Nigeria's economy is expected to maintain steady growth through 2027 as recent reforms continue to strengthen macroeconomic stability, according to the International Monetary Fund (IMF). The Bretton Woods Institution, however, warned that rising food and energy costs, worsening poverty, election-related pressures and weak participation in the global artificial intelligence (AI) boom could threaten the country's …
The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and that violators risk sanctions. The apex bank issued the warning in a statement released on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali. Its warning follows reports …
Dangote Cement Plc has secured an upgrade to its long-term credit rating from AA to AA+ following its strong financial performance in 2025. DataPro announced the upgrade in a statement released on Tuesday, citing Dangote Cement's resilient earnings, solid financial position and market leadership despite challenging economic conditions. While affirming the cement manufacturer's short-term rating …
Emerald HoldCo B.V. has moved to consolidate its ownership of Beta Glass Plc by launching a mandatory takeover offer to acquire up to 11.74 million ordinary shares at ₦590.94 per share after securing an indirect controlling stake in the glass manufacturer. Beta Glass disclosed the development in a notice to the Nigerian Exchange Limited (NGX) …
The Alliance for Economic Research and Ethics has called on the Central Bank of Nigeria (CBN) to urgently clear the outstanding $2.4 billion foreign exchange forward contract backlog owed to manufacturers. The group stressed that the unresolved obligations are undermining confidence, weakening industrial growth, and threatening the country's economic transformation. It made the call in …
Changes in industry conditions can alter a company's credit rating long before the impact appears in its financial statements. DataPro, a leading compliance, corporate governance, and fraud risk management consulting firm in Nigeria, said this in its July Rating Brief. According to the firm, credit assessments go beyond historical financial performance by evaluating how industry …
Oando Plc ended 2025 with a ₦204.81 billion profit, but beneath the headline earnings lies a company grappling with mounting debt, a severe liquidity squeeze, negative shareholders' funds, and regulatory compliance issues that have raised questions about its financial resilience. The oil and gas group's audited financial statements for the year ended December 31, 2025, …
Tony Elumelu has resigned as the group chairman from the board of directors of the United Bank for Africa (UBA) Plc. The bank disclosed this in a statement on Monday, noting that its Board of Directors, at a meeting held on July 6, accepted Elumelu's retirement letter. It said the board had appointed Non-Executive Director …
The revocation of the licenses of 46 microfinance banks by the Central Bank of Nigeria (CBN) could significantly disrupt access to financial services for rural communities, women, and small businesses. A senior Shariah analyst, Imam Nma Shuaib, raised the concern, lamenting that the decision would significantly affect Kano State unless urgent measures are taken to …
The Office of the Accountant-General of the Federation (OAGF) has said the controversial Presidential Foreign Intervention Promotion Council (PFIPC) has neither an operational account with the Central Bank of Nigeria (CBN) nor received any public funds, despite being listed with a ₦1.3 billion allocation in the 2026 appropriation act. The clarification comes amid growing concern …
