Banks awash with excess cash amidst poverty
•As banking system liquidity surges 17% to N5.5trn By Elizabeth Adegbesan Amidst prevalent poverty in the country, Nigeria’s financial sector experienced a major injection of cash as the average net liquidity in the banking system surged to N5.53 trillion in May 2026. This represents a 17.16 per cent increase from the N4.72 trillion recorded previous […]
NAICOM revokes Universal Insurance’s licence, appoints receiver
By Innocent Anaba The National Insurance Commission (NAICOM) has revoked the license of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company’s affairs. The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its […]
FAAC: FG, States, LGs share N3 trn
By Emma Ujah, Abuja Bureau Chief The three tiers of government have shared N3.007 trillion as July 2026 revenue. The revenue was shared at the Federation Account Allocation Committee, FAAC, meeting held, yesterday, on the sidelines of the ongoing National Council on Federation and Economic Development, NACOFED, jn Owerri, Imo State. This moth’s shared revenue was […]
Dangote Refinery IPO gets $1bn underwriting backing from Marob, Lilium
By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals FZE, DPRP, has secured $1 billion in underwriting backing from Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group ahead of its planned initial public offering, IPO. The $1 billion programme comprises a completed and funded $600 million private placement and a $400 million underwriting commitment for […]
Don’t dismiss US 2026 Fiscal Transparency Report, BudgIT tells FG
By Emma Ujah, Abuja Bureau Chief BudgIT, a civic-tech organisation promoting transparency and accountability in Nigeria’s public finance, has urged the Federal Government not to dismiss the United States Department of State’s 2026 Fiscal Transparency Report, which scored Nigeria low for the second consecutive year. The organisation made the call in a statement by its Country […]
US lifts 12-year entry restriction on Nigerian vessels
By Godwin Oritse The United States Coast Guard (USCG) has lifted the Condition of Entry (CoE) imposed on vessels arriving in the United States from Nigeria, ending a 12-year regime of enhanced security requirements on ships calling at Nigerian ports. The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, announced the development, describing it as […]
