Major International Business Headlines Brief ::: 23 Jul 2025

Wed Jul 23 11:57:40 CAT 2025

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Major International Business Headlines Brief :::  23 Jul  2025 

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ü  Nigeria: 'Things Are Not Okay,' Sycophants Misleading Tinubu - Adamu Garba

ü  Nigeria: Hike in Building Material Prices Raises Mortgage, Construction Loans

ü  Nigeria: Senate Approves Tinubu's $21bn Borrowing Plan for 2025-2026

ü  Nigeria: Southwest Farmers Demand Inclusion in New Agriculture Gender Policy

ü  Nigeria: Enforce Refinery Development or Revoke Idle Licences - Dangote to Govt

ü  Nigeria: States Slashing Power Tariff Must Be Ready to Pay Subsidy - Minister

ü  Nigeria Loses $18bn Through Illicit Financial Flows - FIRS

ü  Africa Losing $90bn Annually to Imported Substandard Fuel - Dangote

ü  Rwanda Eyes Fuel Import Cuts With Renewed Push for Clean Energy

ü  Africa: Over 100 million more people were reached with digital accounts, as global momentum builds

ü  Nigeria: Dangote - How Black Marketers Are Plotting to Cripple Refineries Across West Africa

ü  Uganda: MPs Summon Defence Minister Over Air Cargo Planes Deal

ü  Nigeria: Again, CBN Pegs Interest Rate At 27.5%

ü  Nigeria: Air Peace Begins Abuja-London Heathrow Flight October

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Nigeria: 'Things Are Not Okay,' Sycophants Misleading Tinubu - Adamu Garba

A chieftain of the All Progressives Congress (APC) and former presidential aspirant, Adamu Garba, has raised alarm over the growing disconnect between the realities on ground and the reports being fed to President Bola Tinubu by those around him.

Garba, speaking on Channels Television's Politics Today on Tuesday, warned that sycophants within the corridors of power are misleading the President by painting a false picture of stability in both the country and the ruling party.

"There is a lot of sycophancy around the president," Garba said. "People are telling him that things are okay - things are not okay."

The outspoken APC member issued the warning in the wake of increasing political tension and the controversial resignation of former party chairman Abdullahi Ganduje.

He said the recent formation of an opposition coalition under the African Democratic Congress (ADC) is a direct threat to the ruling party's dominance, likening the coalition to "vultures ready to feed on the weakness of the APC."

"They [ADC coalition] hope for our loss, and that is why we need to be serious," Garba cautioned. "That is the more reason why we need a leadership that listens to criticisms and accepts facts without flattery or denial."

Commenting on the current state of the APC in the north, Garba said the cracks within the party became more pronounced following the exit of former President Muhammadu Buhari from power in 2023, and especially after his death in early July 2025.

He noted that Buhari's legacy of securing 12 million bloc votes from the north had already begun to decline before his passing.

"In 2023, the APC managed only 5.5 million votes in the north. Where were the 12 million votes?" he queried. "Yet we won the election based on structures and strategy. But now, without Buhari, we must re-engineer those strategies to remain relevant."

Read the original article on Vanguard.

Nigeria: Hike in Building Material Prices Raises Mortgage, Construction Loans

The hike in the cost of building materials is pushing up mortgage and construction loans in the first half of the current year, LEADERSHIP has learnt.

A significant portion of residents in the country are currently allocating about 60 percent of their income towards rent payment which sheds light on the deepening housing crisis in the country.

The severity of rental pressure has put household finances, disposable income and family budgets on a knife edge as high rental cost continues to erode monthly income, future savings, construction loan cost and mortgage payment on lease homes.

The Monetary Policy Rate (MPR) in the country has remained elevated at 27.5 per cent, and has significantly pushed up mortgage and construction loan costs, which has further tightened liquidity reserves, and further creating cash and Forex glitches for estate developers in the country.

Stakeholders believe that high construction costs, FX volatility, and tight access to financing will cause some developers to slow down or phase their projects. However, those with access to off-take guarantees or joint ventures may continue to build.

Amid the mounting pressure on rental growth, inflation and high interest rates, the real sector closed the first half of 2025 with a deepening housing deficit that continues to displace homeownership ambitions.

Nigeria's real estate market witnessed a turbulent but active first half in 2025, with inflationary pressures, high construction costs, and limited mortgage access which continues to define the housing landscape.

Findings from LEADERSHIP reveals that high rental growth now dominates rental space in major cities like Lagos, Delta, Oyo, Ogun, Abuja, and Port Harcourt, as affordability challenges continue to push potential homebuyers to the sideline of suburban housing.

The market's activity level remained high, particularly in urban fringe areas and luxury developments, but analysts caution that rising inflation, hovering above 22.97 per cent, and skyrocketing building material prices are stretching developers and tenants.

Nigeria's housing deficit is now estimated at over 28 million units, yet the country produces fewer than 700,000 homes yearly. This imbalance has led to skyrocketing rents, particularly in Lagos, where a standard one-bedroom apartment in the Lekki-Ajah axis now commands N2.2 million yearly, almost twice the average urban income of N1.2 million.

Data from estate platforms shows that over 80 per cent of Lagos residents now live in rented accommodation. With home financing almost inaccessible due to high interest rates as many first-time buyers are priced out of ownership.

To arrest the situation, the federal government launched a N1 trillion housing fund (MREIF) in Q1 2025, offering off-take guarantees and 12 per cent mortgages over 20 years, bolstering developer confidence and supporting end-buyers, especially low-income housing.

However, implementation has been slow, with industry players calling for faster disbursement, regulatory clarity, and partnerships with credible developers.

During the period, cities with high growth areas include Lagos (Epe, Ibeju-Lekki Epe, Sangotedo). These areas continue to attract massive investment due to infrastructure projects like the Lekki Deep Sea Port, Dangote Refinery, and the new Lagos International Airport.

Also, Lugbe, Gwarinpa and Lokogoma in Abuja are becoming attractive as these suburbs are experiencing strong residential growth, driven by demand for more affordable housing close to the city centre.

Among areas with stable or declining areas are high-end parts of Ikoyi and Victoria Island, while some parts in the premium areas have seen slower sales and rental turnovers due to oversupply and high service costs. In Abuja Central Business District (CBD), commercial occupancy rates are under pressure as businesses downsize or relocate due to high operational costs.

For instance, Lagos and Ogun States are expanding housing schemes in Ibeju-Lekki, Agbara, and Badagry corridors.

The emerging market for residential housing in the country are; Ogun State, Sango, Ikorodu, Epe, Ibadan, Sagamu, Mowe and Arepo corridors which are notable for gaining investors interest due to lower cost of land prices, ground rent and cheap accommodations.

Checks by LEADERSHIP reveal that more developers are targeting the segment with smaller-unit designs (one and two-bedroom apartments), flexible payment plans, and rent-to-own options. However, despite high demand, supply still lags, largely due to rising construction costs and limited access to affordable financing

Industry watchers expect more pressure on the rental market, especially, with continued urban migration. Focus will likely shift to mid-income housing, digitised property services, and more institutional funding.

Speaking on the development, the chairman, Association of Capital Market Valuers (ACMV), Chudi Ubosi, explained that the market in the first half of the year had witnessed a continued increase in rental and capital values nationwide.

"This confirms the maxim that real estate is always the last to reflect inflationary trends. Values have been moving up tremendously in line with the devaluation of the currency and other measures introduced by the government, which has driven inflation to over 30 per cent per year, he added.

According to him, the major trend is quantum leaps in the values of real estate. "Rental and capital values have gone through the roof for properties. Inflation has given or caused a quantum increase in capital and rental values of real estate to the point that clients are reconsidering investments in real estate, whilst others have put a hold on their development.

"For rented houses, we are seeing more defaults as tenants cannot keep up with the new rents being asked. In the same vein, we are seeing higher values for real estate and other assets when we update their portfolio values."

Ubosi, a past president of the Africa Chapter of the International Real Estate Federation (FIABCI), revealed that, developers are increasing asking prices for their project and selling more of their projects off-plan to raise money for construction rather than take a facility from the financial institutions, while agents are also taking cuts on their professional fees as clients are pressed to the wall in terms of real estate transactions.

He said, buyers and renters are concerned about the galloping prices for rent and acquisition. Ubosi is in doubt if the N1 trillion MREIF funds would have far-reaching effects, as implementation of policies has always been the bane of the public service.

Also, the immediate past chairman, NIESV Lagos branch, Mr Gbenga Ismail said, demand in the mid-income and affordable housing segments remains robust, particularly in Lagos' peripheries and Abuja fringes.

"However, purchasing power is eroding. Renters are facing higher monthly costs, and buyers are increasingly unable to convert intent into transactions due to inflation, interest rates, and limited mortgage access," he said.

Also speaking, Architect, Estate developer, Babatunde Olawale Babz said, despite economic pressures like inflation and undulating exchange rates, there was steady demand for residential and short-let properties in the hospitality management sector.

He added that, developers are leaning towards the FX glitches and monetary policy adjustments which has impacted the growth of construction activities and impacted the accessibility of construction loans across the sector.

The immediate past director, School of Environmental Studies at Moshood Abiola Polytechnic said, the first half of the year recorded a surge in off-plan sales, a rental market boom, smart and eco-friendly developments, flexible workspaces and co-living, as well as diaspora investment growth, noting that, 'buyers are also attracted by relatively lower prices compared to completed properties.'

For his part, CEO of Greenchell Homes and Property Ezekiel Oke noted that high construction costs and inflation have pushed more people toward renting adding that "Short-let apartments remain profitable, especially in Lagos, Portharcourt and Abuja while long-term rentals are in high default states due to rental adjustments.

Read the original article on Leadership.

Nigeria: Senate Approves Tinubu's $21bn Borrowing Plan for 2025-2026

The Senate on Tuesday approved President Bola Ahmed Tinubu's request for an external borrowing plan of over $21 billion for the 2025-2026 fiscal cycle during plenary.

This was sequel to the consideration and adoption of a report of the Senate Committee on Local and Foreign Debt, presented by its Chairman, Senator Aliyu Wamakko (Sokoto North).

The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds.

Also included was a provision to raise up to $2 billion through a foreign-currency-denominated instrument in the domestic market.

Among the key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity. One of the major highlights is the allocation of $3 billion for the revitalisation of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri.

In his presentation, Wamakko said the plan was first submitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.

In his contribution, the Deputy Senate President, Barau Jibrin (APC, Kano North), said the borrowing plan reflects national inclusiveness. "This shows that the Renewed Hope Agenda is working. No region is left out," he added.

Also, the Chairman Senate Committee on Appropriations, Senator Solomon Adeola (APC, Ogun West), said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.

"The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget," Adeola said.

Similarly, the Chairman Senate Committee on Finance, Sani Musa (APC, Niger East), said "There is no economy that grows without borrowing. What we are doing is in line with global best practices."

The Chairman Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru (Lagos East), in his contribution said the loans are strictly tied to capital and human development projects.

It would be recalled that the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, had disclosed that the country spends less than 50 per cent of its revenue on debt servicing.

He spoke at the PwC's Executive Summit on Nigeria's Tax Reform, with the theme, "The New Tax Era: What Nigeria's Tax Reform Means to Individuals and Businesses", in Lagos.

Oyedele explained that the government was spending almost 97 per cent of its revenue on debt servicing before the economic reforms.

"We have cleared unmet forex futures that were more than $7bn. And we move from under $4 billion external reserve to over $20billon today. Budget deficit is declining, and we are spending more on infrastructure.

"Tax to GDP ratio moved from under 10 per cent is now 13.5 per cent in two years. Instead of 97 per cent, service debt is now under 50 per cent in two years. We no longer print money to spend. Rather, we've paid down part of the ways and means that the previous administration printed," he said.

He explained that the country's currency could have become worthless if the federal government had not embarked on the current economic reforms.

Read the original article on Daily Trust.

Nigeria: Southwest Farmers Demand Inclusion in New Agriculture Gender Policy

Farmers in south-western states have lamented the structural inequalities that have long excluded them from agricultural decision-making and resource allocation, even as they have demanded equitable representation in Nigeria's revised agricultural gender policy.

They drew attention to their plight at the South-West Zonal Consultative Forum, which was organised over the weekend in Lagos by the Federal Ministry of Agriculture and Food Security (FMAFS) in collaboration with the National Gender Steering Committee (NGSC) and supported by ActionAid Nigeria, GIZ and the International Centre for Environmental Health and Development (ICEHD).

The revised National Gender Policy in Agriculture (NGPA) for 2025-2030 in Nigeria is a policy framework aimed at ensuring equal access and control of agricultural resources for both men and women, thereby promoting food security and accelerating development.

It addresses gender inequalities in agriculture by reducing biases, unequal power relations, and gaps in access to assets and decision-making processes. The policy emphasises women's crucial role in agriculture and seeks to move them from subsistence farming to higher-value, market-oriented production.

For instance, a cassava farmer from Ekiti State, Mrs. Ronke Ajayi, told LEADERSHIP at the forum that, "We farm, we sell, we feed the nation, but when grants and equipment are shared, we are not even on the list. We want to be part of the system, not as an afterthought but as equals."

A 27-year-old agritech entrepreneur from Ogun State, Ayodeji Alabi, said young people are brimming with solutions but are often left out of policy dialogues, adding that, "We are not begging for charity, but we are asking to be recognised. Give us infrastructure, access to finance, and inclusion in policy structures and we will transform agriculture."

Also present were persons with disabilities, who voiced a rarely discussed concern: systemic invisibility. For instance, a visually impaired participant from Osun State, Grace Olayemi, called for agricultural tools and training tailored to people living with disabilities.

"You cannot farm when the tools are not built for you, when the training is not accessible, and when planners don't even consider your existence," she said.

The event was opened by the director of Special Duties at FMAFS, Mrs. Kachalla Zara Damaturu, who emphasised the importance of listening to underrepresented voices. "Gender is not a women's issue, it is a justice issue. The revised policy must reflect the realities of those who feed this country," she said.

A national consultant on the policy, Barr. Nkiruka Stella Okonkwo, outlined the NGPA's vision, which draws from frameworks such as the Revised National Gender Policy (2021), NATIP 2022-2027, ECOWAP, and the AU's Agenda 2063.

"We are moving away from tokenism. This is about intersectionality, recognising that women, youth, PWDs and displaced persons face unique challenges that must be addressed in policy," Okonkwo stated.

Key recommendations from the participants included enforcing gender and disability quotas in cooperatives and agricultural input schemes, translating training into indigenous and sign languages and establishing innovation hubs for youth and women.

A Lagos-based social worker who supports orphaned and displaced children, Temitope Ogunlana, warned that the nation risks losing a generation of future food producers if vulnerable groups remain excluded.

A cooperative leader from Oyo State, Mr. Kayode Alade, echoed the sentiments of many, stating, "This policy must not become another document that gathers dust. We must see it in action, in our farms, markets, and lives."

The Lagos consultation is part of a nationwide series of zonal engagements that will inform the final draft of the 2025-2030 NGPA. A national validation workshop is scheduled for September in Abuja, ahead of the policy's official launch.

With agriculture employing over 70 percent of Nigeria's workforce, stakeholders say the revised gender policy presents a critical opportunity to build a more inclusive, equitable and resilient sector.

Read the original article on Leadership.

Nigeria: Enforce Refinery Development or Revoke Idle Licences - Dangote to Govt

The president of Dangote Group, Aliko Dangote, has urged the federal government and petroleum regulatory authorities to take decisive action against refinery licence holders who fail to proceed with project development.

Speaking at the ongoing Global Commodity Insights Conference on the West African Refined Fuel Market in Abuja on Tuesday, Dangote emphasised the need for Nigeria to move from dependence on imported refined petroleum products to full self-sufficiency and industrial transformation.

Dangote also lamented that Africa loses $90 billion annually to imported substandard fuel, with the continent increasingly becoming a destination for cheap, often toxic petroleum products, many of which are blended to substandard levels that would not be permitted in Europe or North America.

Dangote, whose group has led sweeping industrial expansion across Nigeria and Africa, especially constructing and operationalising the 650,000 barrels per day Dangote Refinery, pointedly called on both regulators and private sector players to ensure that those issued refinery licences but had not commenced building must either be compelled to proceed or face penalties, including the revocation of their licences.

"Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government. Engr Farouk, I will rely on your leadership to encourage those who have collected licences but are not building. And I believe anybody who collected these licences from you, either you cancel them or you put a penalty on a yearly basis so that they will return the licence or they will build those refineries," Dangote charged.

Engr Farouk Ahmed is the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Dangote highlighted Nigeria's progress in cement, fertiliser, and petroleum sectors, noting that his company alone had achieved over 52 million tonnes in cement capacity, with plans to surpass 60 million tonnes soon and aiming for $500 million in cement and clinker exports by 2027.

He further celebrated Nigeria's emergence as a net exporter of various commodities, including petroleum products and fertilsers.

Dangote warned against the dangers of allowing dumping to undermine Nigeria's manufacturing base and stressed local value addition as the path to prosperity. He urged that Africa should refine all petroleum products it consumes within the continent.

With the Dangote refinery set to be listed publicly, he invited more Nigerians and African partners to participate in the sector's growth story.

"The road to industrial self-reliance is not easy. It is full of obstacles - technical, financial, commercial, and political - but the rewards are even greater: jobs, value retention, and economic transformation. Let us refine it, transform it, and use it to power the next chapter of Africa's development," he said.

Africa imports $90bn worth of fuel yearly

Dangote lamented that due to the continent's limited domestic refining capacity, Africa imports over 120 million tonnes of refined petroleum products annually, at a cost of approximately $90 billion.

While appreciating the management of the Nigerian National Petroleum Company Limited (NNPC) for making some cargoes of Nigerian crude available to his refinery from the start of production to date, even as he revealed that his company imports between 9-10 million barrels of crude monthly from the United States of America and other countries.

In his speech, NMDPRA CEO Farouk Ahmed noted that despite being a significant producer of hydrocarbon resources, an important consumer of refined petroleum products and a growing refining hub, West Africa continues to depend on posted prices of global reference markets such as Northwest Europe (NWE), US Gulf Coast, Mediterranean, Singapore, and Arab Gulf for all its trading activities.

He explained that while these benchmarks are globally accepted, often they do not reflect the unique supply chain peculiarities, market dynamics, and economic realities of the African continent.

"A regional pricing benchmark that promotes price discovery, transparency, deepened market development, and enhanced availability of energy has then become a strategic objective that requires the collaborative action of all the stakeholders that are major players in this market.

"Establishing a regional pricing reference point would facilitate: growth of trading of petroleum products in the region; establishment of additional storage and supply infrastructure to accommodate the growing volumes of trading activities, and real-time pricing data that is reflective of the peculiarities of the West African market fundamentals," he said.

Ahmed noted that the regional supply of fuels in West Africa had grown through improved refining capacities in Nigeria, Ghana, Niger, Senegal and Cote D'Ivoire, which currently stands at 1.335 million barrels per day.

"Our 2025 statistical data for fuel supply in the West African region reveals that 2.05 million MT per month of gasoline is being traded, consisting of 1.44 million MT (69 per cent) imports and 0.61 million MT (31 per cent) refinery contribution from the region."

Changes to NMDPRA, NUPRC Boards Weakens Investor-confidence

Chairman of the House Committee on Petroleum Resources (Downstream), Hon Ikenga Ugochinyere cautioned against attempts to dissolve the boards of the NMDPRA and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), saying such moves threaten investor confidence and undermine the Petroleum Industry Act (PIA).

Ugochinyere described the NMDPRA and NUPRC as products of years of legislative advocacy and reforms, stating that arbitrary leadership changes would send negative signals to investors.

"A regulator is not appointed to be liked but to lead with focus and integrity. Arbitrary dissolution in the middle of tenure sets a dangerous precedent and repels investors," he said.

The lawmaker praised NMDPRA's achievements, including attracting $1.2 billion in modular refinery investments, reducing fuel smuggling by 35 per cent, rolling out an Automated Downstream System (ADS), and boosting compressed natural gas conversion capacity.

African refiners need protection

Meanwhile, the Dangote Group president has called on African governments to follow the example of the United States, Canada, and the European Union, which have implemented protective measures for domestic refiners.

He decried the growing influx of discounted, low-quality fuel originating from Russia, blended with Russian crude under price caps and dumped in African markets.

Reflecting on the experience of delivering the world's largest single-train refinery, Dangote also highlighted a range of challenges faced, including technical, commercial, and contextual hurdles unique to the African landscape.

He described building refineries such as the Dangote Petroleum Refinery as one of the most capital-intensive and logistically complex industrial facilities ever constructed.

He added that, in terms of port charges, it is currently more expensive to load a domestic cargo of petroleum products from the Dangote Refinery, as customers pay both at the point of loading and at the point of discharge.

Dangote further criticised the lack of harmonised fuel standards across African nations, which creates artificial barriers for regional trade in refined products.

He revealed that despite producing around seven million barrels of crude oil per day, Africa only refines about 40 per cent of its 4.3 million barrels' daily consumption of refined products domestically. In stark contrast, Europe and Asia refine over 95 per cent of what they consume.

While reaffirming his belief in the power of free markets and international cooperation, Dangote emphasised that trade must be grounded in economic efficiency and comparative advantage, not at the expense of quality or safety standards.

"It defies logic and economic sense for Africa to be exporting raw crude only to re-import refined products, products we are more than capable of producing ourselves, closer to both source and consumption," he argued.

Read the original article on Leadership.

Nigeria: States Slashing Power Tariff Must Be Ready to Pay Subsidy - Minister

The federal government has taken a firm position regarding states that opt to reduce electricity tariffs, stating that the responsibility for the corresponding subsidy must be borne by the states themselves.

The Ministry of Power, which made this known, said that while it did not intend to control entities with regulatory autonomy, it expects them to consider market realities before deciding on tariff adjustments.

This is as the Benue State Commissioner of Power and Renewable Energy and Chairman, Forum of Commissioners of Power and Energy in Nigeria, Barr. Omale Omale, has defended the action of the Enugu Electricity Regulatory Commission (EERC) in reducing electricity tariffs for Band A customers in the state.

While the action has raised widespread reaction within the power generation sub-sector of the industry, Omale said the current tariff structure in Enugu State--as calculated by the EERC--is more accurate and admissible.

The Enugu State Electricity Regulatory Commission announced that MainPower Electricity Distribution Limited, the newly licensed distributor in Enugu, would reduce Band A tariffs to N160 per kWh--down from N209--while keeping Bands B to E unchanged.

Following this move, seven states that control their electricity markets via the Electricity Act 2023 are coming under pressure to review tariffs after the EERC rolled out its landmark decision to slash Band A electricity tariffs by nearly 24 per cent, from N209/kWh to N160/kWh, starting from 1 August 2025.

Speaking exclusively with LEADERSHIP, the Special Adviser on Strategic Communications and Media Relations to the Minister of Power, Bolaji Tunji, said that if states choose to reduce tariffs, they must be prepared to finance the subsidy resulting from such reductions, rather than adding to the federal government's already heavy subsidy burden which currently stands at over N5 trillion in accrued debts related to power sector subsidies.

He emphasised that while states had regulatory autonomy over tariff-setting, this autonomy comes with accountability for the financial implications.

"This is the federal government's position because the federal government is struggling to honour existing subsidy obligations. States cannot increase the financial pressure on the federal government by unilaterally reducing tariffs without matching subsidy funding," Tunji stated.

He urged states to assess their fiscal capacity and engage their governors to ensure they can support any subsidy financing arising from tariff reductions.

The stance aligns with broader federal reforms aiming to transition the power sector to a fully cost-reflective tariff regime.

Minister of Power Adelabu and his team have warned that the country's electricity economy can no longer sustain indefinite subsidies, which have contributed to a mounting debt of over N4 trillion owed to power generation companies (GenCos). The removal of subsidies is tied to efforts to stabilise the sector, improve power infrastructure, and encourage efficient energy consumption, with targeted subsidies retained only for economically vulnerable Nigerians.

FG paid N1.1trn electricity subsidies in Q1

The federal government's subsidy payments in the first half of 2025 reached N1.1 trillion, highlighting the unsustainable nature of the current regime. States' decisions to reduce tariffs without fiscal backing would amplify this serious financial strain.

The Ministry of Power is concurrently working on sector reforms that include improving energy generation capacity, expanding renewable energy, and stabilising the power grid.

This shift, enabled by the 2023 Electricity Act and subsequent constitutional reforms, has elicited a fierce response from GenCos and DisCos, exposing an intensifying dispute over consumer relief, subsidy assumptions, and sectoral sustainability.

Enugu govt explains electricity tariff cut

Meanwhile, EERC Chairman Chijioke Okonkwo explained that the new rate was derived using the 2024 Tariff Methodology Regulations and the Distribution Tariff Model, which set cost-reflective pricing at an average of N94/kWh, made possible by presumed federal subsidy on generation of N45 out of N112 costs.

Okonkwo said: "Band A at N160 will help MainPower manage rate shock, and if the subsidy is removed, the savings will assist them in stabilising the tariff over a defined period."

Moreover, to protect consumers, EERC has mandated daily reporting of feeder performance and introduced automatic downgrades and tariff adjustments if supply standards slip.

Four more states--Lagos, Ogun, Niger, and Plateau--are set to complete their transitions by September.

For instance, in Plateau State, newly empowered after Governor Caleb Mutfwang inaugurated its electricity commission mid-July, the state has confirmed it is working towards lowering tariffs for households.

Lagos State, home to almost 50 per cent of national power consumption, is currently reviewing Enugu's model carefully before announcing its own tariff plan.

Biodun Ogunleye, the state energy commissioner, noted the complexity of replicating Enugu's move in the mega-state.

Ondo State hinted at similar plans, revealing that it was preparing its Power Purchase Agreement and setting its own tariff paths.

Meanwhile, Ekiti has opted to stay with the federal Multi-Year Tariff Order (MYTO) until its transition is completed, citing a desire to retain federal backing.

GenCos, DisCos kick over 'dangerous precedent'

The tariff cut move has triggered strong opposition from both generation and distribution companies. The Association of Power Generation Companies (GenCos), headed by its Chief Executive Officer (CEO) Joy Ogaji, described the cut as dependent on unwarranted subsidy assumptions, potentially setting a dangerous precedent.

Ogaji highlighted that there is no formal federal subsidy policy currently in place.

"It is imperative to state that there is no FGN policy on subsidies. It is a debt accumulation ... only N45 per kWh is captured out of N112 actual cost. This portends a bigger issue," she said.

GenCos reportedly owe entities over N4 trillion in accumulated debts, a situation, they argue, worsened by such regulatory moves.

Band A customers were overcharged - States

Commenting on this, the Chairman, Forum of Commissioners of Power and Energy in Nigeria, Barr. Omale, told LEADERSHIP on telephone that the Commission used accurate information and tools to determine a justifiable tariff structure for consumers in that category.

According to him, from every angle, the Commission used accurate and precise metrics to reach that conclusion and it was realised that the billing of customers under that Band was over and above the actual cost-reflective tariff.

He also declared that other states were taking a cue from Enugu and would adopt the same methodology so that electricity customers are better served and adequately billed.

On whether it will create any market shortfalls, he said based on the numbers as determined by the calculations, there is no subsidy that is either pushed to the federal government or the state.

Also reacting to the issue, Comrade Adetayo Adegbemle said though the GenCos may have good reason to panic, they are not addressing the issues.

Adegbemle, who is the convener of PowerUp Nigeria, wondered if the EERC actually had the right data and might have missed something in the computation of that tariff.

Speaking with LEADERSHIP, he said, "I also believe that their assumption that the FG will continue to subsidise tariffs for Enugu State is far-reaching, and it is not right for Enugu State to desire Regulatory Autonomy without also considering other liabilities that come with it."

He pointed out that other assumptions in the EERC Tariff Order include offloading the Transmission Industry Fund (TIF) cost component to Enugu DisCo.

He also said he expects the Nigerian Electricity Regulatory Commission (NERC) to issue the EERC the full cost-reflective tariff from the grid to Enugu State, while NISO (Nigerian Independent System Operator) and maybe NBET (Nigerian Bulk Electricity Trading) would demand a bank guarantee to continue to serve the state.

"Meanwhile, we might experience... Enugu can therefore do whatever they wish with the electricity."

In his submission, Comrade Kunle Olubiyo said the states under the Electricity Act 2023, as amended, have the power to licence investors to undertake projects from generation, distribution to transmission.

Olubiyo said they have the responsibility to annex most of the assets that could help in captive market structure, mini-grid development and even renewables.

The Association of Power Generation Companies (APGC) has warned that the EERC's action could have repercussions, saying it is capable of creating broader implications for a sector that is currently under pressure.

According to the Chief Executive Officer of the body, Joy Ogaji, the decision could possibly set a precedent that may further undermine the long-term viability of the Nigerian Electricity Supply Industry (NESI).

Read the original article on Leadership.

Nigeria Loses $18bn Through Illicit Financial Flows - FIRS

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji stated that Nigeria loses $18 billion annually due to illicit financial flows.

Speaking at the conference organised by the FIRS on Illicit Financial Flows, Adedeji lamented that the scale of these flows, especially through aggressive tax avoidance by multinationals exploiting opaque global arrangements, continues to threaten Nigeria's fiscal stability.

He reiterated that "Like many other resource-constrained nations, we lose billions ($18 billion) annually through these illicit conduits--making this conference not just a policy dialogue, but a national imperative."

According to him, the FIRS is responding "with a deliberate, multidimensional strategy."

"We are reviewing Nigeria's Double Taxation Agreements (DTAs), some of which--due to outdated clauses--may inadvertently enable profit shifting. I have personally initiated renegotiations with several jurisdictions to align our treaties with present economic realities and to close loopholes that facilitate capital flight," he added.

He further noted that as the designated coordinating agency under the Proceeds of Crime Act (2022), FIRS has established the Proceeds of Crime Management and Illicit Financial Flows Coordination Directorate.

"This unit is leading implementation efforts, supporting asset recovery, and coordinating with law enforcement, the judiciary, private sector actors, and international development partners," he said.

Also speaking Irene Ovonji-Odida, Member of Mbeki High Level Panel on Illicit Financial while delivering the Keynote address, revealed that African countries lose about $407 billion from illicit financial flows.

"The AU/ECA High Level Panel on Illicit Financial Flows from Africa, also known as the Mbeki Panel discovered that "Highest tax losses were from West and North Africa, including Nigeria.

"Commercial tax avoidance practices caused 65% of IFFs: with up to $407 billion lost from trade mispricing from 2001-2010. Organized crime drove 30% of IFFs while 5% of IFFs came from official government bribery." She added

In her address, the Minister of State for Finance, Dr. Doris Uzoka-Anite argued that the fight against IFFs cannot be left to one institution alone.

"It requires a whole-of-government and whole-of-society approach. We must strengthen inter-agency collaboration, enhance data sharing, harmonize policies, and ensure real time tracking of financial flows," she added.

She stated that the Ministry of Finance is "fully committed to a multi-agency, multi-stakeholder approach in tackling illicit financial flows."

"Our strategy is anchored on three pillars: Policy Alignment and Legislative Reform: Modernizing our tax and financial frameworks to reduce loopholes that facilitate tax evasion and illegal capital flight."

Read the original article on Daily Trust.

Africa Losing $90bn Annually to Imported Substandard Fuel - Dangote

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has stated that Africa loses $90 billion annually to importation of substandard petrol fuel due to lack of refineries in the continent.

Speaking during the ongoing West African Refined Fuel Conference held in Abuja, Dangote revealed that, due to the continent's limited domestic refining capacity, Africa imports over 120 million tonnes of refined petroleum products annually.

The event, which was organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Commodity Insights, seeks to provide a benchmark for pricing of petroleum products in the region.

While appreciating the Management of the Nigerian National Petroleum Company Limited (NNPC), for making some cargoes of Nigerian crude available to the company from start of production to date, he revealed that the company imports between 9-10 million barrels of crude from the United States of America and other countries monthly.

He said: "As we speak today, we buy 9 - 10 million barrels of crude monthly from the US and other countries. I must thank NNPC for making some cargoes of Nigerian crude available to us from the start of production to date."

Dangote further stated that despite producing around 7 million barrels of crude oil per day, Africa only refines about 40% of its 4.3 million barrels daily consumption of refined products domestically. In stark contrast, Europe and Asia refine over 95% of what they consume.

"So, while we produce plenty of crude, we still import over 120 million tonnes of refined petroleum products each year, effectively exporting jobs and importing poverty into our continent. That's a $90 billion market opportunity being captured by regions with surplus refining capacity. To put this in perspective: only about 15% of African countries have a GDP greater than $90 billion. We are effectively handing over an entire continent's economic potential to others--year after year," he said.

He stressed that, "it defies logic and economic sense for Africa to be exporting raw crude only to re-import refined products--products we are more than capable of producing ourselves, closer to both source and consumption."

Reflecting on the experience of delivering the world's largest single-train refinery, Dangote also highlighted a range of challenges faced, including technical, commercial, and contextual hurdles unique to the African landscape.

Despite the refinery's technical success, Dangote identified significant commercial challenges, particularly exchange rates which have gone from N156/$ at inception to N1,600/$ at completion, and challenges around crude oil sourcing. Although Nigeria is said to produce about 2 million barrels per day, the refinery has struggled to secure crude at competitive terms.

"Rather than buying crude oil directly from Nigerian producers at competitive terms, we found ourselves having to negotiate with international trading companies, who were buying Nigerian crude and reselling it to us--with hefty premiums, of course.

Logistics and regulatory bottlenecks have also taken a toll. Port and regulatory charges reportedly account for 40% of total freight costs, sometimes costing two-thirds as much as chartering the vessel itself.

Dangote further criticised the lack of harmonised fuel standards across African nations, which creates artificial barriers for regional trade in refined products.

"The fuel we produce for Nigeria cannot be sold in Cameroon or Ghana or Togo, even though we all drive the same vehicles. This lack of harmonisation benefits no one--except, of course, international traders, who thrive on arbitrage. For local refiners like us, it fragments the market and imposes unnecessary inefficiencies."

'69% of W/Africa's petrol supply is still imported'

On his part, the chief executive of NMDPRA, Farouk Ahmed, disclosed that 69% of West Africa's petrol supply is still imported.

Ahmed stated, "Our 2025 statistical data for West Africa's petrol supply reveals that 2.05 million MT per month of gasoline is being traded, consisting of 1.44 million MT (69 percent) imports and 0.61 million MT (31 percent) refinery contribution from the region."

He noted that West Africa's growing refining capacity, currently standing at 1.335 million barrels per day from countries including Nigeria, Ghana, Niger, Senegal, and Côte d'Ivoire, has yet to significantly reduce the region's dependence on imports.

"The regional supply of fuels in West Africa has grown through improved refining capacities in Nigeria, Ghana, Niger, Senegal and Côte d'Ivoire," he said. "However, despite these gains, we remain overly reliant on external sources."

He also criticised the continued use of foreign pricing benchmarks by the region, citing their inadequacy in reflecting local realities.

"These global benchmarks do not fully reflect the unique supply chain peculiarities, logistics costs, and economic realities of the African continent," he noted.

According to him, the lack of a regional pricing benchmark has stifled investment and hampered transparency and efficiency in the supply chain.

"As a region, we must begin to define our own pricing reality. Establishing a regional price index will not only improve price discovery and transparency but also deepen market development and enhance energy security," he stressed.

Ahmed praised Nigeria's reform efforts under President Bola Tinubu's administration, especially the implementation of the Petroleum Industry Act (PIA) 2021 and downstream sector liberalisation, which he said have improved the investment climate.

"These reforms are attracting investment into trade zones, digital market platforms, and refining projects," he added. "Nigeria is fast emerging as a key midstream and downstream trade and logistics centre for the entire West African coast."

He pointed to the country's improved maritime infrastructure, deep seaports, and active coastline as critical assets positioning Nigeria as a potential fuel distribution hub across the region.

"Nigeria's refining sector is undergoing massive transformation, with projects like the Dangote Refinery and ongoing rehabilitation of state-owned refineries expected to boost local production significantly," he said.

Citing the OPEC World Oil Outlook, Ahmed said Africa is projected to add 1.2 million barrels per day of refining capacity between 2025 and 2030, with West Africa expected to contribute significantly.

The GCEO of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Bashir Ojulari, lamented that Africa exports the bulk of its crude oil, but imports refined products at a significant premium.

He said this structural asymmetry depletes value, suppresses industrialisation, heightens supply vulnerabilities and compromises energy sovereignty.

"The vision of an African refinery hub is therefore not an aspiration but a vision without execution is hallucination. We must confront structural bottlenecks, including chronic underinvestment in refining and mixing infrastructure, fragmented and often contradictory regulatory frameworks, policy inconsistencies that cause investment, skills gaps, and limited local development. Still, these are not insurmountable.

"They are catalytic opportunities if met with coordinated action, bold investment, and resolute leadership. Africa's refining future is a blueprint for action. At NNPC, we are not waiting for the future," he said.

He added that through the strategic review and repositioning of its refineries, strategic equity in the Dangote refinery, condensate opportunities, and support for other third-party projects, it is laying the ground for a self-sufficient refining ecosystem that can anchor a continental hub.

"No single country can build a refining hub for Africa. Success demands a continental strategy driven by shared markets, integrated infrastructure, and harmonised policies. Let me outline a few key design imperatives."

He added that refinery ownership must go beyond equity but transformational for indigenous participation is critical for value retention and national wealth building.

The Minister of State for Petroleum (Oil), Sen. Heineken Lokpobiri, said the government's mission is also to ensure that Nigeria becomes a marketing hub for refined products in the shortest possible time.

"That is why we give support to our refiners, we give support to our marketers to ensure that we create the best environment for this seamless trading. The government was not going to continue to import products or subsidise them. These things are going to continue. We have moved the production."

"Our goal as a government is to ensure that the government doesn't crowd the space. Our goal as a government is to ensure that the government doesn't get involved in trade. Our goal as policy makers is to ensure that we create the best environment for private businesses to operate. Everywhere in the world.

"Our own ambition is to support the private sector, to grow this sector. Our own ambition is to partner with our neighbours from all over West Africa to make Nigeria the home for energy."

Read the original article on Daily Trust.

Rwanda Eyes Fuel Import Cuts With Renewed Push for Clean Energy

Petroleum oils topped Rwanda's list of imported products that accounted for 28.4 per cent of the country's total merchandise import bill, which exceeded $6.88 billion in 2024.

According to the Trade and Industry Performance 2024 report, Rwanda imported 816,000 tonnes of petroleum oils worth $680 million (over Rwf980 billion) or almost 10 per cent of the country's total imports, marking a 9.5 per cent increase from $621 million in 2023.

ALSO READ: A look at Rwanda's top 10 imports valued at Rwf2.8tn

The Minister of Trade and Industry, Prudence Sebahizi, told The New Times that petroleum products are essential for powering transport, aviation, and certain industrial activities.

Since Rwanda does not produce petroleum products locally, all its fuel needs are met through imports.

"As the economy grows and demand for transport and energy increases, so does the need for petroleum products, making them one of our largest import categories," he said.

Strategy to cut imports

Despite the current reliance on imported fuel, Sebahizi underscored Rwanda's commitment to reducing this dependency over time.

"We are promoting cleaner and more sustainable energy solutions, such as investing in renewable energy, supporting electric mobility, and improving energy efficiency across sectors. These efforts aim to gradually reduce fuel demand, improve energy security, and protect the environment," he observed.

ALSO READ: Inside surge in hybrid cars in Rwanda's automotive market

The minister highlighted that the adoption of electric vehicles (EVs), in particular, is expected to significantly reduce fuel consumption, particularly in urban transport.

"As more electric buses, cars, and motorcycles are introduced, the demand for petroleum-based fuels will decline. In addition to lowering import bills, this shift also supports environmental sustainability and reduces air pollution in our cities," he said.

ALSO READ: Rwanda seeks to encourage use of electric cars

The Strategic Paper on Electric Mobility Adaptation in Rwanda, published in April 2021 by the Ministry of Infrastructure, indicated that EV adoption can help decarbonise the transport sector, a major source of greenhouse gas emissions and urban air pollution.

The transportation sector is currently dominated by internal combustion engine (ICE) vehicles, which contribute to air pollution, greenhouse gas emissions, and noise, it indicated.

ALSO READ: Total adoption of electric vehicles to cost $900 million

The paper warns that continued growth in fuel-dependent transportation worsens the trade deficit and exposes the economy to global oil price volatility--posing a serious macroeconomic risk.

It highlights the benefits of electric vehicles, including lower maintenance costs (often up to 50 per cent less than ICE vehicles, depending on usage), reduced environmental impact, particularly in terms of emissions and pollution, and decreased dependency on imported fossil fuels.

In May 2024, Rwanda revised tits tax policy on hybrid vehicles in a bid to promote eco-friendly transportation - through encouraging the of pure electric cars - according to the Ministry of Finance and Economic Planning.

Read the original article on New Times.

Africa: Over 100 million more people were reached with digital accounts, as global momentum builds

The Better Than Cash Alliance, hosted by the United Nations Development Programme (UNDP) through its Sustainable Finance Hub, supported its members in enabling digital payments for more than 100 million people in 2024. This milestone marks major progress in advancing financial inclusion, especially for women, with 82% of advisory services supporting gender-intentional initiatives.

The 2024 Annual Report highlights the progress of nearly 20 member countries and partners, including 30 major initiatives and 40 policy reforms.

The swift finalization of the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol Annexes, just six months after their adoption by the African Union, marks a major step forward.

“Under the leadership of H.E. Wamkele Mene, Member States committed to responsible cross border digital payments, a continental digital identity, and shared infrastructure, laying the groundwork for inclusive digital trade that empowers women and youth and accelerates the One African Market”, said Lucy Nshuti Mbabazi, Managing Director of the Better Than Cash Alliance.

In Ethiopia, the Alliance supported the implementation of the country’s first National Digital Payments Strategy, leading to the opening of 110 million new digital accounts. In the Philippines, digital payments adoption rose from just 1% in 2013 to over 50% in 2024. In Guatemala, a previous Alliance study estimated up to $6.8 million in post-harvest losses due to cash-based inefficiencies in the coffee sector. The Alliance provided targeted support to digitize payments and reduce those losses.

The Alliance’s advocacy contributed to the World Health Organization (WHO) enabling digital payments for over two million healthcare workers primarily in Africa and to wage digitization efforts by global brands for more than one million factory workers, most of them women.

Despite this progress, more than 1.3 billion people worldwide, most of them women, remain excluded from the formal financial system, facing ongoing barriers to access and usage. “Digital payments not only improve operational efficiency but also empower individuals, especially women. Secure and timely digital payments have been shown to increase economic independence, particularly for women, who often have less access to digital accounts and smartphones than men. Small businesses also gain better access to capital and skill development when using digital payment solutions. As we expand digital economies, our advisory services focus on implementation of responsible digital payments in communities where cash still dominates”, added Ms. Mbabazi.

Hosted by the United Nations Development Programme (UNDP), which operates in over 170 countries and territories, the Alliance is well-positioned to scale inclusive and responsible digital payment systems that deliver lasting impact and leave no one behind.

Note to Editors

Read the full 2024 Annual Report:

https://www.betterthancash.org/alliance-reports/preview/332

About the Better Than Cash Alliance

The Better Than Cash Alliance is a partnership hosted by the United Nations Development Programme (UNDP) and embedded within it's Sustainable Finance Hub. It brings together governments, private sector leaders, and international organizations to accelerate the shift from cash to inclusive and responsible digital payments. By strengthening financial systems that are transparent, secure, and accessible, the Alliance contributes to poverty reduction, inclusive economic growth, and the financial empowerment of women and underserved communities worldwide.

Nigeria: Dangote - How Black Marketers Are Plotting to Cripple Refineries Across West Africa

The President of Dangote Group, Aliko Dangote, has stated that the presence of a floating offshore oil market in Lome, Togo, will stifle plans for investors to construct refineries in Africa.

Dangote said the market which was selling refined product at inflated prices before due to lack of refineries in Africa, decided to crash their price after his refinery came on board.

He made the disclosure at Global commodity insights conference on West Africa organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and S&P, on Tuesday, in Abuja.

"The market a uniquely African phenomenon. International traders maintain floating storage of about two million tonnes of petroleum products just offshore. These were being sold at inflated prices, given the lack of local refining capacity. Immediately, the Dangote Refinery became operational, they decided to crash the prices."

"But make no mistake--those who profit from this system will do everything they can to prevent other refineries from emerging. The whole essence of Lome is to ensure that no refinery operates in Sub Saharan Africa. In fact, I don't see any new major refining project succeeding with the offshore Lome market in existence.

He, however, said these obstacles must be dismantled through policy alignment, regional cooperation, and strong political will.

"Without political support, there is no way for any new large refinery to be built in our lifetime.

He added that across many African countries, this sector has historically been a major avenue for corruption and rent extraction.

"When you build a refinery and disrupt that system, you are not just innovating, you are threatening powerful interests that will seriously fight back."

He went on to state that another challenge hindering inter-African trade is lack of unified standard for petroleum products.

"Unlike Europe, which has adopted harmonised fuel specifications, Africa remains fragmented. Every country has its own fuel specification standard. The fuel we produce for Nigeria cannot be sold in Cameroon or Ghana or Togo, even though we all drive the same vehicles. This lack of harmonisation benefits no one--except, of course, international traders, who thrive on arbitrage.

"For local refiners like us, it fragments the market and imposes unnecessary inefficiencies. To give one example, the diesel cloud point for Nigeria is 4 degrees. Without going into the technical details, this means that the diesel should work at a temperature of 4 degrees centigrade. Achieving this comes at a cost to us and limits the types of crude we could process. But how many places in Nigeria experience temperatures of 4 degrees? Other African countries have a more reasonable range of 7 to 12 degrees. This is a low hanging fruit which could be addressed by the regulators."

Read the original article on Daily Trust.

Uganda: MPs Summon Defence Minister Over Air Cargo Planes Deal

The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has dismissed officials from Uganda Air Cargo, led by Lt. Gen. (Rtd) James Lakara, and summoned the Minister of Defence, Oboth Oboth, over allegations surrounding a questionable deal involving seven air cargo planes.

The disputed agreement, signed in 2024 between the Government of Uganda, Uganda Air Cargo, and Alfa MBM from the United Arab Emirates, was intended to supply seven air cargo planes for transporting Uganda's goods abroad and for deployment of military personnel to Somalia and other conflict zones.

However, only one plane was delivered, and it soon developed mechanical problems.

Officials from Uganda Air Cargo appeared before COSASE, chaired by Medard Sseggona, to respond to queries raised in the Auditor General's report covering December 2023 and 2024.

"We invited the Minister of Defence to clarify this joint venture, as Alfa MBM has clearly defaulted on its obligations, and Uganda Air Cargo was not even involved in signing the agreement," said Sseggona.

He added that out of the seven planes agreed upon, Alfa MBM delivered only one, which was functional for a short time before breaking down.

Committee members dismissed the Uganda Air Cargo officials and vowed to summon Minister Oboth Oboth for further questioning.

"We have seen numerous agreements signed with poor terms for Ugandans. This agreement involving Uganda Air Cargo and Alfa MBM is no different. We have dismissed these officials to compel the Minister of Defence to appear in person next week. Taxpayers' money is involved, and he is responsible for this mess," said Allan Mayanja, COSASE vice chairperson.

Geoffrey Kayemba Ssali, MP for Bukomansimbi, added, "We want the Minister to explain why he instructed officials from Uganda Air Cargo to bypass the legal procurement process. This contract favors the Minister and the service providers, which we strongly oppose."

Read the original article on Nile Post.

Nigeria: Again, CBN Pegs Interest Rate At 27.5%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has announced its decision to hold the nation's benchmark interest rate at 27.50 percent for the second time running.

According to the CBN Governor, Olayemi Cardoso, members of the committee unanimously decided to hold all policy rates around the Monetary Policy Rate (MPR).

Cardoso said the decision was taken "To maintain the momentum of disinflation."

Meanwhile, the CBN Governor disclosed that eight Nigerian banks have fully met the recapitalisation requirement of the Central Bank while others were working to meet the deadline.

The apex bank boss however did not give details as to the specific banks that have met the requirements.

Addressing journalists at the end of the July edition of the meeting on Tuesday, Cardoso said MPC maintained the current monetary policy stance and hold all policy parameters constant around the MPR.

By that, the MPC retained the asymmetric corridor around the MPR at +500/-100 basis points, retains the Cash Reserve Ratio of Deposit Money Banks at 50 percent and Merchant Banks at 16 percent, and retains the Liquidity Ratio at 30 percent.

The MPC also acknowledged the decline in headline inflation for the third consecutive time.

The committee urged the CBN to maintain a close supervision of the Nigerian banks to maintain the stability of the banking system.

Read the original article on Leadership.

Nigeria: Air Peace Begins Abuja-London Heathrow Flight October

Air Peace has concluded plans to commence its Abuja-London Heathrow operations with the commencement of ticket sales.

In a press release by the airline's Spokesperson, Mr. Efe Osifo-Whiskey, the airline stated that the operations would commence with discounted fares.

Daily Trust reports that the commencement of the London flight in October is coming after months of denial by the UK authorities which later granted approval to the airline following the intervention of the federal government.

The airline had started its London operation in March 2023, flying daily to Gatwick, a second tier airport in the United Kingdom.

According to the airline, direct international flight services from Abuja to both London Heathrow and London Gatwick Airports would commence October 26.

Osifo-Whiskey said, "Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London's major international airports, further solidifying its role as a leader in regional and intercontinental aviation.

"Travellers originating from any of Air Peace's domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks

"Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later."

Read the original article on Daily Trust.

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