Olayemi Cardoso, governor of the Central Bank of Nigeria, revealed the milestone during a press briefing. He spoke after the 304th Monetary Policy Committee meeting on February 24, 2026, in Abuja. Cardoso stated, “Gross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in 13 years.” The committee met on…
The Association of Power Generation Companies (APGC) has rejected claims that N2.8 trillion represents a newly verified and final settlement of legacy debts owed to electricity generation companies. The association called the reports inaccurate and misleading. Following, In a statement titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation” released on Monday in Abuja, APGC’s CEO,…
The U.S. Congress has proposed a ban on Nigerian Beef Exports as a strategy to pressure Fulani herdsmen to disarm. This recommendation follows increasing attacks on Christian communities and is part of a broader report titled “Ending the Persecution of Christians in Nigeria”. The report developed after U.S. investigations into violence allegedly carried out by Fulani…
Earlier this month, the National Pension Commission (PenCom) introduced a revised regulation on pension asset investments. This update allows Pension Fund Administrators (PFAs) to increase their equity allocations across four RSA fund categories. While the changes may seem technical, they carry significant implications for Nigeria’s capital market. At its core, the revision gives PFAs more…
The Federal Government is working to secure up to $5.7 billion in potential China investment. To strengthen key sectors of Nigeria’s economy, including power generation, mining, and industrial manufacturing. Although, This initiative follows a meeting in Abuja between the Honourable Minister of Finance. And Coordinating Minister of the Economy, Wale Edun, and a delegation from…
Ojaja Pan Africa Limited, a leading Pan-African conglomerate with diverse operations across multiple sectors in Nigeria. Has successfully redeemed its ₦2.15 billion Series 1 and ₦6.91 billion Series 2 Commercial Paper (CP) issuances. These matured on November 21, 2025, and February 20, 2026, respectively. This CP issuance marked the debut tranche of the company’s ₦10…
Bitcoin experienced a sharp decline during early Asian trading on Monday, as renewed uncertainty over U.S. tariff policies unsettled global markets. This selloff also impacted other major cryptocurrencies and broader risk assets. According to Bloomberg, Bitcoin, the world’s largest cryptocurrency, fell by as much as 4.8%, hitting approximately $64,300—its lowest level since February 6. Ether,…
The Lagos State Government has introduced a 5% withholding tax (WHT) on gaming payouts. All licensed betting companies in the state now required to automatically deduct this tax from customers’ winnings, effective immediately. Key Announcement The Chief Executive Officer of the Lagos State Lotteries and Gaming Authority (LSLGA), Mr. Are Bashir, issued a public notice…
Ellah Lakes Plc has announced it will refund investors after its N235 billion public offer failed to meet the minimum subscription threshold required for share allotment. The company shared this update in a statement published on Friday, February 20, 2026, on its website. It confirmed that no share issued under the offer and that all…
President Donald Trump has announced plans to increase a proposed global tariff on imports from 10% to 15%, escalating market concerns. He also criticized the Supreme Court for blocking his earlier tariff strategy. On Friday, Trump stated he would replace the invalidated tariffs with a 10% levy on all goods entering the U.S. However, by…
