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Month: October 2025

Nigeriaโ€™s Path to Prosperity: A Turning Point for Growth and Stability

  • dollaers
  • October 27, 2025
  • Finance
  • 0 comments

In reflecting on Nigeriaโ€™s economic journey, I feel a mix of pride in how far weโ€™ve come, regret over missed opportunities, and confidence that the most challenging chapter of our economic story is now behind us. Despite lingering difficulties, Nigeria has turned a decisive corner โ€” and the path ahead, while demanding, is one of promise and progress.


From Crisis to Stability

When President Bola Ahmed Tinubu assumed office in 2023, Nigeria faced a near-fiscal collapse. Economic growth was stagnating, inflation was surging, and entrenched distortions โ€” fuel subsidies, multiple exchange rates, and investor uncertainty โ€” had eroded confidence.

The administrationโ€™s immediate mandate was clear: remove distortions, reward productivity, and rebuild the foundation for private-sector-led growth.

Two years later, the results are becoming visible.

  • GDP growth reached 4.23% in Q2 2025.

  • Inflation, while still high, has eased to 18.02% after six consecutive months of decline.

  • The naira has stabilised, with the gap between official and parallel rates narrowing to just 1%, down from nearly 70%.

  • Foreign reserves have climbed to $43 billion, the highest level since 2019.

These indicators show more than macroeconomic progress โ€” they signal renewed stability and a foundation for inclusive growth.


Tackling Inflation and Supporting Households

We understand that economic stability means little if citizens cannot afford basic necessities. Food inflation remains the biggest challenge, worsened by earlier currency depreciation and fuel subsidy removal.

Targeted interventions, however, are easing the burden. A bag of rice that cost around โ‚ฆ120,000 last year now sells for about โ‚ฆ80,000, while prices of staples such as garri, tomatoes, and pepper have fallen.

To protect the most vulnerable, 8.1 million households have received direct cash support. These transfers, part of a broader safety net initiative, are cushioning the impact of reforms while identity verification continues to expand coverage toward 15 million households.

At the same time, government policies are ensuring that smallholder farmers โ€” the backbone of food production โ€” remain motivated to plant for the next season through programmes that secure their incomes and access to inputs.


Confronting Debt and Strengthening Revenue

Nigeriaโ€™s debt servicing costs remain high, reflecting years of heavy borrowing and elevated interest rates. Meanwhile, the countryโ€™s revenue-to-GDP ratio โ€” around 10% โ€” is among the lowest in Africa, limiting resources for public investment.

To address this, President Tinubu signed the Nigeria Tax Act on June 26, 2025, effective January 2026. This legislation simplifies tax compliance, broadens the base, plugs leakages, and establishes a more progressive tax system that protects low-income earners.

Complementing this is the Revenue Optimisation and Assurance Programme (RevOp), designed to boost government earnings and create fiscal space for investment in infrastructure, education, and healthcare.


Anchoring Growth in the Real Economy

Stability must translate into jobs and productivity. Nigeriaโ€™s growth strategy is anchored in key real sectors:

  • Oil and Gas: With improved security and reduced oil theft, production has risen to 1.68 million barrels per day (including condensates). Ongoing refinery projects are laying the groundwork for downstream self-sufficiency.

  • Agriculture: The government is improving food supply chains, expanding storage, and securing farmlands to boost domestic output.

  • Manufacturing and Industry: New incentives are attracting private investors to build factories and strengthen local value chains.

  • Technology and the Creative Economy: By investing in digital infrastructure, Nigeria is positioning itself as a hub for innovation and youth-driven enterprise.

  • Solid Minerals: Export diversification efforts are tapping into global demand for critical minerals, expanding non-oil revenues.

Infrastructure remains the backbone of growth. Through public-private partnerships (PPPs), landmark projects like the Ajaokutaโ€“Kadunaโ€“Kano gas pipeline and the Project Bridge 90,000 km fibre expansion are transforming connectivity, energy access, and industrial competitiveness.


Restoring Confidence at Home and Abroad

Perhaps the most encouraging development is the return of confidence โ€” from citizens, investors, and multilateral partners alike. Yet, confidence must be earned continuously through policy predictability, fiscal discipline, and sustained inflation control.

Nigeriaโ€™s medium-term growth target is 7% by 2027/2028. Achieving this requires not only sound government policy but also the active participation of the private sector, entrepreneurs, and everyday Nigerians.

The goal is simple yet profound: to ensure that macroeconomic gains translate into tangible improvements โ€” affordable food, better schools, reliable power, accessible healthcare, and abundant jobs.

If we maintain this momentum and collective resolve, Nigeriaโ€™s next decade will be defined by shared prosperity, renewed confidence, and inclusive growth โ€” a future where every Nigerian has a stake in the nationโ€™s success.

Africaโ€™s Payment Revolution: PAPSS Expands, Driving the Continentโ€™s Trade Ambitions

  • dollaers
  • October 27, 2025
  • Fintech
  • 0 comments

The Pan-African Payment and Settlement System (PAPSS) is fast becoming the financial backbone of the African Continental Free Trade Area (AfCFTA), leading a quiet revolution in how African nations trade and transact with one another.

Created to simplify cross-border payments within Africa, PAPSS has grown rapidly, supported by unprecedented political and regulatory alignment across the continent. It has been formally adopted by the African Union Heads of State and endorsed by Central Bank Governors, who serve as the PAPSS Governing Council (PGC) โ€” the body ensuring policy coordination, security, and monetary oversight.


From Pilot to Pan-African Network

Initially launched as a pilot project in the West African Monetary Zone (WAMZ), PAPSS has scaled impressively. As of 2025, it connects 19 countries, over 150 commercial banks, and 14 payment switches across four regions โ€” including a growing footprint in North Africa, with Morocco, Algeria, Egypt, and Tunisia now part of the network.

This expansion marks a significant leap toward continental financial integration, a core pillar of AfCFTAโ€™s ambition to boost intra-African trade and reduce dependence on external payment systems.


Two Landmark Launches in 2025

The year 2025 has been pivotal for PAPSS, marked by two major innovations:

  • PAPSSCARD: Launched in June as Africaโ€™s first continental card scheme, it aims to challenge the dominance of international card networks by ensuring that transaction processing, data, and fees remain within Africa โ€” a bold step toward financial sovereignty.

  • PAPSS African Currency Marketplace (PACM): Introduced in July, this platform enables direct, peer-to-peer exchange of African currencies. It provides a solution to one of Africaโ€™s biggest financial bottlenecks โ€” blocked airline revenues, which according to IATA exceed $846 million. PACM allows businesses to convert local revenues transparently and efficiently, freeing up trapped capital.


Solving Fragmentation with a Unified Network

For years, regional systems like the East African Payment System (EAPS) and COMESAโ€™s Regional Payment and Settlement System (REPSS) have struggled with fragmented liquidity and interoperability issues. PAPSS bridges these gaps by acting as a โ€œnetwork of networks,โ€ connecting existing regional systems under one umbrella and providing a continental settlement layer.

Experts say this collaboration will unlock seamless cross-border trade, turning Africaโ€™s isolated payment corridors into a single, integrated financial ecosystem.

The economic implications are significant โ€” PAPSS could save over $5 billion annually in transaction fees previously lost to currency conversions and offshore correspondent banks.


Global Recognition and Institutional Backing

The Bank for International Settlements (BIS) and the Committee on Payments and Market Infrastructures (CPMI) recently recognized multilateral payment platforms like PAPSS as critical to improving global cross-border efficiency. Their joint report emphasized that such systems thrive when regulators provide support and market participants actively engage โ€” conditions PAPSS already fulfills.


Leadership and Vision

Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has been a driving force behind PAPSS. He describes it as a โ€œtransformational step toward African financial sovereignty,โ€ envisioning a system where an African can pay for goods from another African country in their own local currency.

As Afreximbank transitions to new leadership, continuity in championing PAPSS will be vital to fully realizing this continental vision.


The Road Ahead

PAPSS is evolving into more than a payments network โ€” it is building the infrastructure for interoperability, linking banks, national payment switches, and mobile money operators.

By connecting economies, currencies, and people, PAPSS is turning the AfCFTAโ€™s promise of a unified African market into a practical, working reality โ€” one transaction at a time.

Nigeriaโ€™s Top 10 Most Profitable Banks in H1 2025

  • dollaers
  • October 27, 2025
  • Uncategorized
  • 0 comments

Nigeriaโ€™s ten largest listed banks collectively recorded a pretax profit of โ‚ฆ2.7 trillion in the first half (H1) of 2025, according to their published financial statements.

While the figure represents a 12% year-on-year drop from โ‚ฆ3.16 trillion in H1 2024, analysts note that the results demonstrate the resilience and adaptability of the Nigerian banking industry amid inflationary pressures, exchange rate volatility, and tighter monetary policy.

Profit before tax (PBT) remains a crucial measure of banksโ€™ performance โ€” reflecting how much they earn after operational and credit costs but before taxes. Despite macroeconomic headwinds, most banks managed to sustain solid margins and revenue growth, underpinned by rising interest income, digital banking expansion, and effective risk management.


1. Zenith Bank โ€” โ‚ฆ642.5 Billion

Zenith Bank Plc retained its position as Nigeriaโ€™s most profitable bank in H1 2025, with a pretax profit of โ‚ฆ642.5 billion, up from โ‚ฆ613 billion in the same period of 2024.
The bankโ€™s performance was driven by strong growth in interest income, effective cost control, and sustained foreign exchange revaluation gains.
Zenithโ€™s total assets rose above โ‚ฆ25 trillion, cementing its leadership among tier-1 institutions.


2. Access Holdings โ€” โ‚ฆ578.9 Billion

Access Holdings Plc posted a PBT of โ‚ฆ578.9 billion, a solid improvement from โ‚ฆ543 billion last year.
The Group benefited from increased lending, non-interest revenue, and regional expansion through its African subsidiaries.
Access continues to leverage its digital banking infrastructure and customer base to grow transaction income and maintain profitability.


3. United Bank for Africa (UBA) โ€” โ‚ฆ520.4 Billion

UBA recorded a pretax profit of โ‚ฆ520.4 billion in H1 2025, underscoring its status as one of Africaโ€™s most diversified and profitable financial institutions.
The bankโ€™s performance was supported by robust cross-border earnings, especially from its operations in 20 African countries, as well as foreign exchange revaluation gains and high yield from interest-bearing assets.


4. Guaranty Trust Holding Company (GTCO) โ€” โ‚ฆ468.1 Billion

GTCO reported a PBT of โ‚ฆ468.1 billion, marking consistent profitability amid a difficult operating environment.
The groupโ€™s performance was fueled by growth in net interest income, disciplined operational cost management, and strong fee-based income from digital banking and payments.
GTCOโ€™s balance sheet remains one of the strongest in the industry, with total assets surpassing โ‚ฆ15 trillion.


5. FBN Holdings โ€” โ‚ฆ324.7 Billion

FBN Holdings Plc delivered a pretax profit of โ‚ฆ324.7 billion, sustaining the turnaround momentum achieved in the last few years.
The Groupโ€™s earnings were boosted by higher interest margins, strong trading income, and lower impairment charges, reflecting improvements in asset quality and credit risk management.


6. Stanbic IBTC Holdings โ€” โ‚ฆ232.9 Billion

Stanbic IBTC posted โ‚ฆ232.9 billion in pretax profit for H1 2025, maintaining its reputation for steady and disciplined growth.
Its wealth and asset management divisions continued to perform strongly, supported by fee-based income and foreign exchange gains, even as higher operating expenses slightly moderated margins.


7. Ecobank Transnational Incorporated (ETI) โ€” โ‚ฆ198.3 Billion

Ecobank recorded a pretax profit of โ‚ฆ198.3 billion, reflecting the Groupโ€™s diverse pan-African operations.
The bankโ€™s regional balance across West, Central, and East Africa helped cushion FX volatility and economic challenges in its Nigerian business, ensuring consistent profit contribution from subsidiaries.


8. Fidelity Bank โ€” โ‚ฆ124.2 Billion (Estimate pending full results)

Although Fidelity Bankโ€™s full H1 2025 report is yet to be published, early indicators from its Q2 filings suggest a PBT of around โ‚ฆ124 billion, maintaining its status as one of Nigeriaโ€™s fastest-growing tier-2 banks.
The bank continues to expand aggressively in retail and SME lending, supported by strong digital adoption and prudent balance-sheet management.


9. Wema Bank โ€” โ‚ฆ62.4 Billion

Wema Bank posted a pretax profit of โ‚ฆ62.4 billion in H1 2025, representing a significant improvement year-on-year.
The growth was driven by ALAT, its digital banking platform, which continues to expand customer acquisition and transaction volumes.
Wemaโ€™s cost-to-income ratio improved notably, reflecting enhanced efficiency.


10. Jaiz Bank โ€” โ‚ฆ14.7 Billion

Jaiz Bank Plc closed the top 10 list with a pretax profit of โ‚ฆ14.7 billion, up 27.6% from โ‚ฆ11.5 billion a year earlier.
The non-interest bank recorded a 31.9% rise in financing income to โ‚ฆ19.6 billion, driven mainly by Murabaha and Ijara transactions.
Total gross income reached โ‚ฆ44 billion, with โ‚ฆ2.4 billion earned in fees and commissions, despite operating expenses of โ‚ฆ18.4 billion.
Assets stood at โ‚ฆ964 billion by mid-2025, while retained earnings remained stable at โ‚ฆ15.6 billion.


Sector Overview

The combined โ‚ฆ2.7 trillion profit reaffirms the profitability and resilience of Nigeriaโ€™s banking industry, despite currency pressures, inflation, and increased regulatory compliance costs.
Analysts attribute the sectorโ€™s stability to robust capitalization, digital innovation, and diversified income streams.

While the 12% year-on-year decline signals margin compression due to tighter monetary policy, banks remain well-positioned to deliver sustainable earnings in the second half of 2025.

With the Central Bank of Nigeria (CBN) maintaining a high interest rate regime and liquidity tightening measures, attention now turns to how banks balance profitability, risk management, and credit growth in the months ahead.

Top 10 Most Profitable Nigerian Banks in the First Half of 2025

  • dollaers
  • October 27, 2025
  • Bank
  • 0 comments

Nigeriaโ€™s top ten listed banks collectively posted a pretax profit of โ‚ฆ2.7 trillion in the first half (H1) of 2025, according to data compiled from their half-year financial statements.

While this represents a 12% decline from the โ‚ฆ3.16 trillion recorded in the same period of 2024, analysts note that the results still underscore the resilience and stability of Nigeriaโ€™s banking sector amid a challenging macroeconomic environment.

Profit before tax (PBT) remains a key indicator of banksโ€™ financial health, showing how much they earn after accounting for operational and credit costs but before taxation. Investors and regulators use it to gauge operational efficiency and sectoral trends.

Among the top-tier institutions, most banks recorded strong core income growth despite tighter monetary conditions, FX volatility, and elevated operating expenses.


10. Jaiz Bank โ€” โ‚ฆ14.7 Billion

Jaiz Bank Plc ranked 10th among Nigeriaโ€™s most profitable banks in H1 2025, with a pretax profit of โ‚ฆ14.7 billion, up 27.64% from โ‚ฆ11.5 billion in the same period last year.

The non-interest bank saw impressive growth in its financing income, which surged 31.9% to โ‚ฆ19.6 billion, driven mainly by Murabaha (cost-plus financing) transactions that contributed โ‚ฆ13.8 billion, and Ijara (leasing) income at โ‚ฆ4.7 billion.

Total income from investing activities climbed to โ‚ฆ24.3 billion, boosting gross income to โ‚ฆ44 billion. After accounting for a modest impairment charge of โ‚ฆ351.5 million, net income after provisions rose 29.5% to โ‚ฆ43.6 billion.

The bank also earned โ‚ฆ2.4 billion in fees and commissions, while operating expenses totaled โ‚ฆ18.4 billion, resulting in the โ‚ฆ14.7 billion pretax profit.

As of June 2025, total assets stood at โ‚ฆ964 billion, reflecting a 10.8% decline, while retained earnings held steady at โ‚ฆ15.6 billion.


The Broader Picture

The first-half results reaffirm that Nigeriaโ€™s banking sector remains profitable and operationally sound, despite rising costs, naira volatility, and evolving regulatory pressures.

With Fidelity Bank yet to publish its H1 results, the ranking may still shift slightly, but early data suggest that the top banks continue to demonstrate robust earnings capacity, aided by strong balance sheets, higher interest margins, and growing digital transaction volumes.

As the second half of 2025 unfolds, analysts will be watching closely to see whether banks can sustain profitability amid tightening liquidity conditions, high inflation, and potential interest rate adjustments by the Central Bank of Nigeria (CBN).


Would you like me to expand this rewrite to include all 10 banks with their individual summaries (similar to the Jaiz Bank section)? I can recreate the full ranking list in a clean, readable format.

Bitcoin Surges to $115,000 as Ethereum Jumps Nearly 7% in Fresh Crypto Rally

  • dollaers
  • October 27, 2025
  • Cryptocurrency
  • 0 comments

The cryptocurrency market opened the week on a strong note, with Bitcoin (BTC) climbing more than 3% in 24 hours to reach $115,171 early Monday โ€” its highest level in weeks. Traders are eyeing the next key resistance at $120,000, as optimism builds ahead of the upcoming U.S. Consumer Price Index (CPI) report.

The bullish trend was fueled by positive global sentiment, particularly renewed progress in U.S.-China trade talks, which bolstered risk appetite and lifted prices across major digital assets.


Ethereum and Altcoins Join the Rally

Ethereum (ETH) led the altcoin recovery, soaring 6.77% to $4,196, while other major tokens โ€” including BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid โ€” posted gains of up to 11% over the same period.

Overall, the global crypto market capitalization jumped 3.72% to $3.89 trillion, reflecting renewed confidence and surging trading volumes.

Among the biggest movers, Hyperliquid surged 10.51%, while Dogecoin climbed 5.77%, signaling increasing investor appetite for alternative assets and short-term momentum plays.

On a weekly basis, Bitcoin advanced 4.70%, Ethereum rose 4.25%, and other leading tokens gained as much as 26% โ€” underscoring the strength of the current market upswing. Tron, however, slipped 6.15%, marking the only major decline among top cryptocurrencies.


Analysts See Institutional Optimism and Technical Strength

Analysts attribute the market rally to a blend of macroeconomic optimism, institutional accumulation, and strong technical signals pointing to sustained upward momentum. With CPI data due soon, traders expect short-term volatility but remain largely bullish.

The crypto marketโ€™s resilience and recovery continue to attract mainstream investors, positioning digital assets as an increasingly significant component of the global financial system.


Nigeriaโ€™s Growing Crypto Adoption

The global momentum coincides with a surge in cryptocurrency adoption across Nigeria.
According to Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), Nigeria processed over $50 billion in crypto transactions between July 2023 and June 2024.

At an exchange rate of โ‚ฆ1,500 per dollar, this amounts to roughly โ‚ฆ75 trillion โ€” nearly two-thirds of the Nigerian Stock Exchangeโ€™s market capitalization of โ‚ฆ98.8 trillion as of October 24.

Speaking at the annual Chartered Institute of Stockbrokers Conference, Dr. Agama noted:

โ€œThe sheer volume of digital asset activity underscores both the financial sophistication and risk appetite of Nigerian investors โ€” a demographic the traditional capital market has failed to attract.โ€

Despite this rapid growth, Agama expressed concern over low participation in formal capital markets. Less than 4% of Nigerian adults invest in equities, while more than 60 million citizens engage in daily gambling โ€” betting an estimated $5.5 million each day.

He warned that this imbalance reflects a shift in investment behavior and highlights the need for broader financial inclusion and investor education.


Bottom line:
With Bitcoin nearing $120,000 and Ethereum gaining momentum, the latest rally underscores growing investor confidence in digital assets โ€” a trend mirrored in Nigeriaโ€™s expanding crypto landscape, where participation and transaction volumes continue to soar.

FCMB Introduces Mutual Funds Investment Feature on Its Mobile App

  • dollaers
  • October 27, 2025
  • Bank
  • 0 comments

First City Monument Bank (FCMB) has rolled out a new feature on its mobile app that allows customers to open investment accounts and invest directly in mutual funds managed by FCMB Asset Management, the wealth management arm of FCMB Group Plc.

The innovation marks a major milestone in FCMB Groupโ€™s digital transformation drive, aimed at building an all-in-one financial ecosystem that integrates banking, payments, and investment services on a single platform.


Seamless Access to Investment Opportunities

With the new feature, FCMB customers can now explore a variety of mutual fund options designed to suit different financial goals and risk appetites. These include:

  • Legacy Money Market Fund โ€“ a low-risk investment for those seeking liquidity and stability.

  • Legacy Equity Fund โ€“ ideal for investors pursuing long-term growth through equities.

  • Legacy Debt Fund โ€“ focused on local-currency bonds for predictable income.

  • Legacy USD Bond Fund โ€“ a dollar-denominated option for investors seeking foreign currency exposure.

This digital integration allows users to invest, monitor performance, and grow their portfolios directly from their smartphones without visiting a physical branch.


Enhancing Financial Inclusion Through Technology

Speaking on the launch, Yemisi Edun, Managing Director of FCMB, said the initiative reflects the bankโ€™s mission to simplify financial management for customers and empower them to make better financial decisions.

โ€œWhat we are building goes beyond digital convenience,โ€ Edun explained. โ€œIt is about creating a connected ecosystem where banking, payments, and investments work together to serve customersโ€™ broader financial needs. By integrating mutual funds into the FCMB Mobile App, weโ€™re enabling customers to move seamlessly from saving to investing within one trusted platform.โ€

Echoing this, James Ilori, Chief Executive Officer of FCMB Asset Management Limited, emphasized the goal of making investing more accessible.

โ€œOur mission is to democratize access to investment opportunities and make wealth creation simple and inclusive. By bringing mutual funds to the FCMB Mobile App, weโ€™re enabling anyone, anywhere, to start investing confidently and build a sustainable financial future,โ€ he said.


Driving a Unified Digital Financial Ecosystem

The launch underscores FCMB Groupโ€™s broader strategy of building a digitally inclusive ecosystem that connects its various financial servicesโ€”banking, consumer finance, and asset managementโ€”under one platform.

This initiative is expected to expand access to professional investment opportunities, encourage financial literacy, and drive long-term wealth creation among Nigerians.

Customers can download or update the FCMB Mobile App from the Google Play Store or Apple App Store to start exploring these investment options today.


About FCMB Group

FCMB Group Plc is a leading financial services holding company with subsidiaries across banking, consumer finance, asset management, and other financial sectors.

About FCMB Asset Management

FCMB Asset Management Limited (FCMBAM), licensed by the Securities and Exchange Commission (SEC) of Nigeria, provides portfolio management and investment advisory services to individuals and institutional investors.

Cyber Fraud, Gold Crash, Capital Gains Tax Debate, and AI Land Grab Take Center Stage in Latest โ€œDrinks and Micsโ€ Episode

  • dollaers
  • October 26, 2025
  • Finance
  • 0 comments

The newest episode of Drinks and Mics (Season 2, Episode 8) dives into some of the most pressing global and local economic issuesโ€”ranging from the rise in cyber fraud to the recent crash in gold prices, debates over capital gains tax, and the growing influence of artificial intelligence in data control.

Hosted by Tunji, this lively discussion features Arnold Dublin-Green, Bolawatife Odusanya (CEO of Trexm Holdings), and Gbolabo Awelewa (Chief Business Officer at Esentry). Together, they unpack the technological, financial, and policy issues shaping markets and businesses across Nigeria and beyond.


Cyber Fraud and the Cloud: A Growing Concern

The episode kicks off with an in-depth analysis of cybersecurity and the vulnerabilities tied to cloud computing.
Gbolabo Awelewa describes Amazon Web Services (AWS) as โ€œthe biggest single point of failure in the world,โ€ emphasizing how deeply embedded the platform is in the operations of businesses and individuals.

The panel examines how heavy reliance on cloud infrastructure poses systemic risks, especially when combined with increasing incidents of cyberattacks and digital fraud targeting African businesses.


AI and Data Security Risks

The conversation then shifts to artificial intelligence and the potential dangers of data misuse.
The hosts discuss how organizations and individuals feeding sensitive information into AI modelsโ€”such as ChatGPT and Googleโ€™s Geminiโ€”could be exposing themselves to privacy and security risks.

They highlight the need for stronger governance frameworks and awareness around how personal data is collected, stored, and used by AI systems that are now integrated into business operations worldwide.


Gold Market Crash and Its Ripple Effects

Another major talking point in the episode is the sharp fall in gold prices after months of record highs.
Tunji notes that goldโ€™s recent dip may be connected to movements in the cryptocurrency market, suggesting that โ€œBitcoin seems to be dragged down alongside gold.โ€

Arnold Dublin-Green adds that the volatility was concerning, noting that his target price for gold at the end of 2025 was $3,500โ€”but the commodity had already exceeded that by nearly $1,000 earlier in the year.
Tunji pointed out that gold had surged by 60% in 2025, including a 25% spike in just two months, before the recent correction.


Capital Gains Tax Debate Heats Up

The panel also touches on the ongoing debate over the Capital Gains Tax (CGT) proposed in Nigeriaโ€™s tax reform efforts.
The hosts describe the policy as controversial but acknowledge its potential benefits in boosting government revenue and promoting fiscal transparencyโ€”if implemented fairly and efficiently.


Security Efforts and Oil Sector Recovery

Rounding off the episode, the speakers commend recent local security initiatives that have positively impacted oil production in Nigeria. Improved regional stability, they note, has contributed to higher output and better investor sentiment in the energy sector.


Final Thoughts

From cybersecurity to commodity markets and fiscal policy, this episode of Drinks and Mics offers deep insights into the fast-changing economic landscape.
As the โ€œfantastic fourโ€ dissect how technology, policy, and global market shifts are influencing business decisions, the episode provides a timely perspective on how Nigerians and investors should prepare for what lies ahead.

Watch the full episode of โ€œDrinks and Micsโ€ on Nairametrics TV to learn how these evolving dynamics could affect your money, your business, and the broader economy.

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Flutterwave, Paga CEOs Celebrate Nigeriaโ€™s FATF Grey List Exit as Major Boost for Cross-Border Payments

  • dollaers
  • October 26, 2025
  • Fintech
  • 0 comments

Top fintech leaders in Nigeria, including Olugbenga Agboola, CEO of Flutterwave, and Tayo Oviosu, CEO of Paga, have hailed Nigeriaโ€™s removal from the Financial Action Task Force (FATF) grey list, describing it as a pivotal step for financial credibility, global investment, and cross-border payment efficiency.

The FATF announced on Friday that Nigeria, South Africa, Burkina Faso, and Mozambique have been removed from its grey list following major reforms in anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.

The decision ends nearly three years of heightened monitoring, signaling renewed international confidence in Nigeriaโ€™s financial system and regulatory standards.


A Game-Changer for Payments and Trade

Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, praised the milestone as a major breakthrough for Nigeriaโ€™s financial ecosystem.

โ€œNigeriaโ€™s exit from the FATF Grey List is a massive win for our economy,โ€ Agboola said. โ€œFlutterwave, as Africaโ€™s most licensed non-bank financial institution with over 50 licenses, has invested heavily in compliance and governance.

This grey listing made cross-border payments harder and more expensive. Now, this delisting restores confidence, lowers remittance and transaction costs, and unlocks faster, cheaper payments to and from Nigeria. Itโ€™s a strong signal that Nigeria is back on the path of trust, transparency, and financial leadership.โ€

Similarly, Tayo Oviosu, CEO of Paga, celebrated the development as a turning point for investment and innovation.

โ€œThe best news, guysโ€”Nigeria is off the FATF grey list! Congrats to everyone at NFIU, CBN, and across the financial industry,โ€ Oviosu said.
โ€œThis is a big deal because it reopens Nigeria to foreign direct investment and stronger engagement from the West. We worked hard to get here, and this will accelerate growth for fintechs and the wider economy.โ€


Wider Industry and Government Reactions

Civil society and government leaders have also applauded the development.
Olusegun Onigbinde, Co-founder of BudgIT, described the delisting as โ€œvery good news,โ€ commending the Nigerian Financial Intelligence Unit (NFIU) and regulatory bodies for their coordinated reforms.

Minister of Interior, Olubunmi Tunji-Ojo, said the move reflects the success of ongoing economic reforms:

โ€œThis milestone reinforces confidence in Nigeriaโ€™s economy and validates the effectiveness of the governmentโ€™s financial policies. It will ease cross-border transactions, attract foreign investment, and create jobs.โ€


Stronger Compliance, Brighter Outlook

The FATFโ€™s decision follows two years of collaborative reforms by institutions such as the Central Bank of Nigeria (CBN), NFIU, Ministry of Finance, and the Economic and Financial Crimes Commission (EFCC).
These reforms strengthened oversight, improved transparency, and enhanced data sharing across financial channels, particularly within the fintech and remittance sectors.

Analysts say the delisting will reduce compliance costs, improve access to global capital, and accelerate remittance inflowsโ€”benefits crucial for Nigeriaโ€™s $20 billion annual remittance market.


What to Know

  • Nigeria and South Africa were added to the FATF grey list in February 2023.

  • Mozambique joined in October 2022, and Burkina Faso in February 2021.

  • Grey listing typically increases transaction costs and delays due to stricter global scrutiny.

  • Nigeriaโ€™s removal now positions it for smoother, faster, and cheaper cross-border financial transactions, boosting investor confidence and strengthening fintech growth across the continent.

Federal Ministry of Environment Launches 1Gov Cloud Digitalisation Programme

  • dollaers
  • October 26, 2025
  • Business
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The Federal Ministry of Environment has officially joined Nigeriaโ€™s digital transformation agenda with the launch of the Galaxy Backbone 1Government Cloud Digitalisation Programme.

At the flag-off ceremony held in Abuja, Minister of Environment Balarabe Abbas Lawal described the initiative as a milestone in modernizing environmental governance and advancing sustainability through technology.

โ€œDigitalisation is no longer optionalโ€”it is a necessity,โ€ Lawal said. โ€œThrough the Galaxy Backbone 1Government Cloud, we are enabling data-driven environmental management, eliminating paperwork, reducing costs, and directly cutting carbon emissions.โ€

According to the Minister, the initiative will promote transparency, evidence-based decision-making, and efficient public service delivery.

Background

The launch marks another major step in the Federal Governmentโ€™s ongoing digitalisation agenda led by Galaxy Backbone Limited (GBB). In May 2024, GBB announced plans to digitize 70% of federal government services by 2025 under the 1Government Cloud (1Gov) frameworkโ€”a unified digital platform designed to connect all Ministries, Departments, and Agencies (MDAs).

The 1Gov programme emphasizes data sovereignty, ensuring that Nigeriaโ€™s digital assets are hosted and controlled within the country. By September 2025, several MDAsโ€”including the Ministries of Solid Minerals, Justice, and Foreign Affairsโ€”had already begun onboarding the 1Gov system under the Sovereign Digitalisation Programme.

Transition to Paperless Governance

Permanent Secretary Mahmud Adam Kambari commended the Ministryโ€™s leadership for embracing the transition to a paperless government. He also praised GBBโ€™s 1Government Cloud team, led by Mr. Wumi Oghoetuoma, for developing a secure and indigenous platform for digital public administration.

Oghoetuoma, who serves as Programme Director of the initiative, called the project โ€œa bold stride in Africaโ€™s digital transformation journey.โ€

โ€œThe Galaxy 1Government Programme is leading public sector digitalisation in Africa, for Africa, by Africa,โ€ he said. โ€œThis is not just about technologyโ€”itโ€™s about protecting our digital destiny and sovereignty.โ€

The platform offers a suite of homegrown applications built to replace fragmented and foreign systems, including:

  • GovECM (Enterprise Content Management)

  • GovDrive (Secure File Storage)

  • GovESign (Digital Signatures)

  • GovMail (Official Communication)

  • GovInMail (Secure Inter-MDA Messaging)

  • GovConference (Virtual Meetings)

  • GovAssetManager (Asset Tracking)

  • GovOTP (Multi-Factor Authentication)

According to Oghoetuoma, the Ministry has already gone live on the 1Gov Enterprise Content Management System (ECMS), with 15 departments onboarded, 316 workflows created, and 890 user accounts activated.

Toward Technological Self-Reliance

Dr. Sam Nwosu, CEO of Secured Records Management Solutions Ltd, described the programme as proof of Nigeriaโ€™s growing capacity to build world-class digital infrastructure.

He said the initiative represents โ€œa major leap toward technological independence, data protection, and sustainable governance.โ€

The 1Government Cloud Digitalisation Programme is expected to accelerate Nigeriaโ€™s shift to e-governance, enhance efficiency across public institutions, and strengthen the countryโ€™s long-term environmental and digital sustainability goals.

CBN Pledges to Deepen Reforms as Nigeria Exits FATF Grey List

  • dollaers
  • October 26, 2025
  • Finance
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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to sustaining and deepening ongoing financial sector reforms following Nigeriaโ€™s removal from the Financial Action Task Force (FATF) grey list.

The global anti-money laundering watchdog officially announced Nigeriaโ€™s delisting after a successful on-site evaluation of the countryโ€™s anti-money laundering and counter-terrorist financing (AML/CFT) systems โ€” a development marking a major milestone in Nigeriaโ€™s financial reform agenda.

In a statement on Saturday, the CBN described the FATFโ€™s decision as a strong endorsement of Nigeriaโ€™s reform progress and the growing credibility of its financial system.

โ€œThe FATFโ€™s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system,โ€ said CBN Governor Olayemi Cardoso.

โ€œIt reflects a clear policy direction and coordinated national effort toward standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust advance together to reinforce financial stability and strengthen Nigeriaโ€™s global credibility.โ€

Path to Delisting

Nigeriaโ€™s removal from the grey list follows a two-year, multi-agency reform effort led by the Federal Government and supported by key institutions, including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).

The CBN played a central role in improving governance and transparency within the financial system. Reforms evaluated by FATF and its regional affiliate, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), included:

  • Tighter oversight of financial institutions through updated AML/CFT regulations and risk-based supervision.

  • Broader compliance monitoring across fintechs, remittance operators, and bureaux de change.

  • Improved inter-agency coordination and data sharing for enforcement.

  • Introduction of market governance tools such as the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS).

These steps significantly enhanced Nigeriaโ€™s compliance with international standards and restored confidence in its financial integrity.

Economic and Business Impact

Nigeriaโ€™s removal from the grey list is expected to ease compliance burdens for businesses, reduce transaction costs, and improve access to international finance. It will also facilitate faster and more affordable cross-border payments and remittances โ€” estimated at around $20 billion annually.

The improved regulatory environment is likely to boost investor confidence, strengthen trade settlements, and enhance foreign exchange stability โ€” key factors for enterprise growth and household welfare.

A Regional Milestone

Nigeria now joins South Africa, Mozambique, and Burkina Faso among the African countries recently removed from FATF monitoring. The move adds momentum to Africaโ€™s broader push toward transparency, financial integrity, and global integration.

The CBN reiterated that it will continue working with both domestic and international partners to maintain a sound, transparent, and inclusive financial system that supports long-term economic growth.

What to Know

  • Nigeria and South Africa were placed on the FATF grey list in February 2023.

  • Mozambique was added in October 2022, while Burkina Faso was listed in February 2021.

  • Countries on the grey list typically face higher transaction costs and stricter international scrutiny.

  • Nigeriaโ€™s delisting signals renewed global confidence in its financial governance and reform agenda.

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