The Senate has confirmed the appointment of Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). Yuguda’s confirmation followed a nomination by President Bola Tinubu, who forwarded his name to the Senate on July 9, 2026, in line with the provisions of the AMCON Act. The Senate Committee on Banking, Insurance and Other Financial Institutions had earlier screened Yuguda and cleared him for the position. During the screening, lawmakers described the nominee as eminently qualified, noting his previous experience and appointments to key positions in Nigeria’s financial sector. The committee subsequently allowed him to…
Author: Abdoulaye Kay
Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed a private equity placement that raised approximately $2.5 billion in new equity, in what the company described as a landmark transaction. The capital raise is believed to be Africa’s largest publicly disclosed primary equity private placement and marks the first equity funding round involving external investors beyond the company’s legacy shareholder base. According to a statement issued by the company, the transaction reflects strong investor confidence in the refinery’s long-term growth strategy, operational performance and prospects as a major energy and industrial enterprise. The proceeds will be used to support the…
The Central Bank of Nigeria (CBN) has disclosed that the country’s broad money supply (M3) rose to ₦133.25 trillion in June 2026, up from ₦129.21 trillion in May. This represents a month-on-month increase of ₦4.04 trillion (3.11%), even as the apex bank maintained its benchmark interest rate at 26.5% during the 305th Monetary Policy Committee (MPC) meeting held May 19–20. The latest money and credit statistics, released Wednesday, also show that M2—comprising narrow money (M1), quasi-money, demand deposits, and currency outside banks—increased to ₦133.24 trillion in June from ₦129.20 trillion the previous month. Year-on-year, the money supply grew by ₦16…
Latest monetary data from the Central Bank of Nigeria (CBN) have shown that credit extended to Nigeria’s private sector rose to N83.26 trillion in June 2026, up from N81.04 trillion recorded in May. The latest data also come amid a broader expansion in money supply, with Nigeria’s broad money supply rising to N133.25 trillion in June from N129.21 trillion in May. The increase represents a month-on-month rise of about N2.22 trillion, or 2.74 per cent, signalling stronger lending activity to businesses and other private-sector borrowers despite the prevailing tight monetary policy environment. On a year-on-year basis, private-sector credit increased by…
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has attributed the apparent scarcity of N100 and N200 banknotes to the growing adoption of digital payment channels and the declining purchasing power of lower-denomination naira notes. Cardoso clarified on Tuesday in Abuja while speaking to journalists after the 306th meeting of the Monetary Policy Committee (MPC), stressing that the affected denominations remain legal tender and have not been withdrawn from circulation. He urged Nigerians to continue accepting the notes, saying the CBN had not announced the withdrawal of any naira denomination. According to the governor, the reduced circulation of lower-value…
The Nigerian naira strengthened against the British pound on Wednesday, extending recent gains as the Central Bank of Nigeria (CBN) maintained a hawkish monetary policy stance aimed at containing inflation and supporting stability in the foreign exchange market. The pound was quoted at about ₦1,849 per £1, compared with ₦1,855 recorded in the previous trading session, indicating a modest appreciation by the naira against the British currency. The latest movement comes after the naira had weakened against the pound in mid-July, when the sterling traded around ₦1,855 in the official foreign exchange market. Market watchers attributed the latest improvement partly…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the Bank’s commitment to maintaining macroeconomic stability through coordinated and data-driven monetary policy. Cardoso made the assertion while briefing journalists on the outcome of the 306th Monetary Policy Committee (MPC) meeting, where the Committee noted that the Nigerian economy remained on a resilient growth path despite heightened global uncertainties and renewed geopolitical tensions. The MPC projected that economic output growth would remain strong in 2026, supported by improved crude oil production, expansionary Purchasing Managers’ Index (PMI) readings and the positive impact of ongoing economic reforms. The Committee…
The House of Representatives has commenced clause-by-clause consideration of President Bola Ahmed Tinubu’s executive bill seeking to establish state police, signalling a move towards aligning the proposed legislation with the version already passed by the Senate. The Deputy Speaker of the House and Chairman of the House Committee on Constitution Review, Benjamin Kalu, disclosed this on Monday during a meeting of the committee. Kalu said the committee would use the Senate-passed version as its working document, noting that the executive bill was substantially similar to previous versions considered by the National Assembly and was unlikely to require major changes. “The…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent. Similarly, the Standing Facilities Corridor was retained at +50 / -450 basis points around the MPR, and the Cash Reserve Ratio (CRR) was retained at 45% for Deposit Money Banks, 16% for Merchant Banks, and 75% for non-TSA public sector deposits. The decision was announced at the end of the MPC’s 306th meeting, held in Abuja on July 20-21, 2026. All 11 members of the committee attended the two-day meeting, where they…
A retired Deputy Inspector-General of Police, Mohammed Usaini Gumel, has urged Nigerians to support the establishment of state police, arguing that fears rooted in the country’s past should not prevent reforms needed to address today’s security challenges. In an article titled “State Police: Why Nigeria Should Not Be Held Back by Fear,” Gumel, who is also an expert in community policing, acknowledged concerns that decentralised policing could be abused by political leaders or undermine national unity. He, however, maintained that Nigeria’s democratic institutions have become significantly stronger than they were when regional police systems were abolished decades ago. According to…