Nigeria's insurance industry delivered a mixed but largely resilient performance in the first half of the year as stronger insurers posted solid earnings despite inflation, foreign exchange losses and rising operating costs, while weaker operators raced to meet the recapitalisation deadline under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The financial results suggest the …
The Centre for the Promotion of Private Enterprise (CPPE) has called for a major overhaul of Nigeria's development finance framework, warning that the country's manufacturing, agriculture, agribusiness, micro, small and medium-sized enterprises (MSMEs) and export-oriented businesses are facing a financing gap of more than ₦50 trillion. In a policy brief issued on Sunday, August 2, …
The Central Bank of Nigeria (CBN) spent much of 2025 battling rising fraud, growing consumer complaints, weak financial institutions and regulatory breaches, even as it intensified supervision across the financial system. Pinnacle Daily analysis of the CBN 2025 Annual Report shows that while Nigeria's banking sector remained stable overall, several areas of the financial system …
Nigeria's foreign exchange market recorded its highest weekly turnover this year; however, a new analysis has warned that the milestone may reflect temporary, large transactions rather than lasting improvements in market liquidity and stability. According to an editorial released by the Alliance for Economic Research and Ethics, total spot and derivatives turnover reached $4.375 billion …
President Bola Tinubu has ended nearly a decade of regulatory guesswork over how Nigeria polices its cryptocurrency market, signing an executive order that hands coordinated oversight to a new council chaired by the Central Bank of Nigeria. The Presidential Executive Order on Virtual Assets Coordination, 2026, took effect immediately upon signing on 17 July. It …
Femi Otedola has significantly increased his stake in First HoldCo Plc after an insider-related company acquired 706.13 million ordinary shares worth about ₦77.6 billion. The new purchase reinforces his position as one of the lender's largest shareholders just days after the company posted record half-year earnings. A regulatory filing by First HoldCo on July 22, …
Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
The Central Bank of Nigeria (CBN) on Monday confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), contradicting an earlier claim by the Accountant-General of the Federation that no such accounts existed. The disclosure was made during a public hearing by the House of Representatives Ad-hoc …
Retirees under Nigeria's Social Insurance Trust Fund scheme have received their first pension increase in 21 years, with the National Pension Commission (PenCom) confirming that monthly payments for some beneficiaries have risen more than elevenfold — from N18,000 to N206,000. PenCom Director-General Ms Omolola Oloworaran disclosed the figures while reviewing the Commission's recent reforms, describing …
Although Nigeria has concluded one of the largest banking recapitalisation exercises in its history, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso says the real work has only just begun. Speaking at the BusinessDay 14th Annual CEO Forum in Lagos on Thursday, Cardoso argued that recapitalisation was never simply about raising fresh capital. Rather, he …
