started inviting all the Gencos every week, threatening them. In fact, some of the chairmen were threatened. Eventually, some of them signed. Up till now, some have not signed. They say they’d rather die.鈥� 

Ogaji also faulted the audit process. She maintained: 鈥淗ow can one person who doesn’t know anything about Power Purchase Agreements be the one reviewing our invoices? NERC is not involved. NISO is not involved. And just SA on Energy. She’s the one sitting in her office and cooking reconciliation and saying they have done all the audits. Let them publish the audits that reduce our invoices.鈥� 

Before the NBET latest disclosure, Minister of Power, Tegbe, had told journalists in Lagos at an industry event, that the second tranche would be issued in July 2026 and that the first N501 billion phase had been fully disbursed. 

But with sector debt to Gencos now above N6.8 trillion and rising, the power producers say phased bond payments without quarterly reconciliation, NERC/NISO oversight, and acceptable terms will not end the illiquidity choking the sector. 

Sunday Ehigiator 

Comercio Partners Limited has marked its 10th anniversary with plans to expand its operations across the financial services value chain, signalling a new phase of growth as it seeks to become a one-stop financial institution serving clients across Africa.

Speaking at the firm鈥檚 anniversary celebration held over the weekend in Lagos, Co-Founder of Commercio Partners Limited, Steve Osho, said the company鈥檚 next phase of development is aligned with its vision of empowering clients through tailored financial solutions that address their short, medium and long-term needs.

According to him, the investment banking firm, which currently operates across trading, asset management, advisory and real estate, is building additional business lines to broaden its offerings.

Reflecting on the company鈥檚 journey over the past decade, Co-Founder Tosin Osunkoya described the firm鈥檚 growth from a vision shared by three young entrepreneurs into a leading financial services institution.

He said, 鈥淲hat started as the dream of three young men has bloomed into a formidable institution. Over the last ten years, we have witnessed events that have shaped global finance and challenged businesses everywhere. Through all of this, one thing remained constant and that is opportunity.

Chairperson of the Board, Mrs. Ronke Sokefun, said the company鈥檚 next growth phase would be anchored on strong corporate governance and sound oversight to sustain the confidence of clients, regulators and shareholders.

Dun & Bradstreet (D&B), a global provider of data and analytics, has announced a collaboration with Anthropic to bring D&B risk data directly into Claude, in a move expected to reshape how enterprises handle onboarding and compliance.

According to a statement by Dun & Bradstreet, the partnership will embed Dun & Bradstreet鈥檚 Commercial Graph, a global database of business identities and risk indicators, into Claude, enabling organizations to automate due diligence workflows using AI capabilities.

Corporate onboarding has traditionally relied on manual verification and lengthy processing cycles. With this integration, financial institutions and other regulated entities will be able to automate Know Your Customer (KYC) and Know Your 糖心视频 (KYB) processes within a single interface. 

Commenting on the collaboration, Nauman Lakhani, Group Director Products at Dun & Bradstreet South Asia Middle East Africa, said, 鈥淭he value of this collaboration lies in connecting AI with trusted business context, making it usable in real-world decision environments where accuracy and confidence matter. Embedding verified data directly into workflows can help organizations strengthen governance and make decisions with greater clarity.鈥�

The system is anchored in the globally recognized D-U-N-S庐 Number, which enables consistent identification of businesses across markets. The collaboration is seen as part of a wider move towards intelligence-led workflows in enterprise operations. Dun & Bradstreet empowers organizations to make informed, data-driven decisions. With a global data network covering more than 600+ million business entities, Dun & Bradstreet is trusted worldwide for Risk, Growth, and Data Intelligence solutions.

Peter Uzoho 

The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Jennifer Adighije, has underscored the growing impact of Artificial Intelligence (AI) and Machine Learning (ML) in transforming operations across Nigeria鈥檚 power sector, particularly within NDPHC鈥檚 generation assets.

Speaking during an engagement with the Nigerian Economic Summit Group (NESG), Adighije explained that the integration of advanced digital technologies is significantly improving efficiency, reliability, and performance across the company鈥檚 power plants.

According to Adighije, NDPHC has adopted AI-powered predictive maintenance systems that enable engineers and plant operators to detect potential equipment failures before they occur. 

She said this proactive approach allows the company to prevent unexpected breakdowns, reduce forced outages, and minimize maintenance-related costs.

She noted that the deployment of AI tools marks a major shift in operational strategy, moving from traditional maintenance models to more intelligent, data-driven systems capable of improving decision-making in real time.

鈥淲e have moved beyond preventive maintenance to predictive maintenance,鈥� Adighije said.

She explained that unlike preventive maintenance, which relies on scheduled servicing regardless of equipment condition, predictive maintenance uses real-time data analytics, machine learning algorithms, and sensor-based monitoring to assess equipment health and forecast faults with greater precision.

She maintained that his technological transition was particularly significant for NDPHC鈥檚 fleet of gas-fired turbines and associated balance-of-plant systems, where equipment reliability directly impacts plant output and grid stability. 

Oluchi Chibuzor and Jessica Erobomhan

The global average gross agricultural income per worker is projected to increase by 9 per cent by 2035, driven by productivity gains and broadly stable agricultural prices.

This is according to a new report released today by the Food and Agriculture Organisation of the United Nations (FAO) and the Organisation for Economic Co-operation and Development (OECD).

The report projected that global cereal (grain) production will increase steadily, reaching a record 3.22 billion tonnes by 2035.

The growth, according the report, will be driven mainly by yield improvements of 0.9 per cent annually, while the land area under cereal cultivation is expected to expand by just 0.1 per cent annually, less than half the rate recorded during the previous decade.

However, the report estimates that if the frequency of shocks observed in recent years continues, there is a 25 percent probability that agricultural incomes in 2035 will be lower than current levels.

The report released yesterday, titled, 鈥極ECD-FAO Agricultural Outlook 2026-2035鈥�, warned that short term risks are also significant, as recent energy price hikes and resulting reductions in fertiliser use are likely to affect agricultural production in 2027.

It also warned that while high-income countries will likely be able to absorb these shocks, low-income countries face deteriorating food security.
Speaking on the report, the FAO Director-General QU Dongyu said to sustain productivity growth in agrifood systems, 鈥渨e must strengthen their resilience. Resilience is not about surviving the last shock; it is about preparing for the next one.

鈥淏y investing today in diversified trade corridors, regional reserves of critical agricultural inputs, resilient infrastructure, and a more diversified energy mix across agrifood systems that reduces dependence on oil, we can transform vulnerability into preparedness and ensure that temporary disruptions do not become food security crises.鈥�

Peter Uzoho 

Ikeja Electric has announced the appointment of Mrs Ogochukwu Onyelucheya as its Acting Chief Executive Officer, effective 1 July 2026, as the company strengthens its leadership to accelerate growth, innovation, and service excellence across the power sector value chain.

The utility firm announced this in a statement signed by its Head, Corporate Communications, Kingsley Okotie.

The appointment follows the transition of Mrs Folake Soetan, who has served as Chief Executive Officer since 2020 and will be taking on broader strategic responsibilities across the energy sector. 

Commenting on the development, Chairman of Ikeja Electric, Mr. Kola Adesina, praised Soetan鈥檚 transformational leadership and enduring impact on the organisation.

鈥淔olake has been instrumental in transforming Ikeja Electric into a more resilient, customer-focused, and performance-driven organisation. Her leadership reflects the very essence of innovation, resilience, and impact,” Adesina said.

Reflecting on her time as CEO, Soetan said: 鈥淚t has been an honour to lead Ikeja Electric and work alongside a team committed to delivering value to customers and communities. As I take on this new role across Sahara鈥檚 Power and Upstream businesses, I look forward to supporting the Group鈥檚 vision of delivering sustainable, inclusive, and impactful energy solutions across Africa.鈥�

Speaking on her appointment, Onyelucheya expressed gratitude for the opportunity and reaffirmed her commitment to the company鈥檚 mission.

鈥淭aking on the responsibility of building on the strong foundation at Ikeja Electric is a privilege for the incredible IE team and me. Our focus remains on delivering improved service, deepening customer trust, and driving sustainable performance as we continue to create value for all stakeholders,” she stated.