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CBN Unveils 7 Key Reforms to Reconnect Nigerians in Diaspora with Home Banking System

Our Reporters2 days ago2 days ago04 mins

The Central Bank of Nigeria (CBN) has taken a bold leap to re-integrate Nigerians living abroad into the country’s financial ecosystem by launching the Non-Resident Bank Verification Number (NRBVN). Unveiled yesterday in Abuja by CBN Governor Olayemi Cardoso, the initiative eliminates seven major barriers that have long prevented Nigerians in the diaspora from seamless participation in Nigeria’s banking and investment systems. Here are the key reforms and what they mean for diaspora Nigerians: Governor Cardoso described the launch as a “dream come true” for millions of Nigerians abroad, noting that “this is the beginning of a broader journey, not the final destination.” The CBN plans ongoing refinements based on user feedback to ensure no Nigerian is left out of the country’s financial future—no matter where they reside. This groundbreaking policy marks a new era of inclusion and opportunity, bridging the distance between Nigerians at home and abroad with financial infrastructure that works for everyone.

Lagos Secures $13 Trillion in Partnerships, Eyes Global Investment Growth

Our Reporters4 days ago4 days ago02 mins

The Lagos State Government has attracted over $13 trillion in strategic global partnership deals over the past six years, aimed at bolstering infrastructural investments across critical sectors. Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, disclosed this during a ministerial press briefing on Governor Babajide Sanwo-Olu’s second term anniversary. She highlighted that Lagos secured $4 million in Business Enabling Reforms (SABER) disbursements in 2024 and is targeting a total of $30 million by 2025. The state also finalized a $200 million partnership with Abu Dhabi Ports to develop the Lekki corridor, focusing on logistics, ICT, and healthcare. Additional trade missions and deals have been advanced with the United States, EU, G7, and Swedish firms to expand 5G broadband access. Ambrose-Medebem emphasized Lagos’s improving business climate, citing a $50 million investment by the International Finance Corporation in the Lagos Free Zone and recognition from the Presidential Enabling Business Environment Council (PEBEC) as the South-West’s top reformer. An MoU with the Commonwealth Enterprise and Investment Council also positions Lagos as a trade gateway for 56 nations. Efforts to strengthen industrial capacity continue with new small-scale industrial estates under construction in Ikorodu and rehabilitation plans for older estates across the state. On consumer safety, the government has sanctioned 35 supermarkets for selling expired goods and pledged to continue enforcing protective measures while pushing toward becoming a global smart-city hub.

Nigerian Banks Raise SMS Alert Fees to ₦6 Amid Telecom Tariff Hike

Outrage as Banks Hike SMS Alert Charges to ₦6 Amid Growing Customer Backlash

Our Reporters2 weeks ago2 weeks ago05 mins

Customers and financial stakeholders have expressed frustration over the recent increase in SMS transaction alert fees by Nigerian commercial banks, which took effect on Thursday, May 1, 2025. The charge has risen from ₦4 to ₦6 per SMS, a move banks say was necessitated by a recent 50% hike in telecom tariffs approved by the federal government. In messages sent to their customers, banks cited increased telecom service costs as the reason behind the hike. “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” read one message. Daily Trust reports that this fee hike adds to a growing list of charges borne by bank customers, including transfer fees, VAT, ATM withdrawal fees, account maintenance fees, and the cybersecurity levy. Transfers of ₦10,000 or more now also attract a ₦50 Electronic Money Transfer Levy (EMTL), regardless of the platform used. Public Reactions: Small Fee, Big Burden Kayode Gabriel, a financial consultant, said the ₦2 increase reflects broader inflationary pressures. “It’s another reminder of how everything keeps going up without better service,” he said, noting he’s exploring fintechs offering free app or email alerts. Shaba Victor from Akure pointed out that while ₦2 seems insignificant, frequent transactions make it add up quickly. “It may look small, but it makes a difference—especially now when everything is expensive.” Another customer lamented being charged ₦1,148 for SMS alerts in just one month. “I receive alerts daily, so the hike means more deductions. I need to find a way around this.” Others like Emmanuel Okon are opting to deactivate SMS alerts entirely to avoid additional costs. “I just hope it won’t take forever to opt out,” he said. Stakeholders React: Cost vs. Service Quality Deolu Ogunbanjo, President of the National Association of Telecom Subscribers, linked the bank fee hike to the government-sanctioned 50% telecom tariff increase. He criticized the move, saying it would have been more reasonable to limit the hike to 35%, as previously discussed with stakeholders. He also urged banks to avoid sending separate messages for debits and VAT charges, suggesting consolidated alerts to reduce costs for consumers. Prince Sina Bilesanmi, President of ATCIS-Nigeria, said the banks’ hike was justified given rising SMS costs, but stressed that service quality must improve in line with increased fees. Banks Offer Opt-Outs Some banks, including Union Bank, have reminded customers that they can opt out of SMS alerts entirely. A notice from the bank reads, “Transaction alerts are essential… but if you would like to opt out, please update your preferences.” Expert Opinion: Rising Charges Erode Trust Professor Ndubisi Nwokoma, an economist, warned that these mounting charges are undermining public trust in the banking system. “People now prefer cash because bank deductions reduce the real value of money received,” he said. As inflation and service costs rise, many Nigerians are seeking cost-saving alternatives, including fintechs and cash-based transactions, highlighting growing discontent with traditional banking fees. Would you like a comparison of banks or fintechs offering lower or no alert fees?

Over 70% of Nigerian Shipments to U.S. Rejected or Delayed Amid New Tariff Policy

Our Reporters3 weeks ago3 weeks ago02 mins

Since the enforcement of former U.S. President Donald Trump’s new tariff policy—particularly targeting imports from Africa—over 70% of shipments sent from Nigeria to the United States via air cargo have been either refused entry or placed on indefinite hold. Ini Daniel, Chief Commercial Officer at AAJ Express Logistics Limited, disclosed this on Tuesday, highlighting the severe disruption the policy has caused. He noted that the delays have created major setbacks for Nigerian exporters and importers operating in the U.S. market. “Nigerian exporters are facing unprecedented challenges following the full implementation of Trump’s tariff regulations on April 2, 2025,” Daniel said. “Cargo and courier companies are struggling with clearance, creating a crisis for exporters trying to meet demands in the U.S.” The aviation sector has also been hit hard, with airlines reportedly offering steep discounts or even free returns due to the growing backlog of undelivered goods. Exporters, meanwhile, remain in the dark as U.S. customs officials have yet to provide clear reasons for the shipment rejections. Daniel emphasized that Nigeria is not alone in this dilemma—exporters from China, Europe, and other African nations are also being impacted. In light of the uncertainty, he advised Nigerian exporters to temporarily halt shipments to the U.S. until customs authorities issue clearer guidelines. Exporters now anxiously await clarification and a resolution that could restore smooth trade with the U.S. market.

NNPCL Earns ₦336bn from Crude Sales to Dangote, Foreign Buyers

Our Reporters4 weeks ago4 weeks ago04 mins

The Nigerian National Petroleum Company Limited (NNPCL) generated ₦336.37 billion from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 percent of the transactions. Internal documents submitted at the Federation Account Allocation Committee (FAAC) meetings and obtained by The PUNCH revealed that crude supplies to the refinery totaled ₦107.44 billion, with unit prices ranging from $74.87 to $80.34 per barrel. These transactions were settled in naira using exchange rates recommended by the African Export-Import Bank (Afreximbank), between ₦1,501.22/$ and ₦1,562.91/$. This naira-based crude supply arrangement is part of the Federal Government’s initiative to support local refining, conserve foreign exchange, and reduce fuel import dependency. Initially introduced in July 2024, the naira-for-crude policy directed NNPCL to sell crude oil to Dangote Refinery in naira for an initial six-month phase. While the refinery briefly suspended sales in naira in March 2025 due to currency mismatch concerns, the Federal Executive Council reaffirmed the agreement, emphasizing its importance as a sustainable long-term policy. Following the policy’s reinstatement, Dangote Refinery slashed its ex-depot petrol price to ₦835 per litre—its third reduction in six weeks—underscoring the benefits of local crude supply. During Q1 2025, the refinery received seven cargoes totaling 915,821 barrels from the Okwuibome field operated by Sterling Oil (SEEPCO), under a Production Sharing Contract. However, SEEPCO has faced scrutiny over alleged expatriate quota abuse and anti-labour practices, prompting investigations and sanctions from the Nigerian Content Development and Monitoring Board (NCDMB). Despite these controversies, SEEPCO’s operations continue to play a vital role in Nigeria’s oil sector. The NNPCL’s sales documents listed crude shipments to Dangote Refinery with transaction values ranging from ₦5.69 billion to ₦34.18 billion. These shipments contributed significantly to local supply while leveraging domestic exchange rates. The total value of the crude lifted by Dangote Refinery was $70.54 million, equivalent to ₦107.44 billion, all settled in naira. In addition to domestic sales, NNPCL also realized ₦228.94 billion from exporting 1.95 million barrels of crude oil to international refiners, sourced from Egina, Erha, and Forcados Blend fields. These export transactions, executed under Production Sharing Contracts with companies like Total, ExxonMobil, and Pan Ocean, were priced between $74.90 and $78.94 per barrel. The export exchange rates provided by the Central Bank of Nigeria were slightly lower than those used for Dangote’s domestic purchases, reflecting the volatility in the foreign exchange market and the challenge of balancing forex earnings with domestic energy priorities.

Refiners Warn Fuel Importers May Soon Be Pushed Out of Business

Our Reporters4 weeks ago4 weeks ago09 mins

Crude Oil Refinery Owners Association of Nigeria has projected that importers of petroleum products in Nigeria may soon go out of business if they refuse to follow local refining trends. CORAN stated this as the Federal Government ordered the return of the naira-for-crude deal despite calls for its cancellation by the Depot and Petroleum Products Marketers Association of Nigeria. In an interview with our correspondent, the Publicity Secretary of CORAN, Eche Idoko, dismissed the claims by DAPPMAN that the sale of crude to local refineries in naira affected the economy negatively. According to Idoko, the depot owners, who are primarily importers of petroleum products, made the claims because they would not want to go out of business. He argued that those who own depots to store imported products will not want the refineries and the pipelines to function as their functionality would send them out of business. “We understand why they (the importers) wanted the Federal Government to cancel the naira-for-crude deal. For them, they would not want to go out of the market. And I keep telling you, a man who has drums that store water in order to make money, would not want the pipes to run. Because if the pipes start running, his drums go out of business. That’s what tank farm owners do,” Idoko stated. The CORAN spokesman said appeals were made to the depot owners to re-strategise so as to remain relevant when Nigeria becomes a refining hub. However, Idoko said the importers remained adamant in the business of fuel importation, saying they would go out of business because refining has come to stay in Nigeria. “Unfortunately, we are asking them to come so that we can re-strategise and change their business strategy so they can remain relevant when Nigeria becomes a refining hub, but they are not forthcoming. “Well, as long as they decide to keep to that position, at some point, they will all go out of business. Because refining in Nigeria has come to stay,“ he stressed. Idoko worried that some individuals are still hellbent on continuing a regime of importing substandard fuel into the country. He explained that importers do not want local refining to succeed, and they have since resorted to kicking against the naira-for-crude deal. According to him, the price of petrol was heading to N700 per litre before the naira-for-crude deal was discontinued, adding that the price ought to have dropped further with the crash in crude oil prices across the globe if not for the suspension of the naira deal in March. “The price of PMS continued to rise because these middlemen are the elements that want to see that local refining is not sustained. When we turned to local refining in this country, we saw the price of petroleum products dropping. And it was going to go down more as the crude prices crashed. “Unfortunately, we have middlemen who pride themselves as agents. They have no scheme in the game other than that they have fixed prices because they don’t have risk. All they do is to connect Nigerian consumers with international traders and then make their money and go away. So, they don’t have anything to lose. They have no investment in this business. They just come in as agents, make money, and then cash out,” he stated. Idoko said, “It is foolhardy for anybody to think that in their bid to continue a regime of importing substandard petroleum products, they could thwart the naira-for-crude policy. We appreciate the Federal Government for bringing back the naira-for-crude deal.” The naira-for-crude deal ordered by President Bola Tinubu allowed the sale of crude in naira to the Dangote refinery, prompting a crash in fuel prices. With the supply of crude in naira, the Dangote refinery continued to crash petrol prices across the country. From about N1,100 per litre, the company slashed the price of premium motor spirit to N860. But importers of petroleum products lamented the repeated reduction of petrol prices by the refinery. Some of the importers lamented that they were compelled to sell below their costs, as consumers only buy from where the product is cheaper. While Nigerians were rejoicing over the price slashes, fuel importers and retailers said they were counting losses. Sunday PUNCH reports that importers lost an average of N2.5bn per day and N76.5bn in a month due to Dangote’s sudden price changes in March. With the belief that the naira-for-crude deal was giving Dangote an undue advantage over its competitors, the Depot and Petroleum Products Marketers Association of Nigeria asked the Federal Government to cancel the deal, arguing it was inimical to the country’s economy. The DAPPMAN Executive Secretary, Olufemi Adewole, disagreed, saying, “The naira-for-crude-oil transaction framework presents significant risks that could affect Nigeria’s foreign exchange stability and deter foreign direct investment.” Adewole emphasised that crude oil transactions are traditionally carried out in US dollars due to its stability and global acceptability. He stressed that failure to align with this international standard could isolate Nigeria from global markets, diminishing trade opportunities and discouraging investment inflows. “The global oil market operates in US dollars due to its stability. Continuing the policy could alienate trade partners and investors who rely on the predictability of the dollar,” he stated. However, the Federal Government ignored DAPPMAN’s call for cancellation, ordering that the naira-for-crude deal should continue indefinitely.

Business

Olam Agri Introduces Crown Thick Spaghetti: A Delicious New Twist on a Classic Favourite

Our Reporters4 weeks ago4 weeks ago04 mins

Abuja, Nigeria – April 2025 – Crown Flour Mill (CFM) Limited, the wheat milling and pasta business of Olam Agri in Nigeria, has unveiled a new addition to its product range—Crown Thick Spaghetti—at a vibrant launch event held in Abuja on April 16, 2025. Designed to meet the yearnings of the Nigerian consumers for Thick Strand size spaghetti, the new Crown Thick Spaghetti was enthusiastically received by distributors in attendance, who played a crucial role in its successful launch. The event offered a platform for meaningful engagement, reflecting CFM’s strong network and commitment to delivering food products that meet the evolving tastes of Nigerian consumers. Backed by Olam Agri in Nigeria’s investments in local wheat farming through initiatives like Seeds for the Future, CFM has become a trusted name in providing high-quality, fortified food options that are both nutritious and affordable. The launch of Crown Thick Spaghetti further strengthens its diverse pasta portfolio and its role in supporting food security in Nigeria. “This is more than just a product launch,” said Siddharth Suri, Vice President and Business Head at Crown Flour Mill. “We are unveiling new possibilities. this launch represents our commitment to progress, to better serve our communities, and to equip our partners with tools that can help grow their business and satisfy the ever-evolving needs of our customers. Crown Thick Spaghetti continues our tradition of innovation and excellence in food manufacturing.” Bola Adeniji, General Manager and Head of Marketing at Olam Agri in Nigeria, highlighted the product’s unique qualities: “Crown Thick Spaghetti was developed with versatility in mind—perfect for rich sauces or local favourites like Jollof spaghetti, stir fry, etc. It fills a gap in the market, and early feedback from consumer trials has been overwhelmingly positive.” The event also featured popular Northern music star and brand ambassador Ali Jita, who praised the brand’s consistency and wide availability: “CFM products are always of high quality, healthy, and easy to find. This new spaghetti takes things up a notch—it’s non sticky, filling and made with the Nigerian consumer in mind. I’m proud to be associated with it.” Alhaji Umar Buba, Alhaji Murtala Abdullahi, and Alhaji Namadi Inumu were part of the distributors present at the launch. They commended CFM for its strong partnerships and market-focused strategies.

Dangote Refinery Cuts Petrol Price to N835 per Litre Amid Global Oil Drop

Our Reporters1 month ago1 month ago02 mins

In a major development for Nigeria’s downstream oil sector, the Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new gantry price is now pegged at N835 per litre, down from N865, representing a 3.5 per cent decrease. The latest adjustment comes on the heels of a steady decline in global crude oil prices, which have fallen from over $70 per barrel to $64 per barrel in recent weeks. This move follows a previous reduction by the refinery from N880 to N865 per litre, a change which oil marketers reportedly failed to reflect in retail prices at the pump. As Africa’s largest oil refinery with a capacity of 650,000 barrels per day, Dangote Refinery continues to shape Nigeria’s energy landscape, offering a potential solution to the country’s long-standing fuel supply and pricing challenges. The refinery’s consistent pricing adjustments in response to market trends aim to encourage competition and transparency in fuel distribution across the country.