Cash held outside Nigeria’s banking system rose to N4.87 trillion in August 2026, reversing a three-month decline, latest Central Bank of Nigeria (CBN) data show. Currency outside banks increased by N70.9 billion, or 1.48%, from N4.80 trillion in July to N4.87 trillion in August. The August increase followed three consecutive monthly declines, during which cash outside banks fell from N5.19 trillion in May to N4.92 trillion in June and N4.80 trillion in July — a cumulative drop of about N391.8 billion. Despite the latest increase, the August figure remained N381.3 billion below the N5.25 trillion recorded in January. On a…
Author: Abdoulaye Kay
The Vice President, Oil and Gas, Dangote Industries Limited, Mr. Edwin Devakumar, has assured that the prospective investors in the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery have a rare opportunity to participate in one of Africa’s most strategic and transformative industrial enterprises, adding that investors stand to enjoy significant value appreciation and attractive returns over the long term. Mr. Devakumar stated that the refinery’s strong operational performance, growing market share, robust demand outlook, and strategic position within Africa’s energy value chain make it a compelling investment proposition for institutional and retail investors alike. According to him,…
US President Donald Trump has announced an immediate ban on CNN, MS NOW and Politico from the White House, accusing the three media organisations of publishing what he described as “fake news.” Trump announced the decision on Friday through his Truth Social account, saying the outlets had repeatedly reported what he characterised as “fiction and lies” about his administration and the United States. He also warned that other media organisations could face similar restrictions. The president later told reporters in the Oval Office that the decision was not triggered by a specific report or incident, but was based on what…
The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance have formalised a new framework for closer fiscal and monetary policy coordination as the Federal Government intensifies efforts to strengthen macroeconomic stability. The two institutions signed a Memorandum of Understanding (MoU) on Fiscal-Monetary Policy Coordination, providing a structured platform for information sharing and policy alignment on inflation, economic growth, government revenue, liquidity, public financing and exchange rate management. The agreement is expected to improve coordination between fiscal and monetary authorities while preserving the operational independence of the CBN. CBN Governor, Olayemi Cardoso, said the framework would reinforce the…
Dangote Petroleum Refinery and Petrochemicals Limited is targeting a doubling of its refining capacity to 1.4 million barrels per day (bpd) by 2029, with plans to also double its workforce. The company’s Group Vice President, Oil and Gas and Fertiliser, Devakumar Edwin, disclosed this during a tour of the refinery in Lagos on Friday. He said basic engineering for the expansion had been completed, while most of the detailed engineering work had also been concluded. Edwin said most of the required equipment had been ordered, while major contracts had been signed and advance payments made to contractors. He added that…
The National Assembly (NASS) has transmitted the Constitution Alteration Bill seeking the establishment of State Police Services to the 36 State Houses of Assembly for consideration and approval. The Clerk to the NASS, Kamoru Ogunlana, disclosed that the bill was transmitted to the state legislatures on Wednesday, September 16, 2026. According to Ogunlana, NASS expects the State Houses of Assembly to consider the proposed constitutional amendment and communicate their resolutions within 30 days of receiving the bill. He, however, clarified that the 30-day period is an administrative timeframe and not a constitutional deadline, as the Constitution does not prescribe a…
Biochar Industrial Group (BIG), a climate technology company developing industrial-scale carbon removal solutions for Sub-Saharan Africa, has raised $1.5 million in pre-seed funding to expand its Biochar-as-a-Service model. The funding will support the company’s partnerships with food-processing factories to convert agricultural waste into biochar and carbon removal credits, while creating additional revenue streams for African agribusinesses. BREEGA led the funding round, with participation from the Catalyst Fund, while Mulago Foundation provided non-dilutive funding. BIG operates across three interconnected challenges facing Africa: carbon emissions, industrial waste and soil degradation. The company estimates that Africa generates about one billion tonnes of non-edible…
The naira’s sharp depreciation between 2023 and 2024 significantly increased the contribution of foreign subsidiaries to the earnings and asset bases of Nigerian banking groups, Fitch Ratings has said. The rating agency disclosed this in a report titled African Banking Groups’ Cross-Border Expansion to Continue, published on September 14, 2026. The report examined 14 African banking groups operating in at least five African countries, with combined assets of more than $15 billion as of December 2025. Four Nigerian banks—Access Bank Plc, United Bank for Africa Plc, Zenith Bank Plc and First HoldCo Plc—were included in the assessment. UBA leads foreign…
A Federal High Court in Abuja has sentenced a 38-year-old South African woman, Will Jessica Ann, to 25 years in prison for importing 5.75 kilogrammes of heroin into Nigeria. Justice Obiora Egwuatu handed down the sentence on Thursday after Ann pleaded guilty to charges of conspiracy and unlawful importation of the illicit drug. Ann was arrested on July 6, 2026, during the inward clearance of passengers on Qatar Airways Flight QR1433 from Doha at the Nnamdi Azikiwe International Airport, Abuja. The National Drug Law Enforcement Agency (NDLEA) said its operatives recovered 14 large blocks of heroin weighing 5.75kg from two…
Nigeria’s gross foreign exchange reserves climbed by $12.76 billion in one year, reaching $54.61 billion as of September 14, 2026, according to data from the Central Bank of Nigeria (CBN). Nairametrics analysis of CBN data shows that the reserves increased by 30.5% from $41.84 billion recorded on September 15, 2025, reflecting sustained accumulation over the past year. The reserves also recorded further growth in September, rising by approximately $707.75 million between September 1 and September 14, from $53.90 billion to $54.61 billion. The latest increase continues the upward trend recorded since the middle of the year. Nigeria’s reserves stood at…