The Nigerian Exchange Group Plc (NGX Group) recorded ₦912.06 million in other operating income in the nine months ended September 30, 2026, which rose 42.1 per cent from ₦641.86 million a year earlier. The increase represents an additional ₦270.20 million in income from the combined category, comprising NGX Group's penalties with market development income, X-Academy …
First HoldCo Plc had about 80 per cent of its cash and central bank balances locked up as mandatory reserves as of September 30, 2026, limiting funds available for lending and daily operations even as the group expanded its deposits and raised fresh capital. The group’s Q3 2026 financial statements show that it held ₦5.65 …
African countries pay more to borrow than comparable economies in other regions, and the way their risks are assessed is a major reason, the Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Baba Musa, has said. Speaking at a panel on the Debt Sustainability Framework, credit ratings and Africa’s risk premium, …
Shelter Afrique Development Bank (ShafDB) and Vista Group Holding SA (VGH SA) have signed a Memorandum of Understanding (MoU) to channel more long-term capital into affordable housing across West Africa, the two institutions said. The agreement was signed on the sidelines of the IMF-World Bank Group Annual Meetings. Under its terms, the two lenders will …
Deutsche Bank AG has added Nigeria to its frontier foreign exchange monitor, forecasting further appreciation of the naira but warning that rising government borrowing could threaten the currency’s gains. According to Bloomberg, the German lender said in a client note on Monday that the naira remained undervalued, supported by attractive returns on naira investments and …
The Securities and Exchange Commission (SEC) is targeting a ₦750 trillion Nigerian capital market by 2036, up from about ₦250 trillion, under a 10-year plan to expand investment, mobilise domestic savings and provide long-term financing for economic development. Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 at the National Capital Market …
The Alliance for Economic Research and Ethics has challenged Mustafa Chike-Obi’s claim that Nigeria loses more than $10 billion annually from maintaining its foreign reserves, arguing that the calculation does not establish the actual cost of holding the country’s external assets. In a policy essay issued on October 18, the Alliance’s chairman, Dele Kelvin Oye, …
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said Nigeria will pursue improved cross-border payment arrangements with China during a planned visit to Beijing, as both countries seek to deepen financial cooperation and facilitate bilateral trade and investment. Cardoso disclosed this at a briefing following Nigeria’s participation in the 2026 Annual Meetings of …
Former chairman of Fidelity Bank, Mustafa Chike-Obi, has said maintaining Nigeria’s $52 billion to $53 billion foreign reserves does not translate into better living standards for Nigerians and, in fact, costs the country more than $10 billion annually. Chike-Obi disclosed this while taking questions at an episode of Policy Without Politics, a podcast he hosts …
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the federal government will not restore petrol subsidy or return to a multiple exchange rate system, despite rising fuel prices and calls for policy changes. Oyedele spoke on Saturday at a press briefing to debrief a Nigerian journalist on the sidelines of …
