The Central Bank of Nigeria (CBN) has intensified verification of fresh capital raised by banks as the final month of the sector’s recapitalisation programme begins, with funds from about 13 lenders currently undergoing scrutiny ahead of the March 31 deadline. Regulators say the verification process is the last major step before the newly raised equity can be formally approved and added to banks’ capital bases, concluding one of the most ambitious financial sector reforms in recent years. The two-year recapitalisation window announced in 2023 will close at the end of March. Industry data indicates that banks are expected to raise…
Author: Abdoulaye Kay
Nigeria has long discussed export diversification. From policy documents to economic recovery plans, the ambition to reduce dependence on crude oil and grow non-oil exports has been repeated for decades. Yet, execution gaps persist. The United Kingdom’s Developing Countries Trading Scheme (DCTS), introduced in 2023, offers Nigeria a real and operational opportunity to strengthen non-oil exports into a major OECD market. It provides reduced or zero import duties across thousands of tariff lines for eligible developing countries. In 2025, the UK announced improvements to its Rules of Origin framework, which came into force in 2026, simplifying certain product qualification pathways (UK…
Adamawa state governor, Ahmadu Fintiri, has thrown his weight behind the principle of rotational presidency ahead of the 2027 general elections, declaring that no northerner should join the race. Fintiri, who recently defected from the Peoples Democratic Party to the All Progressives Congress, made the remarks on Tuesday during an appearance on ChannelsTV’s Sunrise Daily. While acknowledging that the constitution permits any qualified Nigerian to contest for political office, the governor argued that, in the interest of fairness and national unity, the presidency should remain in the South for a full eight-year cycle. “There is no business of anybody in…
Adamu Abubakar, son of former Vice President Atiku Abubakar, has resigned as Commissioner for Works and Energy Development in Adamawa State. In a resignation letter dated March 2, 2026, Adamu said his decision followed “deep personal reflection and careful consideration.” “The Honourable Commissioner for Works and Energy Development, Adamawa State, Adamu Atiku Abubakar, has formally resigned from his position after serving two successful terms in office,” the letter stated. He expressed gratitude to Governor Umaru Fintiri for the opportunity to serve. “I remain profoundly grateful for the confidence and trust Your Excellency reposed in me throughout my tenure. Your support…
The continental footprint of the All Africa Music Awards (AFRIMA) may soon extend deeper into North Africa, following formal interest from Algeria. The development reflects the awards’ growing influence as a unifying platform for Africa’s music industry and a driver of cross-regional creative collaboration. The development followed a meeting in Abidjan between Algeria’s Ambassador to Côte d’Ivoire, His Excellency Mohamed Abdelaziz Bouguetaia, and the 9th AFRIMA Best African DJ winner, DJ Moh Green. The award-winning DJ, accompanied by AFRIMA Associate Producer Victoria Nkong, presented his AFRIMA trophy to the ambassador during the visit. Algeria’s expression of interest comes shortly after…
The Federal Government has approved the release of ₦48 billion to 12 selected universities to strengthen engineering education and infrastructure across the country. Minister of Education, Dr. Tunji Alausa, announced the intervention on Monday during the inauguration of the Implementation Committee on Tertiary Education Trust Fund (TETFund) Special High-Impact Intervention Projects in Abuja. Under the initiative, each beneficiary institution will receive ₦4 billion to upgrade existing engineering facilities or construct new workshops and laboratories where required. The universities selected for the intervention are: Alausa explained that the high-impact projects are designed to reposition engineering faculties to meet modern standards, enhance…
The Dangote Petroleum Refinery and Petrochemicals has inducted 330 graduate engineers as part of its ongoing drive to strengthen local content and build a high-performance technical workforce. The engineers, drawn from leading tertiary institutions across Nigeria, were formally admitted into the refinery’s technical cadre during a ceremony held at the company’s sprawling complex. The induction marks a significant step in the refinery’s capacity-building strategy, aimed at expanding Nigeria’s engineering talent pool and sustaining operational excellence across its integrated energy infrastructure. Chief Executive Officer of the refinery, David Bird, described the event as a strategic milestone in developing homegrown expertise to…
President of the Dangote Group, Aliko Dangote, has unveiled plans to expand into steel production, electricity generation and port development as part of a broader strategy to accelerate industrialisation across Africa. Dangote, whose conglomerate spans cement, sugar, salt, fertiliser and petrochemicals, said his long-term vision is to deepen Africa’s manufacturing base beyond oil refining and position the continent as a global industrial force. His latest flagship project, the Dangote Petroleum Refinery & Petrochemicals, is now operational, producing about 650,000 barrels of refined products daily. He said output is expected to double within the next three years as expansion plans progress.…
Nigeria’s net foreign exchange reserves rose sharply to $34.80 billion at the end of 2025, reflecting a significant strengthening of the country’s external liquidity position, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed. In a statement issued on Monday, the apex bank said net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion by December 2025 — an $11.69 billion rise within one year. The figure also marks a substantial rebound from $3.99 billion recorded at the end of 2023, signalling what the CBN described as a marked improvement in reserve quality over…
The Defence Headquarters (DHQ) has reassured Nigerians that ongoing military cooperation with the United States does not in any way threaten the country’s sovereignty, stressing that the partnership is strictly focused on strengthening Nigeria’s counter-terrorism and anti-insurgency operations. Military authorities said on Friday that the support from the U.S. government is advisory and capacity-building in scope, with no financial implications for the Federal Government. The clarification follows the recent announcement by the DHQ of the arrival of about 100 U.S. military personnel and related equipment on February 17 to support Nigeria’s anti-terror operations. In an earlier statement, the Director of…