The firms, including MTN, Flour Mills, Golden Penny, First Global Commerce Solutions Limited, African Steel Mills Nigeria Limited, Lekki Port LFTZ Enterprise Limited and others, have a combined generation capacity of almost 600 megawatts.

LASERC said the firms, which hold various categories of permits issued under the predecessor federal regulatory framework, the Nigerian Electricity Regulatory Commission, have not commenced the mandatory application process required under the state’s electricity regulatory framework.

The affected licensees cut across multiple permit categories, including captive Power generation, embedded generation, independent electricity distribution network, isolated mini-grid, interconnected mini-grid, and off-grid generation licences, covering industrial, commercial, and distribution operations spread across several local government areas in the state.

“This is to officially notify all concerned stakeholders and the general public that the underlisted 38 licensees are yet to apply to the Lagos State Electricity Regulatory Commission for the necessary licensing and regularisation in line with the regulatory requirements guiding electricity operations within Lagos State.

“Despite ongoing engagements, notifications, and directives issued by the Commission, the affected entities are yet to commence or complete the required application process for licensing with LASERC as mandated under the applicable laws and regulatory framework,” the commission said in a public notice sighted by our correspondent on Sunday.

Among the largest operators on the list is First Global Commerce Solutions Limited, which holds a captive power generation permit for a 77-megawatt plant at Railway Compound, Ebute-Meta – one of the highest-capacity facilities with licences yet to be regularised.

Flour Mills Nigeria Plc follows with a 74.5MW captive power facility at Golden Penny Place, Wharf Road, Apapa, while Lekki Port LFTZ Enterprise Limited, located at the Lagos Free Trade Zone, Itoke Village, Ibeju-Lekki, is listed for a 30MW facility.

Irele Energy LFZ Enterprise, also operating within the Lagos Free Trade Zone in Ibeju-Lekki, holds an embedded generation licence for a 50MW plant and features on the list alongside Geogrid Lightech Limited, which holds a licence for a 30MW facility at Cadbury Nigeria Limited, Lateef Jakande Road, Agidingbi, Lagos.

MTN Nigeria Communication Plc appears three times, reflecting the telecoms giant’s multiple captive power installations across the state. The company is listed for a 3.46MW plant at Apapa Switch, a 4.5MW installation at Ojota Switch Energy Centre 4, and a 5.4MW facility at Ojota Switch Energy Centre 5, all yet to be regularised with LASERC.

Similarly, Golden Penny Power Limited features three times on the list, covering a 32.4MW plant at Plots 43, 45 and 46, Iganmu Industrial Estate, Surulere; a 26MW facility at NPA Premises, Tincan Island, Apapa; and a 57.2MW installation at 1 Golden Penny Place, Wharf Road, Apapa — bringing its total unlisted capacity alone to over 115MW.

Other firms named include African Steel Mills Nigeria Limited, with a 20MW facility at Plot 337, Ikorodu Industrial Estate, Odogunyan, Ikorodu; CHI Limited (14.60MW) at CHI Avenue, Ajao Estate; CCK Electric Power Technology Company Limited (8.8MW) at Alfred Garden Estate, Off Kudirat Abiola Way, Opebi, Ikeja; and Uraga Power Solutions Limited (30MW) at Honeywell Flour Mills Plc, NPA Premises, Apapa.

Tarkwa Bay Green Power Freezone Enterprise and Alaro Power Free Zone Enterprise each hold embedded generation licences of 24MW and 10MW respectively, while Contour Global Solutions Nigeria Limited and Daybreak Power Solutions Limited hold off-grid generation licences.

Daybreak Power Solutions Limited appears twice for a 2MW plant in Ikeja and a 3.5MW facility in Badagry.

Among the IEDN licence holders yet to regularise are ABV Utility Limited, covering the Western Foreshore Estate, Suncity Estate, and Maben Terraces Maisonettes Estate in Lekki; Alaro Connect Free Zone Enterprise, serving Alaro City, Northwest Quadrant, and the Lekki-Epe Expressway; and Igboya Power LFZ Enterprise at the Lagos Free Trade Zone, Itoke Village, Ibeju-Lekki.

Others include IPL Distribution Company Limited, covering several Lagos government establishments, including the General Hospital, Island Maternity Hospital, High Court, Magistrate Court, State House, and street lights; Ladol Integrated Logistics FZE Enterprise at Ladol Free Zone, Apapa Port; and Zeta Technical Services Limited, serving PZ Cussons Nigeria Plc, Friesland Campina, and WAMCO Nigeria Plc in Ikorodu.

In the mini-grid category, A4&T Power Solutions Limited holds an interconnected mini-grid permit covering Odo-Ayan, Mojoda, and Ibowon communities in Epe, with a capacity of 880kW, while Solad Integrated Power Solutions Limited holds an isolated mini-grid permit for Balogun Modern Market, Lagos, at 300kW.

LASERC warned that continued non-compliance could attract “sanctions or enforcement actions as provided by law”. The commission said it remains committed to “a transparent, efficient, and properly regulated electricity market” in the state, urging all the 38 firms to comply “without further delay to avoid regulatory penalties and ensure continued operations within the provisions of the law”.

LASERC was established following the devolution of electricity regulatory powers to states under Nigeria’s 2023 Electricity Act, which granted subnational governments authority to regulate electricity generation, distribution, and retail within their jurisdictions.

Lagos State has since moved to assert regulatory control over power operators within its territory, with the commission issuing several compliance directives since its establishment.

The failure of 38 licensees to seek regularisation suggests that a significant segment of the market has yet to align with the new state-level regulatory order, though they were initially licensed by NERC.

The post MTN, 37 others generated 600MW without licences – LASERC appeared first on Ameh News.

Data from the National Bureau of Statistics’ capital importation report showed that foreign investment into the trade sector rose 91.31 per cent year-on-year, underscoring renewed investor confidence in commercial activities and cross-border trade.

The latest inflow, however, fell below the $80.94m recorded in the third quarter of 2025 and the $119.21m attracted in the fourth quarter of 2025, indicating that momentum moderated after two consecutive quarters of strong growth.

The development came as the National Bureau of Statistics National Bureau of Statistics Nigeria reported that trade emerged as the single largest contributor to Nigeria’s Gross Domestic Product in the first quarter of 2026, accounting for 17.89 per cent of total output.

Commenting on the GDP performance, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the sector’s strong contribution reflected improving macroeconomic conditions.

“One of the most significant highlights of the report is the emergence of the trade sector as the single largest contributor to GDP at 17.89 per cent. This reflects the positive effects of improved exchange rate stability, better FX liquidity conditions, easing inflationary pressures and recovering business confidence on commercial activities and trade flows,” Yusuf said.

He, however, cautioned against relying solely on commerce for economic growth. “However, sustainable economic transformation cannot be driven by commerce alone. Long-term growth resilience requires stronger productive capacity, deeper industrialisation and significantly higher domestic value addition,” Yusuf said.

Industry experts also projected that trade would play an increasingly important role in driving growth across Nigeria and the African continent as governments and businesses deepen regional integration under the African Continental Free Trade Area.

In her contribution to The Boardroom Africa 2026 Industry Trends Report, the Chief Executive Officer of Seedtree Capital, Bowale Adeoye, said innovations in trade finance and logistics would accelerate cross-border commerce.

“Trade finance innovation is reshaping intra-African commerce. The shift from dollar-intermediated systems toward continental payment infrastructure is reducing transaction costs and settlement delays while addressing Africa’s $100–120bn trade finance gap,” Adeoye said.

Adeoye observed that platforms such as the Pan-African Payment and Settlement System are helping businesses settle transactions faster in local currencies, thereby improving liquidity and lowering trading costs across African markets.

She also highlighted the growing importance of cold-chain infrastructure in supporting trade resilience. “Cold chain logistics is becoming a critical enabler of Africa’s trade resilience. Historically underdeveloped, the sector is shifting toward technology-enabled, asset-light models that address food preservation and pharmaceutical integrity,” Adeoye remarked.

The Seedtree Capital chief added that local value addition had become a competitive necessity for African economies. “Localisation is no longer aspirational; it is foundational to competitiveness, tariff optimisation, and supply resilience,” Adeoye said.

Similarly, the Chief Executive Officer of NAHCO Commodities Limited, Ijeoma Ezenwa, said Africa’s agricultural sector was increasingly moving from raw commodity exports to value creation through processing and integrated supply chains.

The post Trade sector attracts $65.79m foreign investment – Report appeared first on Ameh News.

According to Argus Media, APPO Secretary General Farid Ghezali acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.

A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.

The bank was established by the APPO and the African Export-Import Bank to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Executive Secretary of the Nigerian Content Development and Monitoring Board Nigerian Content Development and Monitoring Board, Felix Ogbe, were among the Nigerian delegation who attended the 46th extraordinary ministerial meeting, which was held virtually.

The Nigerian delegation was said to have assured that the country is ready and committed to the bank’s commencement of operations. Ogbe serves as an Executive Board member of APPO, representing Nigeria.

It is reported that the AEB is positioned to become Africa’s premier partner in mobilising private-sector funds for energy projects across the continent, providing accessible and affordable financing for the development of energy projects in Africa.

The bank was originally billed to take off before the end of April and was expected to have held shareholder meetings, appointed management and board, recruited staff and completed other necessary procedures.

However, funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready.

Ghezali called on APPO members to redeem their pledges towards the $500m start-up capital before the end of June.

Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board would make up the balance.

Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.

The Nigerian Content Development and Monitoring Board said AEB will achieve its aim by “mobilising private-sector funds for energy projects across the continent”.

The APPO boss had stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.

But even with the September start, Ghezali said AEB loan-making will only “open at the end of 2026”.

The post APPO confirms Sept launch for energy bank appeared first on Ameh News.

Under the offences and sanctions section of the fourth edition of the manual, the apex bank stated, “Authorised dealers shall pay N100m in addition to N10m per transaction” for consummating foreign exchange transactions with inadequate documentation.

The sanction forms part of a broader framework aimed at tightening oversight of Nigeria’s foreign exchange market, strengthening compliance standards, and curbing abuses among authorised dealers and other market participants.

The revised manual, issued by the CBN’s Trade and Exchange Department in May 2026, is the first major update since 2017. It serves as a regulatory guide for banks, authorised buyers, exporters, investors, and members of the public participating in foreign exchange transactions.

According to the CBN, the manual seeks to promote transparency in foreign exchange inflows and outflows, establish clear documentation and reporting requirements, strengthen enforcement mechanisms, and support national economic priorities by ensuring foreign exchange is channelled to productive uses.

Beyond the N100m sanction, the manual introduces a range of penalties for violations in the Nigerian Foreign Exchange Market.

Banks that exceed their approved Net Open Position limits face escalating punishments. A first offender will receive a warning letter, while a second offence attracts a 10-working-day suspension from the foreign exchange market. A third violation will result in a 90-day suspension from the market.

The apex bank also tightened reporting obligations for authorised dealers. Banks are required to submit daily returns on foreign exchange transactions by 10 a.m. for the preceding day and monthly returns within five working days after month-end. Failure to comply attracts sanctions.

Under the new rules, late rendition of returns will attract a penalty of N500,000, while non-rendition carries a minimum fine of N5m and an additional N500,000 for every day the violation continues.

The CBN further warned banks against reallocating foreign exchange funds without regulatory approval, stating that such actions could attract monetary fines, suspension of authorised dealership licences for at least six months, or outright licence revocation, depending on the severity of the breach.

Import-related transactions also received significant attention in the revised framework. The manual requires importers to submit Exchange Control Documents within 90 days of negotiating shipping documents with overseas correspondent banks. Importers who fail to comply will be restricted from conducting valid and non-valid foreign exchange transactions, including the processing of Form M applications.

First-time offenders will face a 90-day restriction, rising to 180 days for a second offence and 360 days for a third. A fourth violation will attract a complete ban from the foreign exchange market.

Where banks fail to report such defaults, they risk sanctions, including a warning and a N10m penalty for each affected transaction.

The manual also imposes stricter obligations on exporters. For non-oil exports, proceeds must be repatriated and credited to exporters’ domiciliary accounts within 180 days of shipment, while oil and gas export proceeds must be received within 90 days.

Exporters that fail to repatriate proceeds within the stipulated period will pay a penalty equivalent to one per cent of the naira value of the outstanding proceeds, while banks that fail to ensure compliance will be fined 0.5 per cent of the outstanding amount.

The manual further empowers the CBN to sanction banks for late approvals of export documentation, non-remittance of export supervision levies, and failure to render returns on export proceeds.

In addition to the sanctions, the revised framework introduces several operational reforms designed to improve market efficiency.

Among the changes are an increase in allowable advance payment for imports from 15 per cent to 30 per cent, the introduction of a permissible import shortfall or excess margin of plus or minus 10 per cent of the Cost and Freight value on Form M, and the removal of processing fees for Form NXP used for exports.

The CBN also introduced provisions covering service exports, technology-related remittances, Pan-African Payment and Settlement System transactions, non-resident investment accounts, and tuition fee remittances of up to $25,000 per semester for undergraduate and postgraduate studies abroad.

The manual additionally removed the mandatory requirement for Form A in remittances funded through ordinary domiciliary accounts, although banks are still required to verify the legitimacy and purpose of such transactions.

The apex bank said the reforms were developed after extensive consultations with banks, exporters, corporates, regulators, and development partners and are intended to support a transparent, rules-based, and market-oriented foreign exchange system.

According to the CBN, the revised manual is expected to improve compliance, reduce transaction bottlenecks, deepen market confidence, attract investment inflows, and strengthen the integrity of Nigeria’s foreign exchange market.

The Governor of the CBN, Mr Olayemi Cardoso, earlier said the initiative reflected the apex bank’s commitment to strengthening macroeconomic stability and modernising Nigeria’s foreign exchange administration.

He said the revised manual became necessary following evolving global economic conditions, domestic structural adjustments, and ongoing reforms in Nigeria’s foreign exchange market.

The Deputy Governor, Corporate Services Directorate of the CBN, Dr Muhammad Abdullahi, said the revised manual formed part of broader reforms initiated under Cardoso’s leadership to restore confidence, improve transparency, deepen liquidity, and strengthen market efficiency.

He said the review was undertaken to align Nigeria’s foreign exchange framework with current market realities and international best practices.

“Our goal is to reduce transaction frictions, improve processing timelines, deepen market confidence, encourage formal market participation, and create a more seamless and efficient experience for legitimate users of Nigeria’s foreign exchange market,” he said.

The post Banks face N100m penalty for forex violations appeared first on Ameh News.

The government disclosed this in a statement issued on Thursday night by the livestock ministry following the inauguration of the FAO Technical Cooperation Programme Project on Strengthening HPAI Preparedness, Detection, and Response in Nigeria.

According to the statement, the initiative is designed to improve disease surveillance, laboratory diagnostic capacity, risk communication, and stakeholder coordination under the One Health framework.

The Minister of Livestock Development, Idi Maiha, was quoted as saying that the poultry industry remains vital to Nigeria’s food security and economic growth but continues to face threats from transboundary animal diseases.

“The poultry industry remains a critical component of Nigeria’s livestock sector. However, it continues to face threats from transboundary animal diseases, particularly Highly Pathogenic Avian Influenza, which has remained a recurring challenge since its first occurrence in Nigeria in 2006,” the minister said.

Maiha noted that the resurgence of the disease since 2021 has continued to affect poultry farmers across different scales of operation, with implications for food security and international trade.

“We are concerned because of the destructive effect of avian influenza in Nigeria. It is threatening livelihoods, threatening food security, and threatening international trade. We must work together to restore livelihoods, close gaps in poultry product supply, and reconnect our poultry industry to international markets,” he stated.

The minister commended the FAO for approving and funding the project, describing the intervention as timely and consistent with the Federal Government’s efforts to strengthen disease prevention and control within the livestock sector.

The statement also quoted the Permanent Secretary of the ministry, Dr Chinyere Ijeoma Akujobi, represented by the Chief Veterinary Officer of Nigeria, Dr Samuel Anzaku, as saying that Nigeria has continued to record outbreaks of HPAI annually despite progress made in disease control.

“The epidemiology of the disease has evolved, with outbreaks now affecting multiple avian species. Layer farms remain the most severely impacted segment, resulting in substantial economic losses and disruptions across poultry value chains,” she said.

The FAO representative, Dr Otto Muhinda, reaffirmed the organisation’s commitment to supporting Nigeria in combating transboundary animal diseases and building a resilient poultry industry.

“FAO is proud to partner with the Federal Ministry of Livestock Development and other stakeholders in building a more resilient poultry sector. Through this project, we aim to enhance Nigeria’s capacity for early detection, preparedness, and rapid response to Highly Pathogenic Avian Influenza, thereby protecting livelihoods, food security, and public health.

“Over the next nine months, the project will train 240 animal health personnel, contributing to a stronger frontline workforce capable of preventing and responding to disease outbreaks. It will also support the development of predictive tools to improve preparedness and reduce future risks of HPAI in Nigeria,” he said.

According to the statement, stakeholders, including representatives of the Office of the National Security Adviser, the Veterinary Council of Nigeria, the Nigerian Veterinary Medical Association, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Environment, stressed the need for collaboration in tackling disease outbreaks.

The ministry stated that Nigeria recorded confirmed outbreaks of HPAI in Kebbi, Kano, Katsina, Plateau, and Bauchi states in 2026, underscoring the continued threat posed by the disease to the poultry industry, food security, and livelihoods.

It added that the FAO-supported intervention would be implemented in seven pilot states to strengthen disease surveillance, improve laboratory diagnostic capacity, enhance biosecurity measures, promote risk communication, and bolster rapid response mechanisms.

The post Govt, FAO launch $350,000 bird flu response programme appeared first on Ameh News.

This is contained in a statement by the Chief Corporate Communications Officer of NNPC Ltd., Andy Odeh, a copy of which was made available to PUNCH Online on Friday.

The intervention, which is in furtherance of NNPC Ltd’s commitment to improving healthcare access and strengthening medical infrastructure across Nigeria, is expected to enhance the diagnosis and treatment of orthopaedic, neurological, trauma, musculoskeletal, and gynaecological conditions.

“Before the intervention, patients needing advanced MRI diagnostic services often faced challenges of travelling long distances, longer waiting times, and delays in care due to high cost and availability,” the statement partly read.

Speaking at the ceremony held on the hospital’s premises in Kano on Thursday, the Group Chief Executive Officer of NNPC Ltd., represented by the Managing Director of NNPC Foundation, Mrs Emmanuella Arukwe, said the donation is part of a wider corporate goal and focus to contribute strategically to national healthcare development.

“At NNPC Limited, we are intentional about ensuring that our social investments are impactful, sustainable, and beneficial to the communities we serve. Through the NNPC Foundation, we will continue to implement interventions that create measurable social value across Nigeria,” he said.

He described the intervention as timely and necessary, noting that it presents an opportunity to strengthen Nigeria’s healthcare system amid challenges of infrastructure deficits, equipment limitations, and increasing demand for specialised services.

Also speaking, the Executive Vice President, Business Services, NNPC Ltd., Mrs Sophia Mbakwe, represented by the Executive Director, Programme Management at the NNPC Foundation, Mrs. Rose Okonkwo, said NNPC Limited goes beyond crude oil production to impact lives positively, reaffirming the company’s commitment to improving the well-being of Nigerians as well as strengthening key national institutions.

“Today’s event is a testament to our steadfast commitment to delivering measurable impacts and scalable, sustainable interventions to communities across Nigeria, inclusively targeting underserved and vulnerable members of society.

“By this intervention, NNPC Limited aims to strengthen healthcare delivery and improve the quality of life of the people of Kano State, the North-West geopolitical zone, and, by extension, all Nigerians who depend on the National Orthopaedic Hospital, Dala for specialised medical care,” she stated.

In his remarks, Kano State Governor Abba Yusuf, who was represented by the Commissioner for Health, Abubakar Labaran Yusuf, commended NNPC Foundation for the donation, describing it as a major milestone in improving healthcare services in the region through early and accurate diagnosis and care.

The Chief Medical Director of the hospital, Dr Isa Nurudeen, expressed appreciation to NNPC Ltd. for the intervention, noting that the donation will have a transformative impact on the hospital’s operations and services.

The post NNPC donates MRI machine to Kano hospital appeared first on Ameh News.

Supported by FCMB, the programme seeks to address land access constraints facing young agripreneurs while creating opportunities for financing, enterprise development and job creation.

A statement from FCMB on Thursday stated that the initiative was unveiled in Abuja on Monday during a gathering of government officials, development partners, financial institutions, youth organisations and stakeholders in the agricultural sector.

According to the organisers, the Youth in Agribusiness Land Trust Fund provides a framework that enables young people to access land for agricultural activities while promoting entrepreneurship and value-chain development.

Speaking at the launch, the Minister of Youth Development, Ayodele Olawande, said the initiative would support efforts to increase youth participation in agriculture and expand agribusiness opportunities.

“We want to train more than six million Nigerian youths in the coming years. We want to support at least 500,000 youth-led agribusinesses and connect young Nigerians to local and international markets.

“Agriculture has the potential to create millions of jobs, improve food production, reduce poverty, and accelerate economic growth. However, access to land remains one of the biggest barriers confronting young people today, and this initiative seeks to address that challenge,” he said.

Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the initiative reflected efforts to strengthen youth participation in agriculture and reduce barriers to land access. He said the programme would help create conditions for youth-led agribusinesses to expand.

Representing FCMB at the event, the Divisional Head, Agribusiness and Non-Oil Export, Kudzai Gumunyu, said the bank remained committed to supporting initiatives aimed at making agriculture more accessible and commercially viable for young people.

“The future of Nigerian agriculture depends on how well we structure financing and support systems around the realities of young people and the sector. Agriculture must be presented as a modern, technology-driven business offering opportunities in logistics, processing, commodity trading, mechanisation, digital platforms, and innovation,” he said.

Gumunyu noted that many young Nigerians face challenges accessing finance because they lack the collateral and financial structures required by lenders.

He highlighted FCMB’s AgTech Aggregator Programme, which supports young innovators developing solutions to challenges across the agricultural value chain.

“Building the right ecosystem is critical. The future of Nigerian agriculture is young, climate-smart, market-driven, and innovation-enabled. To unlock its full potential, we must strengthen partnerships that improve access to finance, technical support, technology, and market opportunities,” he added.

Also speaking, the Director-General of the National Youth Service Corps, Brigadier General Olakunle Oluseye Nafiu, said the collaboration among government agencies, development institutions, and private-sector partners would support the development of young agribusiness entrepreneurs.

The Federal Ministry of Youth Development and IITA commended FCMB and other partners for supporting efforts aimed at youth empowerment and agricultural development.

The event attracted representatives of development agencies, donor organisations, state governments, financial institutions, youth networks, agribusiness stakeholders and members of the National Youth Service Corps.

The post FCMB partners FG, IITA on agribusiness drive appeared first on Ameh News.

The dividend distribution, which translates to 0.16 US cents per share, represents the financial institution’s first dividend payout to investors since 2022.

For the year ended 31 December 2025, the pan-African banking group reported a record profit before tax of $801m, representing a 21 per cent growth year-on-year compared to the previous period.

Net revenues for the conglomerate climbed 17 per cent to hit $2.45bn, while its pre-provision, pre-tax operating profit jumped 29 per cent to $1.265bn, underlining significant operational momentum across its geographic footprints.

Addressing investors at the meeting, the Chairman of the Board of Directors, Papa Ndiaye, tied the improved metrics directly to the group’s corporate recovery roadmap.

“Our strong 2025 financial performance has marked the return to dividend payments to our shareholders. This $40m dividend is a direct reflection of the resilience of our unrivalled pan-African model, institutional maturity, and our staff’s skill and discipline.

“This achievement is a good illustration of my absolute confidence in the strength of the group to continue delivering sustainable growth and value across the continent,” Ndiaye said.

He added that the lender’s performance strongly validates the strategic safety net provided by a highly diversified regional structure, which shields the broader balance sheet from localised macroeconomic shocks.

Corroborating the chairman’s position, the Chief Executive Officer of Ecobank Group, Jeremy Awori, explained that the ongoing execution of its Growth, Transformation, and Returns strategy remains central to the expansion.

He said, “Our shareholders once again strongly reaffirmed their confidence in our GTR strategy. Thanks to our deliberate and structured approach to growth, we are bringing value to our shareholders while transforming payments and trade across our 34 markets.

“Steadily, our pan-African model is building the infrastructure that will enable the future of the continent’s financial architecture.”

The financial reports indicate that the tier-1 lender maintained a capital adequacy ratio of 16.7 per cent, placing the group roughly 420 basis points above the regulatory minimum required for seamless cross-border banking operations.

Operational efficiency also reached a historic milestone, with Ecobank’s cost-to-income ratio dropping to an all-time low of 48.3 per cent during the period under review.

The post Ecobank shareholders approve $40m dividend appeared first on Ameh News.

The group noted that manufacturers had borne the brunt of economic reforms introduced over the past three years, which led to soaring production costs, declining capacity utilisation, reduced access to credit and significant job losses.

In the organisation’s recent three-year government assessment document, MAN Director-General Segun Ajayi-Kadir stated that the reforms had laid the foundation for long-term economic restructuring but stressed that implementation must now focus on industrial recovery and growth.

Ajayi-Kadir stated, “The Nigeria Industrial Policy and the renewed emphasis on local content procurement through the Nigeria First framework equally represent important steps toward strengthening domestic industrial capacity. If properly implemented and consistently enforced across all government institutions, these initiatives could significantly improve market access for locally manufactured goods, deepen local value addition and stimulate industrial expansion.”

MAN’s DG noted that the implementation of the Naira-for-Crude initiative had reduced foreign exchange pressure within the downstream petrochemical and plastics value chain, while fiscal measures that zero-rated VAT and excise duties on pharmaceutical raw materials and medical devices had provided relief for local manufacturers.

He added that the 2025 Tax Reform Act introduced key provisions capable of improving the industrial climate, including withholding tax exemptions, expanded VAT deductibility on fixed assets and services, phased reductions in Companies Income Tax, incentives for research and development, and fiscal relief for small and medium-scale industries.

The MAN boss also stated that the ongoing harmonisation of levies across states could help reduce the burden of multiple taxation, while the National Single Window platform offers an opportunity to simplify trade procedures and improve supply chain efficiency.

Despite the positive outlook, MAN said manufacturers faced severe challenges following the removal of fuel subsidies, exchange rate liberalisation, electricity tariff increases and tight monetary policies.

Ajayi-Kadir said the removal of the fuel subsidy in May 2023 caused logistics and distribution costs to surge by more than 300 per cent within weeks, while electricity tariffs for Band A consumers rose from about N68 per kilowatt-hour to between N209 and N225 per kilowatt-hour.

He said manufacturers continued to rely heavily on alternative energy sources because the electricity supply remained stable, noting that expenditure on alternative energy rose from N781.68bn in 2023 to N1.11tn in 2024 and further increased to N1.34tn in 2025.

The association disclosed that manufacturing capacity utilisation declined from 61.3 per cent in the first half of 2025 to 57.7 per cent in the second half, while more than 18,900 jobs were affected during the period under review.

Ajayi-Kadir also said exchange rate liberalisation increased the cost of imported industrial inputs, with the naira depreciating from about N463 to the dollar in June 2023 to N899 by December 2023 and later to approximately N1,535 by December 2024.

He said, “Consequently, the cost of imported raw materials rose from N3.04tn in 2023 to N6.64tn in 2024, representing an increase of about 118 per cent. Manufacturing value-added also declined significantly from $45.2bn in 2023 to $21.84bn in 2024.”

The association further stated that inadequate access to foreign exchange at the official market remained a challenge, with less than half of industrial demand currently being met.

MAN added that high interest rates had constrained industrial expansion, noting that prime lending rates averaged 24.4 per cent as of March 2026, while maximum lending rates reached 33.8 per cent in several commercial banks.

According to Ajayi-Kadir, credit to the manufacturing sector fell from N10.88tn in February 2024 to N6.6tn by December 2025, adding that manufacturers also grappled with fluctuating customs duty assessments linked to exchange rate volatility, making business planning and pricing difficult.

The association urged the Federal Government to prioritise affordable access to foreign exchange for productive activities, concessionary financing for industrial investment, stable electricity supply and predictable trade policies.

Ajayi-Kadir said, “Nigeria cannot achieve sustainable economic prosperity without a strong manufacturing base. The country’s long-term resilience depends on its capacity to produce competitively, create jobs locally and expand industrial value addition.

“The current reforms can still deliver meaningful industrial transformation if implementation becomes more coordinated, more responsive to productive sectors and more focused on reducing the structural constraints limiting manufacturing performance.”

MAN’s position is reinforced by the recent African conversation about manufacturing as a national security policy.

In her contribution to The Boardroom Africa 2026 Industry Report, Founder and Managing Director, Senvoice, Marième Doukouré-Amoa, observed that African markets’ tightening of mining codes and local content oversight reflect “a shift away from passive participation in global value chains toward embedding resilience and domestic industrial capacity.”

She noted that “trade and supply chain norms have been fundamentally disrupted, exposing the fragility of systems built on uninterrupted material flows and stable processing capacity.”

Doukouré-Amoa explained that as globalisation faces structural strain, Industrial, manufacturing, and metals strategies are being recalibrated around supply security, regional processing, and long-term value retention.

The post Industries can rebound with naira-for-crude, tax reforms — MAN appeared first on Ameh News.

The post “From Borrowing to Pay Salaries to Building a $1 Billion Fintech: The Moniepoint Story” appeared first on Ameh News.