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SEC, FMBN collaborate to tackle housing deficit

SEC

The Securities and Exchange Commission and the Federal Mortgage Bank of Nigeria have announced a strategic collaboration to develop a robust non-interest mortgage ecosystem.

This was disclosed in a statement from the SEC on Friday, indicating that the partnership is aimed at tackling the nation’s massive housing deficit and deepening financial inclusion.

The partnership, unveiled at a high-level meeting in Abuja, seeks to create and regulate viable Sharia-compliant financing structures that will enable millions of Nigerians, particularly those excluded from conventional interest-based loans, to access affordable homeownership.

Director-General of the SEC, Dr Emomotimi Agama, while emphasising the commission’s role in ensuring the integrity and stability of the proposed financial instruments, stated that the SEC would provide the necessary regulatory guidance and framework to facilitate the issuance of Sukuk and other non-interest capital market products to fund these mortgag

“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector,” Agama said. “By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international, to channel funds into this critical area. This will create a virtuous cycle of funding, construction, and ownership.”

In his remarks, the Managing Director/Chief Executive Officer of FMBN, Mr Shehu Osidi, said, “For a long time, a substantial number of our citizens have been unable to participate in the National Housing Fund scheme due to the interest-based nature of conventional mortgages. This partnership with the SEC is a strategic response to that gap. We are committed to developing non-interest mortgage products that are not only ethical and inclusive but also financially sustainable.”

Also commenting, housing and finance expert Mr Ebilate McYoroki welcomed the development, describing it as “long overdue”.

“This is a masterstroke in financial inclusion,” he said. “It taps into a vast pool of potential homeowners and investors who have previously been on the sidelines. If implemented transparently, it could significantly accelerate the pace of housing delivery in the country.”

Nigeria’s housing deficit is estimated to be over 28 million units, with finance being one of the major barriers to homeownership.

Dan Poster by — November 17, 2025 in Business 0
Dangote refutes claim of bike-based fuel distribution service

Dangote-Group

The Dangote Petroleum Refinery has denied a viral video suggesting it is working with a company to distribute petrol through dispatch riders. The company informed our correspondent on Sunday that it has no connection to the video and is unaware of its origin.

In the video, which circulated online on Sunday, a man attempting to avoid fuel queues was seen placing an order for petrol through a WhatsApp chat. Moments later, a rider arrives with a mini fuel dispenser attached to his bike, with which he dispenses petrol into the man’s vehicle.

The video advertisement, which some argued could have been generated with AI, claimed that the initiative, tagged ‘FuelUp’, was powered by ‘Dangote Petroleum’. As the video gained traction, some Nigerians applauded the idea while others raised safety concerns.

Contacted by our correspondent, Dangote officials dismissed the video as “fake”. The Group Chief Communication Officer, Anthony Chiejina, said the refinery is not associated with the content. “Fake! We are not in any way associated with this,” he told our correspondent on Sunda

Another Dangote official said the refinery only distributes fuel to bulk buyers and has not signed any agreement with any company to sell fuel through bikes.

Recall that the Dangote refinery recently imported hundreds of Compressed Natural Gas-powered trucks, with which it began its direct fuel distribution scheme in September.

This was followed by the commencement of plans to scale up the refinery from 650,000 to 1.4 million barrels per day. The refinery, located in the Lekki Free Trade Zone in Lagos State, is one of the largest integrated refineries in the world.

In recent months, Dangote has focused on integrating modern technologies to optimise operations and ensure environmental compliance. This includes investing in cleaner energy sources, automating processing systems, and strengthening logistics infrastructure to facilitate the smooth distribution of refined products. These enhancements support the refinery’s goal of meeting rising domestic fuel demand while remaining competitive in the regional and global markets.

The announcement to scale up production from 650,000 to 1.4 million barrels per day reflects a strategic effort to double output and meet Nigeria’s growing fuel consumption needs.

By expanding capacity, the refinery will not only enhance local supply but also position itself as a key player in Africa’s energy sector. This planned expansion underscores Dangote’s commitment to industrial growth, regional integration, and long-term sustainability in the country’s oil and gas industry.

Dan Poster by — November 17, 2025 in Business 0
Fidelity Bank grows H1 earnings to N748.7bn

Fidelity Bank logoFidelity Bank Plc recorded a 46 per cent rise in its gross earnings for the period to N748.71 bn, compared to N512.86 bn in the corresponding period last year, according to its financial report for the period ended 30 June 2025 filed on the Nigerian Exchange Limited.

However, the bank suffered a 17.22 per cent decline in profit for the period, which stood at N132.31 bn as of June 2025, down from N159.83 bn in the same period last year. This was driven by a derivative loss valued at N59.78 bn, coupled with a rise in personnel expenses, depreciation, amortisation impairment, and other operating costs. The loss was further exacerbated by a N2.83 bn windfall tax for the half-year and an income tax expense of N45.38 bn.

According to a statement from the bank made available to The PUNCH, Net Interest Income rose to N420.4 bn, compared to N326.4 bn in H1 2024. Customer deposits grew to N7.2 tn, from N5.9 tn in FY 2024, while Net Revenue increased to N444.4 bn, up from N396.8 bn in H1 2024.

The bank’s loan book also expanded, with Net Loans and Advances rising to N4.9 tn, from N4.4 tn in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.

The PUNCH reports that Fidelity Bank was among the first to raise fresh funds from the capital market following the recapitalisation directive of the Central Bank of Nigeria. Its N127.1 bn combined public offer and rights issue was oversubscribed.

In May, Fitch Ratings affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. Both outlooks on the long-term ratings are stable.

Fitch stated that the upgrade reflected “Fidelity’s strengthening capital buffers as a result of last year’s rights issue and public offer, alongside stronger internal capital generation. This is underpinned by a sharp improvement in profitability metrics since 2022, as the bank benefits from higher rates due to its heavy reliance on low-cost current and savings accounts.”

Dan Poster by — November 17, 2025 in Business 0
Nigeria’s Local Content Model Suitable For African Oil Producers Growth-  PETAN 

 

The Petroleum Technology Association of Nigeria (PETAN), has urged stronger public–private supplier collaboration across Africa’s oil and gas industry.

Noting that Nigeria’s NOGICD Act, implemented by the NCDMB, has delivered impressive results, raising in-country value retention and local manufacturing from 5% in 2010 to 56% in 2024, a model PETAN believes other African jurisdictions should adopt.

Engr. Kevin Nwanze, Executive Secretary  who represented PETAN Chairman , Engineer Wole Ogunsanya , made the remarks during his paper presentation at the 4th Conference and Exhibition on Local Content in the African Oil and Gas Industry (CECLA), organised by the African Petroleum Producers Organisation (APPO) in Kintélé, Brazzaville, Congo.

Speaking on the theme “Sustaining Public/Private Suppliers Collaboration in the African Oil and Gas Industry,” he underscored the importance of deepening partnerships to drive long-term growth and competitiveness across the continent.

Nwanze explained that the complexity of modern oil and gas projects has made collaboration indispensable.

According to him, “Collaboration is no longer a ‘nice-to-have’ but a ‘must-have’ for sustainable local content in Africa’s oil and gas industry.”

Nwanze noted that the relationship between public and private suppliers must balance collaboration, competition, and regulation, stressing that regulation remains the backbone of any successful partnership.

He noted that Nigeria’s regulatory foundation—the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, has been central to the country’s progress in local content development, implemented effectively by the Nigerian Content Development and Monitoring Board (NCDMB).

“The NOGICD Act remains the primary engine driving fairness, transparency, and measurable local content growth in Nigeria’s oil and gas sector,” he said.

He added that Nigeria’s in-country value retention has risen from 5% in 2010 to 56% in 2024, a development he described as proof of what is achievable under structured collaboration.

“Nigeria’s in-country value retention has grown from 5% in 2010 to 56% in 2024—clear evidence that structured collaboration works,” he stated.

Nwanze argued that collaboration is essential because oil and gas projects require both the financial and technical power of international firms and the community knowledge and contextual expertise of local suppliers.

He warned that without collaboration, countries risk project delays, cost overruns, and minimal benefits to host communities.

“Today’s oil and gas projects are too complex for any single party; without collaboration, delays, cost overruns and poor host-country benefits are inevitable,” he said.

The PETAN Executive Secretary, however, cautioned that several obstacles continue to hinder cross-sector collaboration in Africa, including weak policy environments, difficulty accessing finance, trust deficits, capacity gaps, and inconsistent operational standards.

“Weak policies, financing gaps, trust deficits, and capacity limitations remain the biggest obstacles to effective collaboration across Africa,” he noted.

He urged African governments to shift from merely setting local content targets to building truly enabling frameworks.

“African governments must move beyond setting targets and focus on creating enabling environments that simplify procurement and expand access to finance,” he stated.

Speaking about the need for transparent procurement systems, open publication of contract awards, and robust oversight structures, Nwanze said, “Open procurement, contract publication, and independent oversight are non-negotiable if we want sustainable and trust-driven collaboration.”

On technology transfer, he stressed that private sector commitment is crucial for meaningful progress.

“Technology transfer can only succeed when private companies make a firm commitment to support local suppliers and the change-management process,” he added.

He cited Nigeria’s successful collaboration models, including the engineering consortium on the Egina FPSO topsides, the EnServ–Schlumberger alliance, and the Kwale Gas Gathering (KGG) Hub, noting that all were enabled by the NOGICD Act.

“Nigeria’s major project collaborations, from Egina FPSO engineering to the EnServ–Schlumberger alliance, were only possible because the NOGICD Act provided the regulatory backbone,” Nwanze explained.

Looking ahead, he said Africa must build long-term capabilities within local suppliers and diversify into emerging energy technologies.

“True sustainability comes from building lasting capabilities, not just transferring jobs; Africa must invest in skills, innovation, and sector diversification,” he said.

The PETAN ES also pointed to emerging opportunities in renewable energy integration, carbon capture, utilisation and storage (CCUS), and decommissioning of oil and gas assets.

“Collaboration will be critical as Africa moves into renewable integration, carbon capture, and decommissioning—skills in these areas will define the next decade,” he added.

Calling on African governments to adopt proven models, Nwanze urged policymakers to look closely at Nigeria’s experience.

“What has worked in Nigeria can work elsewhere. The NOGICD model is ripe for adaptation by other African jurisdictions seeking real local content growth,” he said.

The ES therefore emphasised that sustainable progress is impossible without strong regulation and empowered implementing agencies.

Dan Poster by — November 17, 2025 in Business 0
Rising inflation, forex woes trigger telecom staff cuts

Inflation rateThe telecommunications industry reduced its workforce by 383 employees in one year following a sharp increase in operating costs, new data from the Nigerian Communications Commission has shown.

Figures from the NCC’s 2023 and 2024 Year-End Performance Reports indicated that total staff strength across licensed operators fell from 17,882 workers in 2023 to 17,499 workers in 2024. The decline occurred as operators’ operating expenses rose from N3.16tn in 2023 to N5.85tn in 2024, an 85.35 per cent year-on-year increase.

The NCC attributed the rise in costs to higher energy costs, inflation, foreign exchange challenges, and multiple charges imposed by state and local authorities. Although the commission secured zero Right-of-Way fees in some states, many operators continued to report high costs of network deployment and maintenance.

“N5,854,257,451,225.71 is the total operating cost collated in year 2024 which increased by 85 per cent Year-on-Year from the N3,158,403,767,328.48.

“Most licensees complained of high Right-of-Way fees, harsh micro economic operating employment and rising inflation. However, the NCC has been able to secure zero ROW fees in some states in year 2024,” its latest 2024 Year-End Performance Report read.

The PUNCH further observed that GSM operators posted the most significant reduction in staff, cutting their headcount from 7,212 to 6,658 within the period. Internet Service Providers reduced their staff from 5,589 to 5,473, while the number of employees in the Value-Added Services segment fell from 813 to 713.

Fixed-line operators recorded a slight increase from 268 to 272 workers. However, staff numbers increased in two categories. Collocation and Infrastructure Sharing providers grew from 1,574 employees in 2023 to 1,751 in 2024, while the “Others” category rose from 2,426 to 2,632. These gains did not outweigh the reductions recorded in the GSM, ISP and VAS segments.

The workforce adjustment followed a major drop in active voice subscriptions after the enforcement of the NIN-SIM linkage policy. Active subscriptions fell from 224.7 million in 2023 to 164.9 million in 2024, a 26.61 per cent decline, while Teledensity fell from 103.66 per cent in 2023 to 76.08 per cent in 2024.

The report read, “As at December 2024 total active voice subscriptions for the entire market segments was 164,926,599 as against 224,713,710 recorded as at December 2023. This indicates a decline of 26.61 per cent in 2024.

“The decline was attributed to the removal of Subscriber Identification Modules that are not linked to verifiable National Identification Numbers and the rectification of a major discrepancy by a Mobile Network Operator explains the significant drop in Nigeria’s telecoms subscriber base.

“Teledensity also recorded a corresponding decline of 26.61 per cent. Teledensity was 76.08 per cent in 2024 as against 103.66 per cent recorded in 2023 which is as a result seen in the Voice segment above.

“From September 2023, teledensity is calculated based on the Nigerian Population Commission’s projected population figure of 216 million.”

Despite the fall in subscriber numbers, the sector recorded growth in capital investment. CAPEX rose from N990.55bn in 2023 to N2.90tn in 2024, driven by the higher value of imported equipment and ongoing network expansion.

Operators increased the number of towers from 39,356 to 39,880 and base stations from 137,992 to 145,141. Fibre deployment also increased. Industry revenue rose from N5.30tn in 2023 to N7.67tn in 2024, a 44.70 per cent increase.

Dan Poster by — November 15, 2025 in Business 0
CBN tightening drove surge in fixed-income market – AIHN

CBN buildingThe Association of Issuing Houses of Nigeria has said that the Central Bank of Nigeria’s aggressive interest rate hikes drove investors’ demand for fixed income instruments in 2024.

This was stated by the President of AIHN, Kemi Awodein, on Thursday during the association’s Annual General Meeting and presentation of the 2024 financial statements in Lagos.

Saturday PUNCH reports that the Monetary Policy Committee of the CBN had hiked the benchmark rate by over 800 basis points in 2024 in a bid to tackle inflation.

Awodein said, “Key drivers for fixed income instruments in 2024 included CBN’s aggressive interest rate hikes to combat inflation. There were significant interest rate hikes in February and March 2024 (a total of 600 basis points), aimed at curbing inflation. In 2024, CBN hiked the benchmark interest rate eight times and by 875 basis points to 27.5 per cent in November from 18.75 per cent at the beginning of the year.”

She explained that the high-interest environment saw the crowding out of the private sector, affecting issuance activities, while government borrowing increased significantly, as efforts to manage liquidity were also heightened.

“Data indicates that about N12.83tn in Open Market Operation bills and T-bills were sold, compared to N716.7bn for the whole of 2023. Despite these challenges, as the year progressed, there was renewed investor confidence, leading to increased capital inflows.

“This was driven by government policies and the anticipation of interest rate cuts in other markets. Significant in the year was the successful issuance of the first domestic dollar bond by the Debt Management Office,” she said.

The AIHN boss disclosed that in 2024, the Nigerian investment banking sector saw significant activity in equity capital raises, spurred by the announcement on recapitalisation by the CBN in March 2024.

“By year-end, a number of banking institutions had concluded transactions, with Access Bank Plc announcing the attainment of the new regulatory capital. The activity in the sector will continue in earnest in 2025 as the deadline of March 2026 approaches,” she said.

Continuing on market development highlights, she said the transition of Aradel Holdings Plc from NASD to the Nigerian Exchange was impactful for investors and shareholders, providing investment opportunities as well as enhancing liquidity.

“Long-term debt capital raises were muted in 2024 in light of the interest rate regime and the significant and frequent issuances by the Federal Government. The private sector was essentially crowded out. Activities in debt capital raising were concentrated in Commercial Paper issuances.

“Capital Raising: Prominent transactions included Seplat Energy’s $650m bond issuance, aimed at expanding its energy operations, and Airtel Africa’s $500m capital raise, which was used to enhance telecommunications infrastructure,” she stated.

According to her, by the end of 2024, some banks, including Fidelity Bank, GTBank, Access Bank, FCMB, and Zenith Bank, had undertaken issuances targeted at meeting new capital requirements. “Recapitalisation was completed at year-end by Access Bank, with all banks required to complete their respective transactions before the end of Q1 2026,” she said.

Meanwhile, the AIHN financial statements for 2024 showed that total funds and liabilities grew from N452.6m in 2023 to N518.2m in 2024. Total income grew from N86.56m in 2023 to N123.6m in 2024, while expenditure for 2023 stood at N50.08m. Spending for 2024 was N60.75m, resulting in a surplus of N36.4m and N62.9m for 2023 and 2024, respectively.

Dan Poster by — November 15, 2025 in Business 0
PTAD disburses N3.9bn pension arrears to 91,146 retirees

PTADThe Pension Transitional Arrangement Directorate has completed the payment of N3.9bn arrears to 91,146 eligible pensioners under the Defined Benefit Scheme.

This was contained in a statement issued by the Head of Corporate Communications, Mr Olugbenga Ajayi, in Abuja on Friday.

He said the payment was part of the N32,000 increment approved by President Bola Tinubu.

“Breakdown of the payments is: N1.9bn to 59,865 pensioners under the Parastatals Pension Department; N830m to 12,976 pensioners under the Civil Service Pension Department; and N620m to 9,689 pensioners under the Police Pension Department.

“Others are N551m to 8,616 pensioners under the Nigeria Customs Service (NCS), the Nigeria Immigration Service and the Prisons Pension Department,” Ajayi said.

The Executive Secretary of PTAD, Tolulope Odunaiya, reiterated the Federal Government’s commitment to settling all outstanding arrears and improving pensioners’ welfare under the Renewed Hope Agenda of the President.

Dan Poster by — November 15, 2025 in Business 0
Fidelity Bank Grows Gross Earnings By 46% To ₦748.7 Billion For H1 2025

Fidelity Bank Plc has announced its audited financial results for the half-year ended 30 June 2025, demonstrating resilience and sustained growth across key performance indicators.

 

Highlights of the financial results which was uploaded on the Nigerian Exchange (NGX) portal on Thursday, 13 November 2025 shows that the bank delivered robust results across key financial metrics including Gross Earnings, which stood at ₦748.7 billion, up from ₦512.9 billion in H1 2024; Net Interest Income, which rose to ₦420.4 billion, compared to ₦326.4 billion in H1 2024; and Customer Deposits, which grew to ₦7.2 trillion, from ₦5.9 trillion in FY 2024.

Similarly, the bank’s Net Revenue increased to ₦444.4 billion, compared to ₦396.8 billion in H1 2024.

Fidelity Bank continued to expand its digital banking footprint, enhance customer experience, and support key sectors of the economy. The bank’s loan book grew, with Net Loans and Advances expanding to ₦4.9 trillion, up from ₦4.4 trillion in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.

 

The bank’s capital raising initiatives have further strengthened its financial position, ensuring readiness to meet new regulatory requirements and pursue growth opportunities. Fidelity Bank’s strong liquidity profile and robust governance framework provide a solid foundation for continued success.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

 

Dan Poster by — November 15, 2025 in Business 0
Hon. Nnaemeka Obi to unveil new Shawarma Joint in Aluu, Port Harcourt

Residents and students in the Uniport, Aluu axis are set for a fresh culinary experience as Hon. Nnaemeka Godsprince Obi, politician and entrepreneur, opens a brand-new shawarma joint on 16 November 2025.

Located at 30 Omokiri Uniport Road, Aluu, Port Harcourt, the spot is designed to offer premium, flavour-rich shawarma crafted for lovers of quick, delicious, and affordable street-style meals. From chicken and beef wraps to special sauces and grill options, the outlet promises to quickly become a favourite for the community.

Hon. Obi explained that this shawarma joint is the first phase of a bigger vision. According to him, a full-service fast-food centre, featuring pastries, grills, ice cream, and outdoor catering will open by January or February 2026, by God’s grace, as expansion plans progress.

“We are starting small but strong,” the proprietor said. “This shawarma joint is just the beginning. By early next year, we will unveil a complete fast-food setup that will create jobs, empower youths, and give Aluu a standard, family-friendly food centre.”

The launch on November 16 is expected to draw friends, community members, and well-wishers as they support Hon. Obi’s growing entrepreneurial footprint in Rivers State.

With this new shawarma outlet, Aluu is set to enjoy a fresh, exciting taste experience and it officially begins this Sunday.

 

 

DFC Management by — November 14, 2025 in Business 0
FG unveils Nigerian content equity fund for oil companies

The Executive Secretary NCDMB, Engr. Felix Omotsola OgbeThe Federal Government, through the Nigerian Content Development and Monitoring Board, has announced the imminent launch of the Nigerian Content Equity Fund.

The board said this is a financing initiative designed to provide long-term risk capital to support Nigerian oil and gas companies operating in high-value and high-impact sectors.

The announcement was made on Thursday at the NCDMB Towers, Yenagoa, Bayelsa State, during an event organised by Tamrose Limited and the local content board to celebrate the repayment of a $10m loan obtained by Tamrose under the Nigerian Content Intervention Fund.

The Executive Secretary of the NCDMB, Felix Ogbe, who was represented at the event by the General Manager, Human Capacity Development, NCDMB, Esueme Kikile, stated that a new equity fund would be launched in December.

“We will continue to expand our activities to strengthen our role in renewables, expand the new economy, and build a strong industrial base that is powered by Nigerian talent, Nigerian capital, and Nigerian innovation. On the back of the success of the NCIF fund and the outstanding performance of over 70 beneficiary companies, I am pleased to announce today and to inform the industry that a new product, the Nigerian Content Equity Fund, will be unveiled soon.

”The NCEF is designed to provide long-term risk capital to support Nigerian companies operating in high-value and high-impact sectors. This innovative product will be officially launched at our Practical Nigerian Content Forum, to be held here in this hall in December,” Ogbe said.

Speaking further, the executive secretary disclosed that Tamrose has shown what is possible when discipline meets opportunity.  The company’s story, he said, is not only a corporate success, but a national success.

”Today we celebrate Tamarose, but more importantly, we celebrate what their journey represents for Nigeria. I commend Tamarose Limited and all our NCIF fund beneficiaries who have set a standard that others can aspire to. Their achievements reaffirm our belief in the capacity of Nigerian enterprises to deliver excellence. I equally reaffirm the commitment of NCDMB to empower more indigenous communities to rise, grow sustainably, and compete confidently on the global stage,” he stated.

He further noted that, “Tamrose Limited’s growth is a testament to what Nigerian talent, ownership, and innovation can achieve when supported.”

Ogbe added that through the Nigerian Content Intervention Fund, Tamrose transformed from a modest operator into a leading marine logistics company and has fully repaid its $10m facility, joining over 20 indigenous firms that have met their repayment obligations.

Dan Poster by — November 14, 2025 in Business 0