Nigeria’s Central Bank Holds Key Interest Rate Steady at 26.50%
The Central Bank of Nigeria (CBN) announced today its decision to maintain the Monetary Policy…
Nigeria’s Central Bank Holds Key Interest Rate Steady at 26.50%
The Central Bank of Nigeria (CBN) announced today its decision to maintain the Monetary Policy Rate (MPR) at its current level of 26.50 percent. This decision was reached unanimously by all members of the Monetary Policy Committee (MPC) during their 305th meeting, concluding in Abuja on Wednesday. CBN Governor Olayemi Cardoso revealed the outcome of…
FGN Bonds Record 32% Oversubscription in May Auction
Nigeria’s Federal Government bonds continued to attract strong investor demand in May 2026, recording a 32.8% oversubscription at the latest auction conducted by the Debt Management Office. According to the DMO, investors submitted bids totaling N797.17 billion (including N280 billion in non-competitive bids) for the N600 billion offered. Total allotments rose sharply to N614.51 billion,…
DMO Unveils N600bn Federal Bond Auction, Lists N47.36bn Green Bond on NGX
The Debt Management Office (DMO) has announced plans for a fresh N600 billion Federal Government of Nigeria bond auction for May 2026, alongside the listing of a N47.36 billion Sovereign Green Bond on the Nigerian Exchange Limited (NGX). According to separate statements issued by the agency, the bond auction is part of government efforts to…
FAAC VAT Distribution: Full Breakdown of States’ Contributions and Allocations for February 2026
The February 2026 VAT distribution released by the Federation Account Allocation Committee (FAAC) shows significant differences between what Nigerian states contributed to the national VAT pool and what they received in allocations. Below is the full breakdown of state-by-state contributions and receipts. — Top VAT Contributors Lagos State Contributed: N215.34bn Received: N51.93bn (24.12%) Rivers State…
MAN Calls for Simpler Tax System to Support Manufacturing in Lagos
The Manufacturers Association of Nigeria (MAN) has urged the Lagos State Government to simplify its tax system in order to encourage industrial growth, reduce business challenges, and attract new investments into the manufacturing sector. The appeal was made by Chairman of MAN’s Apapa Branch, Raphael Danilola, during the association’s annual business luncheon held in Lagos….
NUPENG Welcomes Refinery Restart Partnership, Citing Economic Relief
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has voiced its support for the Nigerian National Petroleum Company Limited’s (NNPCL) recent agreement with Chinese companies aimed at revitalizing the Port Harcourt and Warri refineries. According to NUPENG President, Otunba Salimon Oladiti, the reactivation of these refineries is expected to alleviate the considerable economic…
Nigerian Refineries’ Restart Fuels Hope for Lower Fuel Prices
A potential decrease in petrol prices is on the horizon for Nigerians, as the Nigerian National Petroleum Company Limited (NNPCL) has inked a deal with Chinese companies to revive the Port Harcourt and Warri refineries. This development, announced on April 30, 2026, signals a significant step towards alleviating the strain of high fuel costs. The…
New Bank Charges Spark Mixed Reactions Among Nigerians
Nigerian bank customers are expressing a range of opinions following the implementation of new bank charges, as mandated by the Central Bank of Nigeria (CBN). The CBN, in a recent circular titled ‘Guide to Charges by Banks and Other Financial Institutions,’ has revised several fees. Notably, the cost of issuing new automated teller machine (ATM)…
Femi Otedola Denies Funding Dangote Refinery, Eyes Future Investment
Femi Otedola, the esteemed chairman of First Bank Holding, has vehemently refuted any involvement in financing the Dangote Refinery. Addressing widespread speculation, Otedola clarified in a recent X post that he has not contributed a single naira or dollar to the project. This statement comes after reports circulated suggesting that Otedola, alongside prominent figures like…
GTCO Shareholders Applaud Unprecedented N12.76 Dividend
Shareholders of Guaranty Trust Holding Company Plc (GTCO) have expressed strong approval for the company’s management, celebrating the declaration of a landmark dividend of N12.76 per share for the 2025 fiscal year. This figure represents the highest dividend payout in Nigeria’s banking industry. During the company’s 5th Annual General Meeting (AGM), investors lauded the Group’s…
