The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Company (KAEDC) and assumed direct regulatory control of the utility over persistent financial, operational and regulatory failures. The intervention, contained in Order No. NERC/2026/086 issued on Monday, took effect on August 10, 2026, following an inquiry and consultations with key stakeholders, including the Bureau of Public Enterprises (BPE). NERC appointed KAEDC’s Managing Director/Chief Executive Officer, Dr Abubakar Umar Hashidu, as administrator for an initial six-month period. The Commission said the DisCo had reached a “grave situation” characterised by prolonged defaults in its market obligations, inadequate investment,…
Author: Abdoulaye Kay
The naira remained broadly stable against the US dollar, closing around N1,367/$ as sustained interventions by the Central Bank of Nigeria (CBN) helped contain pressure on the local currency. The naira opened the final trading day of the week at about N1,366.5/$, reflecting relatively narrow movements in the official foreign exchange market. Market conditions have increasingly favoured the naira, with stronger dollar supply, local bank sales and continued CBN intervention helping to limit volatility. The CBN has maintained an active presence in the FX market, including dollar sales to Bureau de Change operators and other authorised dealers, as part of…
The Central Bank of Nigeria’s foreign exchange reforms are beginning to reach consumers, with commercial banks expanding international spending limits on naira-denominated cards as dollar liquidity improves. Guaranty Trust Bank (GTBank) has raised the quarterly international spending limit on its naira cards to $20,000, up sharply from the $6,000 ceiling introduced in November 2025 and the $1,000 limit announced in July 2025. The higher threshold gives eligible customers greater capacity to pay for international transactions, including airline tickets, hotel bookings, tuition and purchases of goods and services abroad. The development points to improving liquidity in Nigeria’s foreign exchange market and…
Nigerians earning between N150,001 and N250,000 monthly recorded the highest perception of inflation among household income groups in July, according to the Central Bank of Nigeria (CBN). The finding is contained in the apex bank’s July 2026 Inflation Expectation Survey, which examined households’ and businesses’ perceptions of price pressures and their expectations for the months ahead. The survey showed that 71 per cent of households within the N150,001–N250,000 income bracket perceived inflation at a high level during the month. ALSO READ CBN: Multiple taxation still top business headache despite tax reforms In contrast, households earning between N350,001 and N450,000 recorded…
Multiple taxation remains the biggest constraint facing Nigerian businesses despite the Federal Government’s sweeping tax reforms, a new Central Bank of Nigeria (CBN) survey has revealed. The CBN’s July 2026 Business Expectations Survey showed that 70.8 per cent of businesses identified high and multiple taxation as their most pressing challenge. Insecurity ranked second with 69.7 points, while high interest rates followed at 66.3 points. Other major constraints identified by businesses included an unfavourable political climate, 62.2 points; high bank charges, 62.0 points; competition, 61.1 points; unclear economic laws, 58.4 points; financial constraints, 56.6 points; and poor infrastructure, 55.1 points. (Nairametrics)…
The De Renaissance Patriots Foundation has called for indigenous communities in Lagos State to enjoy lasting economic benefits from major industrial investments, including the Dangote Petroleum Refinery, Summit Oil’s exploration activities in Badagry and other large-scale developments across the state. The socio-cultural organisation said the presence of such investments should translate into sustainable employment, improved infrastructure, quality education, healthcare and other long-term economic opportunities for host communities rather than leaving indigenous residents to contend with unemployment, inadequate social services and economic hardship. In an open letter dated Thursday, August 6, 2026, jointly signed by its President, Mr. Miftah Bolaji Are,…
The Osun State Government has dismissed allegations by the Economic and Financial Crimes Commission (EFCC) that about ₦11 billion in public funds was being diverted, insisting that no money was looted and describing the anti-graft agency’s actions as politically motivated. The state’s response comes amid the controversy triggered by the EFCC’s decision to freeze Osun Government bank accounts over an alleged ₦11 billion fraud investigation, a move that President Bola Tinubu has since reversed by directing the commission to immediately unfreeze the accounts. In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the…
Demand for loans by businesses and households increased in the second quarter of 2026 as Nigerian banks expanded credit access while recording an improvement in loan repayment, according to the latest Credit Conditions Survey released by the Central Bank of Nigeria (CBN). The survey indicated that lenders eased credit conditions across major lending segments, leading to stronger demand for corporate and secured loans and higher approval rates during the quarter. According to the report, credit availability improved for secured lending, corporate lending and unsecured lending, reflecting banks’ growing willingness to extend financing as confidence in the economy strengthened. The CBN…
The Nigerian naira maintained its stability against the British pound in the foreign exchange market, closing at N1,837 per pound sterling as renewed strength in the U.S. dollar continued to weigh on the British currency in global markets. Market data showed the local currency remained largely unchanged against the pound despite heightened volatility in international currency markets, where investors shifted towards the dollar following stronger-than-expected U.S. economic indicators. Analysts said the pound has come under pressure as expectations of prolonged higher U.S. interest rates continue to support the dollar, reducing demand for sterling. The development has helped keep the naira…
President Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately lift the freeze placed on the Osun State Government’s bank account, following widespread criticism and growing political tension ahead of the state’s governorship election. The presidential directive comes barely a day after the anti-graft agency froze the state’s account over an ongoing investigation into the alleged diversion of about N11 billion in public funds. The move had sparked sharp reactions from the Osun State Government, which accused the commission of attempting to cripple governance and influence the political climate ahead of the August 15 governorship…