The African Union Commission (AUC) and the African Tax Administration Forum (ATAF) are moving to deepen cooperation on tax policy and administration This comes as African countries seek to strengthen domestic revenue mobilisation and reduce leakages from cross-border tax activities. The two institutions reaffirmed their commitment during a meeting between an ATAF delegation led by …
The World Bank has challenged Nigerian banks to unlock the full economic value of the ₦4.65 trillion raised in the recently concluded recapitalisation exercise, warning that the fresh capital must reach businesses that can create jobs and expand production. World Bank Country Director for Nigeria, Matthew Verghis, said the banking sector was now stronger and …
The Central Bank of Nigeria (CBN) has elevated terrorism financing controls to a current supervisory priority. The move signals a tighter scrutiny of banks and other financial institutions as the regulator steps up efforts to prevent the financial system from being used by illicit actors. It hinted at this in a circular issued on Tuesday …
The Securities and Exchange Commission (SEC) has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the company to offer 4.1 billion ordinary shares at ₦525 each in a transaction that could raise about ₦2.15 trillion if fully subscribed. The approval, which also covers the registration of the refinery’s existing 120.13 …
Mauritius Commercial Bank (MCB) Limited has structured and delivered a $51 million medium-term loan facility to Tolaram, partly refinancing an existing short-term loan linked to the multinational group's acquisition of Guinness Nigeria Plc. The financing will allow Singapore-headquartered Tolaram to replace part of its short-term funding with longer-term financing better aligned with its growth plans, …
The Central Securities Clearing System Plc (CSCS) has cut selected fees and scrapped others in a fresh move to reduce transaction costs, deepen retail investor participation and improve liquidity in Nigeria’s capital market. The revised pricing framework, announced on Wednesday, halves lien fees for retail investors, removes charges for qualifying securities transfers between immediate family …
Former Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Osayande Obazee, has accused the Central Bank of Nigeria (CBN) of engaging in what he described as deceptive accounting, fraudulent financial reporting, weak corporate governance and possible earnings management in its 2025 financial statements. Obazee made the allegations on …
The Securities and Exchange Commission (SEC) has said Nigeria’s new T+1 settlement regime is operating smoothly, with no settlement default recorded over funding constraints since its implementation on June 1, 2026. The Director-General of the SEC, Dr Emomotimi Agama, disclosed this in an interview with journalists in Abuja at the weekend. Agama, who was represented …
The Nigerian Exchange (NGX) reversed the previous week’s bearish trend, with the All-Share Index (ASI) rising 0.81 per cent to 241,298.47 points as gains in banking, oil and gas and commodity stocks lifted the market. The market capitalisation also increased by 0.84 per cent to ₦155.826 trillion during the four-day trading week ended Friday, August …
Universal Insurance Plc has approached the Federal High Court in Lagos to challenge the purported cancellation of its operating licence by the National Insurance Commission (NAICOM) and the appointment of a receiver/manager. The company disclosed this in a statement signed by its company secretary, Chinedu Onyilimba, on Tuesday, August 25, 2026, notifying shareholders and the …
