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Tax breaks drive 3.1% manufacturing growth projection — MAN

The Manufacturers Association of Nigeria has projected that the country’s manufacturing output will grow by 3.1 per cent in 2026, driven by new tax incentives, harmonisation of levies expected under the new tax regime taking effect in January 2026 and increased government patronage.

According to the Manufacturers’ CEOs Confidence Index released in October by the association, the projected 3.1 per cent output growth compared to the 1.6 per cent growth recorded in the second quarter of 2025 will raise the manufacturing sector’s contribution to real Gross Domestic Product to 10.2 per cent next year.

The Director of the Research and Economic Policy Division, MAN, Dr Oluwasegun Osidipe, said the anticipated improvement would depend on the effective execution of incentives in the new tax laws, the implementation of the National Single Window Project, and the alignment of the Nigeria Industrial Policy with the Nigeria First policy framework.

Osidipe explained that manufacturers had struggled under multiple taxation, which hindered growth in recent years, stating, “You could not move your goods through the 774 local governments without paying. I’m just using that as an example for time’s sake. Without paying for something, whether it’s for loading or offloading goods. But under the new tax law, the majority of those taxes are gone.”

He noted that the government’s move to remove redundant levies and introduce targeted tax incentives for small and medium industries would help boost liquidity for manufacturers and enable them to reinvest in production.

“A majority of the membership of MAN falls in the category of the small and medium. When you look at the private sector holistically, they are small businesses, and you will see that the government incentives will provide some additional funds for the manufacturers to plug back in, and it will boost output,” he added.

The MAN economist revealed that the sector’s capacity utilisation had already improved from 57.6 per cent in the second half of 2024 to 61.3 per cent in the first half of 2025, following the extension of government stimulus packages, including access to single-digit interest loans under the N75bn industrial support fund.

He said, “When loans that used to attract 32 to 35 per cent interest are now available at single-digit rates, more manufacturers will have access to credit, produce more, employ more, and sell more. So, there’s no doubt, ultimately, output will grow.”

Osidipe stressed that government patronage would further accelerate growth, citing the example of Cross River State, which had committed to sourcing its automobile needs from local manufacturers.

He added, “We are hoping that other state governments will follow suit. Once the government, as the largest spender, upscales patronage, it will ramp up production and impact the manufacturing industry.”

Other forecasts in MAN’s outlook include a stronger naira, projected to appreciate to between N1,300 and N1,400 per dollar in 2026, buoyed by rising oil prices, robust reserves, and higher foreign investment inflows.

The association also projected that headline inflation would ease to 14 per cent, supported by stable food and energy prices, while it expects the Central Bank of Nigeria to cut the benchmark interest rate to about 23 per cent to stimulate credit expansion and output growth.

The report further indicated that overall GDP growth could reach four per cent in 2026, driven by higher oil production, improved fiscal performance, expansion in manufacturing and financial services, and increased consumption during the election season in the fourth quarter of the year.

Nigeria’s new tax laws will become operational by January 2026. President Bola Tinubu signed four reform bills into law on June 26, 2025: the Nigeria Tax Act, 2025, the Nigeria Tax Administration Act, 2025, the Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board (Establishment) Act, 2025.

These bills aim to streamline levies and eliminate multiple taxation across the federation.

The reforms introduced targeted incentives and exemptions for small and medium businesses to boost productivity and investment.

Dan Poster by — November 14, 2025 in Business 0
FG’s Suspension of 15% Fuel Import Duty: A Holistic Step Toward Economic Relief and Market Stability

In a welcome display of policy sensitivity and economic rationality, the Federal Government has suspended the planned 15 percent ad-valorem import duty on petrol and diesel. This move, announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is more than a technical adjustment, it is a timely intervention that reflects empathy for the prevailing economic realities confronting citizens and businesses alike.
Just weeks ago, in my earlier article titled “Tinubu’s 15% Fuel Duty: Taxing Pain in a Broken Economy,” I had argued that the proposed import duty, though designed with reformist intentions, was ill-timed and risked compounding Nigeria’s inflationary crisis. The central message was simple, which is reform must not inflict further hardship on already struggling citizens. It is therefore commendable that the Federal Government heeded that call, demonstrating a rare responsiveness to constructive public criticism. The decision to suspend the 15 percent duty shows that this administration is willing to listen, to adjust, and to prioritise the welfare of Nigerians above bureaucratic rigidity.
Nigeria’s economy is still recovering from the inflationary aftershocks of subsidy removal, exchange rate harmonization, and fiscal tightening. Against that backdrop, any additional import tariff on fuel which is the single most critical commodity in the nation’s cost structure would have triggered a cascade of price increases across transportation, food, manufacturing, and logistics. The government’s decision to halt the policy therefore represents a holistic step toward economic relief and market stability.
When the import duty was first approved in October 2025, it was presented as a forward-looking reform. The Federal Inland Revenue Service (FIRS), led by Zacch Adedeji, proposed the measure to align import costs with local refining realities and discourage importers from undercutting domestic producers. In principle, the idea had merit. It sought to strengthen local refining, promote crude oil transactions in the naira, and ensure a stable, affordable supply of petroleum products.
Yet, good intentions alone cannot override economic timing. The implementation, scheduled for late November, risked amplifying inflation at a time when Nigerians were already grappling with high transport fares, shrinking disposable incomes, and rising living costs. It would also have widened the gap between policy aspiration and market readiness, given that domestic refineries, including the Dangote Refinery and several modular plants, are still ramping up to full capacity.
By suspending the policy, the Tinubu administration has demonstrated that economic reform is not about rigid adherence to plans but about flexibility and responsiveness to market signals. This decision not only stabilizes prices but also strengthens public confidence that government is capable of balancing fiscal goals with social welfare.
The economic logic of this suspension is straightforward that in an energy-dependent economy like Nigeria’s, any increase in fuel import cost transmits directly into inflation. Transport fares go up. Food distribution costs rise. Manufacturing inputs become more expensive. Even small scale traders in the street feel the pinch as diesel prices affect electricity alternatives. Therefore, by preventing an artificial rise in fuel prices, the government has effectively averted another wave of inflationary pressure. It has also given room for other economic stabilisers such as improved power supply, localized production, and currency management to take effect.
Moreover, the NMDPRA’s assurance of a robust domestic fuel supply underscores the government’s effort to ensure market stability while preventing hoarding or profiteering. Its commitment to monitor distribution and discourage arbitrary price increases is a critical safeguard for consumers and businesses alike.
However, while the suspension offers immediate relief, it also presents an opportunity to rethink the broader framework for achieving energy security and local refining growth. If the ultimate goal is to strengthen local refining, stabilize fuel prices, and secure energy independence, there are smarter and more inclusive alternatives than import tariffs. The government should guarantee crude oil supply to modular refineries through transparent contracts and fair pricing mechanisms. Many smaller refineries struggle not because they lack capacity, but because they face erratic access to feedstock. Ensuring predictable crude allocation will allow them to operate profitably and contribute meaningfully to domestic supply.
Instead of penalizing importers through duties, the government can offer targeted tax incentives and financing support for smaller refineries to expand capacity. Access to credit at concessionary rates and tax holidays for equipment importation would accelerate output growth, create jobs, and foster competition. Regulatory fairness is equally essential. The downstream sector must remain open and competitive. The government must ensure regulatory equity so that no single player, whether public or private, dominates the market. Fair competition, not favoritism, will drive efficiency, innovation, and lower prices for consumers.
Nigeria must also address the hidden costs embedded in its energy logistics. The government should invest heavily in energy infrastructure like pipelines, depots, and transport networks to reduce non-tariff costs that inflate fuel prices. Currently, poor infrastructure adds unnecessary layers of cost to the final pump price. Reforming the power sector remains pivotal. Many industries and small businesses rely on diesel generators due to inadequate grid supply. A more reliable electricity system would ease demand for diesel, freeing up supplies for transport and export, while improving overall energy efficiency.
The government should also adopt a transparent pricing mechanism that allows market participants and consumers to understand how fuel prices are determined. Transparency discourages manipulation, hidden subsidies, and monopolistic practices. When prices reflect actual costs, trust grows, and market discipline follows. Such reforms will not only strengthen local capacity but also build a foundation for competition, accountability, and long-term sustainability, which are the true pillars of a resilient energy economy.
As the government nurtures the growth of local refining, it must also guard against a creeping danger of monopolistic capture. Protecting Dangote’s investment as the largest single-train refinery in the world is understandable. The refinery represents national pride and an enormous private commitment to Nigeria’s industrialization. However, promoting a monopoly, even unintentionally, would undermine the very goals of competition and consumer protection. No single operator, however efficient, should control access to crude supply, dictate market prices, or influence import policy. The Petroleum Industry Act (PIA) empowers the government to create fiscal measures that promote investment, but these must be implemented with fairness, transparency, and a clear focus on public interest.
A healthy downstream sector requires multiple active players involving modular refineries, state refineries under revitalization, and independent marketers, all operating on a level playing field. The government must therefore guarantee open access to crude oil, enforce transparent pricing of both feedstock and finished products, and prevent any operator from cornering market advantage through political influence. Monopoly breeds inefficiency, stifles innovation, and ultimately hurts consumers. What Nigeria needs is a competitive ecosystem that rewards efficiency, not proximity to power. A balanced and inclusive market structure is the surest path to sustainable self-sufficiency.
Beyond economics, this policy reversal underscores a deeper truth showing that reform must be humane. Citizens are not fiscal instruments but human beings whose welfare defines the legitimacy of policy. The suspension of the 15 percent import duty shows that the government can still listen, learn, and adapt, which is a welcome shift from the top-down approach that has often characterized Nigerian policymaking. But this responsiveness must become institutionalized. Policymaking should be driven by data and dialogue, not decrees. Stakeholders from refinery operators to transport unions and consumer groups must be part of the conversation before policies take effect. Reform, to succeed, must be sequenced with empathy, not arrogance.
Economic transformation is not measured merely by revenue gains or fiscal alignment, but by how it improves the quality of life of ordinary citizens. A humane reform process ensures that no policy, however noble, becomes a burden too heavy for its people to bear. The reversal of the 15 percent import duty on petrol and diesel is more than a temporary reprieve; it is a course correction toward sustainable and inclusive growth. It demonstrates that reform, when guided by compassion and common sense, can build confidence rather than resentment.
But government must go further to institutionalize competition, prevent monopolistic dominance, and pursue energy self-sufficiency without sacrificing fairness. Only by balancing protection with competition, efficiency with empathy, and ambition with accountability can Nigeria achieve the promise of the “Renewed Hope” Agenda. If this new direction is sustained, the suspension will not merely be remembered as a fiscal decision but as a moment when government rediscovered its moral compass, proving that in economic policy, the best outcomes are those that serve both the market and the people.
Dan Poster by — November 14, 2025 in Business 0
SEC To Begin T+2 Settlement Cycle In Nigerian Capital Market November 28

The Securities and Exchange Commission (SEC) has announced that the Nigerian capital market will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025, in a move designed to align with global best practices and enhance market efficiency.

 

The Commission disclosed this in a statement on Thursday, noting that the transition from the current T+3 (trade date plus three days) settlement cycle is now at the implementation stage following months of preparation and stakeholder testing.

 

According to the SEC, the “migration is expected to significantly enhance the Nigerian Capital Market by allowing investors quicker access to funds, thereby enhancing overall market liquidity and reducing counterparty risk exposure, thereby fostering a more stable and resilient market environment”.

 

The Commission added that “As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition”.

 

“Extensive testing with market participants has been successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change”, it disclosed.

 

Under the new system, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while transactions carried out before that date will continue to follow the existing T+3 schedule. This means that trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first batch of T+2 settlements.

 

The SEC reaffirmed its commitment to building a modern, efficient, and transparent capital market, adding that it will continue to engage stakeholders to drive further improvements and strengthen Nigeria’s position as an attractive investment destination.

Dan Poster by — November 14, 2025 in Business 0
Fidelity Bank promotes quality education in Mushin, Lagos

Fidelity Bank promotes quality education in Mushin, Lagos |
Leading financial institution, Fidelity Bank Plc, has demonstrated its commitment to the provision of quality education and community development with the donation of school bags and other educational items to the students of Eko Boys Junior High School, Mushin, Lagos State.
The initiative was carried out under the Fidelity Helping Hands Programme (FHHP), the bank’s staff-led Corporate Social Responsibility (CSR) platform where employees identify community needs and receive matching funds from the bank to implement sustainable solutions.
Speaking at the donation ceremony, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the importance of education in building a thriving society.
“Education remains one of the most powerful tools for transforming lives and shaping the future of our nation. At Fidelity Bank, we believe that our role goes beyond providing financial services. It includes investing in the growth and wellbeing of the communities we serve. Through our CSR pillars and the FHHP, we are committed to creating real social impact. By supporting these young students today, we are helping to equip the next generation with confidence, hope, and the tools they need to thrive.”
The donation which was facilitated by Team Eminence Inductees Class of 2025, was warmly received by the school management, teachers, and students.
The Principal of Eko Boys Junior High School, Mr. Falola Gabriel, expressed gratitude to Fidelity Bank for choosing the school, highlighting the importance of partnerships in improving education.
“We sincerely thank Fidelity Bank for this generous gesture. While the school bags will greatly benefit our students, we also appeal for continued support in other areas such as computers, fans, and classroom furniture, which are essential to enhancing the teaching and learning environment,” Falola stated.
Similarly, the Vice Principal of the school, Mrs. Kasunmu Mercy, expressed appreciation for the timely donation, emphasizing that the school bags would help reduce the financial burden on parents and provide students with better means of organizing their learning materials.
Student beneficiaries, including Ojomo David, shared their excitement and appreciation, affirming that the bank’s gesture reflected genuine care for their education and overall well-being.
Through the FHHP, Fidelity Bank continues to make meaningful strides in its commitment to social responsibility by promoting access to quality education, supporting underserved communities, and fostering a culture of giving among its employees. The initiative underscores the bank’s broader mission to create lasting positive change beyond the scope of traditional banking.
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 14, 2025 in Business 0
Equities market rebounds as investors gain N2.59tn

Equity

A day after a 5.01 per cent decline in the All-Share Index of the Nigerian Exchange Limited, it rebounded to close trading in the green zone for the first time in days.

Both the ASI and the market capitalisation of the NGX appreciated by 2.88 per cent to 145,403.83 points and N92.48tn. This handed a gain of N2.59tn to investors.

The PUNCH reports that bearish trading ruled the NGX on Tuesday, leading to the ASI crashing by 5.01 per cent, in what some analysts described as the worst decline since 2010, to close at 141,327.30 points. Investors also recorded a daily loss of N4.64tn, with only four stocks appreciating and 61 settling on the losers’ chart.

The midweek trade rebound was driven by bargain-hunting in blue-chip stocks such as MTN Nigeria (+9.95 per cent), Aradel (+8.93 per cent), Nigerian Breweries (+10.00 per cent), and some banking counters including Guaranty Trust Holding Company (+10.00 per cent) and Zenith Bank (+10.00 per cent).

Trading activities picked up significantly as the volume of traded stocks rose by 22.93 per cent to 806.39 million, valued at N50.79bn, representing a 72.77 per cent appreciation. Despite the increase in the value and volume of traded stocks, the number of deals declined by 17.08 per cent to 24,509. Market breadth was decisively positive, as 65 gainers overwhelmed 11 losers. GTCO led the volume chart with 104.8 million units (13.0 per cent of total volume) traded, while Aradel led the value chart with N12.9bn (25.4 per cent of total value) worth of trades.

Financial services stocks Access Corp, Ecobank Transnational Incorporated, GTCO, and AXA Mansard led the gainers’ chart with the maximum 10 per cent daily increase.

The stocks of Nigerian Breweries, Oando, PZ Cussons, Royal Exchange, Sovereign Trust Insurance and Coronation Insurance also enjoyed 10 per cent price appreciation.

On the losers’ chart were Vitafoam, Transcorp Power and Austin Laz, whose stocks declined by 10 per cent. Redstar Express and Abbey Mortgage Bank also recorded 9.80 per cent and 9.72 per cent depreciation, respectively.

Expectedly, sectoral performance was bullish as the banking index surged 7.39 per cent, followed by Insurance (+6.95 per cent), Oil & Gas (+4.11 per cent), Consumer Goods (+2.27 per cent), and Industrial (+0.43 per cent). Only Commodity (-0.03 per cent) registered a marginal decline.

Cowry Asset Management Limited maintained that the trading pattern suggested that institutional investors were at play “through large block transactions, signalling strategic positioning as investors capitalise on attractive entry points following Tuesday’s sharp correction.”

Dan Poster by — November 13, 2025 in Business 0
TotalEnergies eager to develop oil assets — Deputy MD

Total EnergiesTotalEnergies EP Nigeria is racing to unlock the full potential of its oil assets in Nigeria, driven by what the company describes as a “desperation” to optimise existing fields and accelerate new deepwater projects, the Deputy Managing Director, Deepwater Asset, Victor Bandele, told participants at the ongoing NAPE conference in Lagos.

Bandele, speaking during a panel session, traced the company’s deepwater journey in Nigeria, highlighting key milestones and the operational challenges that have shaped its strategy.

“We have a desperation in TotalEnergies. And that desperation is to ensure the optimal development of all the assets that are in our possession,” he said.

Bandele said this will begin with existing assets like Egina, which has a Floating Production, Storage and Offloading vessel capable of moving up to 200,000 barrels of oil per day but is doing less than 100,000 barrels due to the natural decline of the field.

“There is a desperation to bring all the tiebacks that are possible on that asset in place. We are working on all the possible tiebacks. And that’s one of the reasons why I will always go to the regulator to say the environment needs to help me to do more. So, we build that on the existing assets,” Bandele said.

He stressed that TotalEnergies’ drive is not limited to maximising production from current fields but also includes exploration in older fields like Akpo and developing new blocks in deepwater.

“We are building exploration wells on even old fields like Akpo. We still have opportunities for exploration around there. So, we have plans with our partners. We have potential exploration objectives for next year,” he stated.

Bandele disclosed the company’s plans for its newly acquired block, saying, “We acquired a new block. This new block is in the deep water, and it’s a big one. We are hoping, and we are going to try to mature it as quickly as possible. So, there is a possibility of moving into that block in 2026.”

He recounted the company’s deepwater milestones in Nigeria, noting the “series of first oils” from key projects: Akpo in 2009, Usan in 2012, and Egina in 2018.

He highlighted that each field operates with a dedicated FPSO, representing substantial capital investment.

“Our operational efficiency was increasing with each FPSO that you bring to it. Because then you see a significant number of synergies that you’re able to do with two FPSOs working simultaneously; when you add a third one, you have even increased operational efficiency,” Bandele explained.

According to him, Nigeria was expected to follow the deepwater development trajectory of countries such as Brazil and Angola, but progress has slowed.

“After the investment in Egina and the first oil in 2018, there is no other new FPSO coming to our water. This was a trend that Nigeria was supposed to follow. Deep water was supposed to be a major area of growth for us. But I dare say, after Egina, we stopped. So this is a problem that seems to have been solved with the PIA. There is a lot of activity going on in Shell now with Bonga, of which I am also a partner. I think the government is doing its own bit in opening the space,” he added.

The deputy managing director highlighted how multiple FPSOs and shared operations could improve efficiency and reduce costs, noting the challenges of operating alone in Nigeria’s deepwater sector.

“In the last two years, we were drilling on Akpo and Egina as the only operator drilling in the deep water. I see the big problem that I encountered because when my drilling contractors are having challenges, the only way to get support is from Angola or from far away. And the reaction time is definitely not optimal. So, if we are having a lot of operations going on in the deep water, first, we will have a lot of synergy in terms of those operations; you will not believe how much cost that brings back.”

He cited TotalEnergies’ history of collaboration, including bringing in the Q7000 vessel in 2002, as a model for shared services.

“We had the Q7000 that was in our waters in 2002. We were in the forefront of bringing it in. But almost all the IOCs benefited, and all of us used it afterwards. So sharing and collaboration still become the key. But you will share only what you have. So let’s help a lot so that we can share a lot.”

Bandele argued that the more activity there is in deepwater, shallow water, and onshore operations, the greater the operational efficiency and cost savings for all operators.

“As soon as you have a lot of activities going on in deepwater space, in the shallow water space, and onshore, honestly the amount of operational efficiency that comes from there is significant. And we need to support one another,” he advised.

Dan Poster by — November 13, 2025 in Business 0
Nine banks earn N2.81tn from fees, commissions

BanksAt the end of the third quarter of 2025, nine financial institutions made about N2.81tn from account maintenance charges, commissions on collections, e-business, and other fees.

According to The PUNCH analysis of their unaudited results filed with the Nigerian Exchange Limited, this represents about a 24.10 per cent increase from the N2.27tn earned in the previous year.

The financial institutions include Access Holdings, First HoldCo, Zenith Bank, United Bank for Africa, Guaranty Trust Holding Company, Stanbic IBTC Holdings, Sterling Financial Holding Company, Wema Bank, and Ecobank Transnational Incorporated.

The PUNCH reports that fees and commission income include credit-related fees, which comprise advisory, penal, and commitment fees charged for administration and advisory services to customers up to the point of acceptance of offer letters. Other items under this segment are account maintenance fees (N1 on every N1,000 in respect of all customer-induced debit transactions) and card maintenance fees, charged monthly and valid throughout the card’s period

Other fees and commission income include commissions on bills and letters of credit, account handling charges, commissions on other financial services, commissions on foreign currency-denominated transactions, channel and other e-business income, and retail account charges.

On the other hand, fees and commission expenses include charges for services provided to customers transacting on the group’s alternate channel platforms. These are charged to the group for services rendered on internet banking, mobile banking, and online purchasing platforms.

During the same period, fees and commission expenses for the financial institutions, excluding Wema Bank, which did not expressly state theirs, rose by 24.38 per cent to N578.53bn from N465.13bn.

A closer look revealed higher growth in fees and commission expenses (24.38 per cent) compared to fees and commission income (24.10 per cent), which can be attributed to rising transaction costs, increased commissions paid, and higher technology/infrastructure spending to support digital channels.

On the fees and commission income side, Access Holdings recorded the highest absolute increase (N198.88bn) and the highest percentage growth at 49.53 per cent, followed by Sterling Financial Holding Company (44.75 per cent) and Stanbic IBTC (41.78 per cent).

Bringing up the rear were UBA (3.85 per cent), Zenith Bank (10.45 per cent), and Wema Bank (11.43 per cent), which reported the lowest year-on-year growth in this non-interest segment.

Straddling the middle lane were First HoldCo, with a 26.86 per cent year-on-year rise to N260.48bn; Ecobank, which recorded a 23.57 per cent rise; and GTCO, which rose by 16.79 per cent to N210.49bn in fees and commission income as of Q3 2025, settling at N758.16bn.

On the fees and commission expense side, Stanbic IBTC reported the highest year-on-year percentage increase of 84.06 per cent to N17.93bn from N9.74bn in 2024. Access Holdings followed with a 73.80 per cent rise to N124.49bn from N71.63bn as of the third quarter of 2024.

Coming a distant third was First HoldCo, with a 37.67 per cent expense hike to N46.78bn.

On a cost-efficiency front, Zenith Bank was notably the only bank to report a decrease in expenses (-0.40 per cent to N96.10bn from N96.49bn), indicating improved cost control in this segment. UBA also managed to keep its fees and commission expenses in single digits at 8.89 per cent, although it was the highest spender on fees and commission expenses at N173.11bn in Q3 2025.

Others, like GTCO, Sterling, and Ecobank, saw their fees and commission expenses rise by 25.80 per cent, 12.83 per cent, and 29.56 per cent, respectively.

Earlier, the President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, told The PUNCH that the association had written to the Central Bank of Nigeria about excessie bank charges.

He said, “I don’t think any bank can justifiably say, ‘Oh, this is why we are excessively charging our customers.’ There are guidelines already; a guide to bank charges is there.”

He added that although some fintechs were already offering zero transfer charges, commercial banks did not have to follow suit but should operate within the boundaries of the bank charges guideline.

“Even if they don’t want to give us those things free of charge, let them restrict themselves to what the guidelines have said they should charge. If the guidelines say charge me one naira, don’t go and charge me two naira, three naira, or five naira. Restrict yourself to the one naira, if you cannot even lower it yourself, to encourage your customers,” he added.

Meanwhile, in October, the House of Representatives resolved to probe what it described as “arbitrary, excessive, and unexplained” charges drawn from customers’ accounts by money deposit banks operating in the country.

The PUNCH reported that the resolution followed the adoption of a motion of urgent public importance sponsored by Kwara lawmaker Tolani Shagaya at a plenary session presided over by Speaker Tajudeen Abbas.

Titled ‘Need to curb arbitrary bank charges and protect Nigerian customers’, Shagaya drew the attention of his colleagues to the incessant charges levied on Nigerian bank customers despite repeated warnings by the regulator, the Central Bank of Nigeria.

Dan Poster by — November 13, 2025 in Business 0
The Alternative Bank bags innovative bank award

The Alternate bank 2The Alternative Bank has been honoured as the ‘Innovative Bank of the Year’ at the 7th African International Conference on Islamic Finance, underscoring its commitment to transformative, inclusive financial solutions across the continent.

The award, presented recently at the Eko Hotels in Lagos, celebrates the bank’s commitment to driving positive change through financial products and services grounded in non-interest principles, according to a statement on Wednesday.

AICIF has long been a cornerstone for intellectual discourse and professional excellence in finance across Africa.

The awards recognise individuals and organisations that demonstrate exceptional dedication, innovation, and excellence in advancing the principles and practices of non-interest finance

“This award affirms what we’ve always believed, that innovation and integrity can coexist at the heart of banking,” said Korede Demola-Adeniyi, Executive Director (South) at The Alternative Bank. “It reflects the trust our clients place in us and our shared vision of a more sustainable and inclusive future.”

Prof AbdulRazzaq Alaro, Chairman of the AICIF Award Panel, praised the transparency of the process, commending the awardees for their significant contributions to advancing interest-free financing for Africans.

“The AICIF awards are a special way of recognising the exceptional innovation and dedication demonstrated by individuals and organisations in advancing Islamic finance across Africa,” he said.

The Alternative Bank stands out in Nigeria’s banking sector by combining non-interest principles with cutting-edge digital solutions. Launched as a non-interest window in 2014 and officially licensed as a bank in 2023, the Bank has positioned itself as an industry leader.

Its offerings, such as the AltElite premium banking suite and an innovative gold-based rewards system, are redefining banking for a new generation of customers. By combining non-interest finance principles with advanced digital tools, The Alternative Bank is redefining modern banking for a new generation.

AltBank remains committed to pioneering new solutions that empower customers to shape the future of banking in Africa.

Dan Poster by — November 13, 2025 in Business 0
NCC tightens telecom rules on data, internet safety

NCCThe Nigerian Communications Commission on Tuesday said it was revising key regulatory instruments governing Nigeria’s telecoms industry to address emerging risks in the digital space and ensure that operators comply with stricter standards on internet use, data protection, and online safety.

The Executive Vice Chairman of the Commission, Dr Aminu Maida, said the move was necessary to keep pace with rapid technological changes that had “revolutionised communications and are pushing the limits on established concepts.”

Maida, who was represented by the Executive Commissioner of Stakeholder Management at the NCC, Rimini Makama, stated this in Abuja at the Public Inquiry on three subsidiary legislations—the Licensing Regulations, Enforcement Processes Regulations, and the Internet Code of Practice.

He explained that the inquiry was aimed at refining existing laws to ensure the communications industry remains efficient, competitive, and responsive to emerging challenges.

According to him, “The significance of this event cannot be overemphasised, as the relevance and role played by these regulatory instruments is pertinent to the successful and fluid operations of the communications industry in furtherance of the Commission’s regulatory mandate.”

Maida said the revised Internet Code of Practice, which will now become a Guideline, reflects Nigeria’s evolving digital landscape and aims to safeguard users’ rights while ensuring that service providers uphold the highest standards of ethical and technical conduct.

The guideline “introduces robust provisions including open internet access, cybersecurity and data protection, use of artificial intelligence by operators, child online safety, network governance and anti-spam measures,” he added.

He said the amendments to the licensing and enforcement regulations were designed to promote ease of doing business, encourage innovation, strengthen compliance, and preserve national security.

“The revised licensing regulations streamline the licensing process, clarify obligations, and introduce new provisions on general authorisations, renewal of licences, corporate restructuring and transfers, sanctions and enforcement mechanisms,” he noted.

Speaking earlier, the Head of Legal and Regulatory Services of the Commission, Mrs Chizua Whyte—represented by the NCC’s Head of Dispute and Litigation, Mr Lawrence Abang—said the regulatory updates were part of the Commission’s mandate to create a vibrant and secure communications market that benefits all stakeholders.

She said the revised Enforcement Processes Regulations would strengthen the Commission’s ability to address recurring infractions, such as pre-registered SIM cards and call masking, while also expanding the scope of compliance obligations placed on operators.

“Compliance with the laid down rules, regulations and procedures as prescribed by the Commission is an integral part of our regulatory mandate,” Whyte said. “This mandate must be driven by the necessary backing of law administered through an appropriate mechanism in order to deter and discourage violation of the laid down rules.

“This Regulation ensures compliance while reassuring relevant stakeholders of the protection of their interests and market stability through the adequate deployment of necessary sanctions and fees where applicable.

“The proposed amendments seek primarily to strengthen strict compliance obligations placed on operators and expand the scope of coverage in consideration of novel ideas and new and emerging technology.  This will provide a more comprehensive framework and strengthen the existing system to ensure operators and customers are secure.”

She explained that the licensing framework was also being updated to accommodate innovations and new business models, noting that the reforms would “boost investor confidence and encourage revolutionary ideas in the sector.”

Whyte said the revised Internet Code of Practice was a key step toward addressing online harms, fake news, and content that could endanger vulnerable users.

“The internet today provides the platform or gateway upon which numerous services have migrated to the virtual space and currently plays the role of a conduit for information as well as services. The internet has created a global village bringing everything and everyone within close proximity of each other, removing the barriers of distance, hurdles and jurisdictional complexities.

“However, this advancement also comes along with critical elements that, if not adequately regulated, unduly expose vulnerable people to the dangers of society, such as crime, identity theft, vile material, hate speech, and misinformation, just to name a few.

“This instrument seeks to ensure that all operators that provide this gateway erect certain structures to minimise exposure to the above-stated ills. This will assist in the maintenance of societal norms, practices, protection of children and vulnerable people amongst many others,” she said.

The NCC maintained that the amendments followed a six-month consultation process involving key stakeholders and reaffirmed the Commission’s commitment to inclusive and transparent regulation.

Further findings by The PUNCH show that the Nigerian Communications (Enforcement Processes, etc.) Regulations 2005 were enacted in 2005 and provide the framework for how the NCC can monitor licence-holders, investigate breaches, and impose sanctions.

The Licensing Regulation 2019 was published in January 2019 and governs the grant, renewal, transfer, and restructuring of communications licences in Nigeria under the NCC’s mandate.

The Internet Code of Practice 2019 governs internet access service providers in Nigeria, setting rules on open access, data security, network governance, and child online safety, and is currently under review in 2025.

Dan Poster by — November 12, 2025 in Business 0
Polaris Bank wins MSME Digital Bank award

Polaris BankPolaris Bank has emerged as the winner of the MSME Digital Bank of the Year (Inclusive Growth) at the second edition of the MSME Finance & CEO Awards.

According to a statement from the bank on Monday, it received the award at the ceremony which was held in Lagos recently.

MSME Finance & CEO Awards is organised by the Africa Global Economic Forum BBB in partnership with PROSHARE. It recognises outstanding institutions and other notable stakeholders driving MSME development and financial inclusion across Nigeria.

The award celebrates Polaris Bank’s commitment to empowering small and medium-scale enterprises through technology-driven financial solutions, notably its flagship digital banking platform, VULTe. In the last few years, VULTe has revolutionised how MSMEs access finance by providing seamless, self-service banking and loan solutions.

This latest honour comes on the heels of VULTe’s recent win as ‘Digital Bank of the Year’ and the Best MSME Support Bank for the record fifth consecutive time at the 2025 BusinessDay Banks and Other Financial Institutions Awards, underscoring Polaris Bank’s consistent digital excellence and customer-centric innovation.

Speaking on the award, Polaris Bank’s Managing Director/Chief Executive Officer, Kayode Lawal, said that the recognition reinforces the bank’s strategic focus on inclusive growth and digital transformation.

“We are committed to building a future where technology and innovation empower businesses and individuals, particularly MSMEs, to thrive in the digital economy,” he said.

Dan Poster by — November 12, 2025 in Business 0