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Month: January 2026

Prestige Assurance’s profit dips 76% to N741.3m in 2025 amid revenue growth

  • dollaers
  • January 31, 2026
  • Companies, Equities
  • 0 comments

Prestige Assurance Plc has released its unaudited full-year 2025 financial results, showing a sharp deterioration in profitability despite solid growth in premiums and insurance revenue.

Profit before tax (PBT) fell by 76% to N741.3 million, from N3.09 billion in 2024, as higher reinsurance costs, weaker investment income, rising operating expenses, and foreign exchange losses more than offset gains from underwriting volumes.

Profit after tax declined by 81% year-on-year to N609.3 million, while earnings per share dropped sharply to 4.60 kobo from 24.42 kobo, reflecting significant pressure on shareholder returns.

The results highlight a growing gap between top-line growth and bottom-line performance, underscoring the impact of cost pressures and adverse market conditions on the insurer’s earnings.

Revenue growth fails to translate into profits

Headline revenue indicators remained strong. Gross premium written increased by 14% to N25.7 billion, while insurance revenue rose by 28% to N25.16 billion, supported by improved policy volumes, pricing adjustments, and stronger underwriting activity.

However, these gains failed to flow through to profitability. Insurance service expenses climbed to N21.24 billion, while net reinsurance costs surged sharply.

The net expense from reinsurance contracts swung to a cost of N4.69 billion, compared with a N586 million income in 2024. This reversal alone wiped out most of the underwriting gains recorded during the year.

As a result, the insurance service result deteriorated to a loss of N762.3 million, from a profit of N127.7 million in the prior year, highlighting the growing drag from reinsurance arrangements and claims-related adjustments.

Key financial highlights (FY 2025 vs FY 2024)
Gross Premium Written: N25.70 billion (+14% YoY)
Insurance Revenue: N25.16 billion (+28% YoY)
Insurance Service Expenses: N21.24 billion (+6% YoY)
Net Reinsurance Expense: N4.69 billion (from N586 million income)
Insurance Service Result: N762.3 million loss (from N127.7 million profit)
Total Investment Income: N3.09 billion (-33% YoY)
Profit Before Tax: N741.3 million (-76% YoY)
Profit After Tax: N609.3 million (-81% YoY)
Net Assets / Equity: N20.25 billion (+4% YoY)
Total Assets: N37.35 billion (-2% YoY)
Total Liabilities: N17.1 billion (-8% YoY)

More insights: Reinsurance and FX hit earnings

Prestige Assurance recorded a strong improvement in insurance service result before reinsurance, which jumped by 956% to N3.92 billion, indicating that core underwriting performance improved materially before risk transfer costs were applied.

However, investment income declined by 33% to N3.09 billion, driven mainly by a sharp deterioration in foreign exchange income. FX income swung to a loss of N283.8 million, from a gain of N1.89 billion in 2024.

Although interest income rose by 13% to N1.94 billion, lower overall portfolio yields and reduced dividend and other investment income weighed on total investment returns.

Reinsurance costs surged, with ceded premiums nearly doubling to N15.01 billion, alongside higher reinsurance fees, commissions, and changes in reinsurance liabilities.

Operating efficiency also weakened, as other management expenses rose by 34% to N2.12 billion, further compressing margins.

Balance sheet remains relatively stable

Despite the sharp fall in earnings, Prestige Assurance’s balance sheet remained relatively stable in 2025.

Total assets eased slightly to N37.35 billion from N38.00 billion, while net assets increased by 4% to N20.25 billion, supported by retained earnings and fair value gains on investment property and financial assets.

Total liabilities declined by about 8% to N17.1 billion, reflecting lower insurance contract liabilities and reduced trade payables.

Equity strengthened modestly, supported by stable share capital, improved revenue reserves, and resilient revaluation balances, helping to preserve capital adequacy despite weaker profitability.

Bottom line

Prestige Assurance delivered strong premium and revenue growth in 2025, but rising reinsurance costs, weaker investment income, FX losses, and higher operating expenses severely eroded profitability.

The results suggest that while the insurer’s core underwriting engine is improving, earnings sustainability will depend on better cost control, improved reinsurance efficiency, and a recovery in investment and foreign exchange income.

If you want, I can also shorten this to a tighter “market brief” version or align it even more closely with Nairametrics house tone.

Zichis, Abbey Mortgage lead advancers as All-Share Index falls 0.09%

  • dollaers
  • January 31, 2026
  • Equities
  • 0 comments

The Nigerian Exchange closed slightly lower on Friday, January 30, 2026, with the All-Share Index (ASI) declining by 0.09% to settle at 165,370.4 points, down from the previous session’s close of 165,527.3.

Despite the marginal decline in prices, trading activity strengthened, as total volume rose to 687 million shares, compared with 550 million shares recorded in the prior session.

Market capitalisation held firm at N106.1 trillion, with investors executing a total of 41,553 deals, keeping the market comfortably above the N106 trillion level.

The daily decline trimmed the market’s year-to-date return slightly to 6.27%, from 6.37% in the previous session, reflecting continued cautious sentiment among investors.

On the gainers’ chart, Zichis and Abbey Mortgage Bank led advancing stocks, gaining 9.97% and 9.94%, respectively, as bargain hunting and speculative interest supported selected counters.

RT Briscoe, HMCALL, and Omatek also posted strong gains, rounding out the top five advancers for the session.

On the flip side, selling pressure weighed heavily on Learn Africa, Livestock, and LivingTrust Mortgage Bank, each of which declined by the maximum daily limit of 10.00%. DeapCap and McNichols also featured among the top losers, reflecting broad-based weakness in selected small- and mid-cap stocks.

Trading by volume was dominated by Veritaskap, which recorded 80.4 million shares, followed by NSLTech (Secure Electronic Technology) with 79.2 million shares, and DeapCap with 33.3 million shares.

Access Holdings and Zenith Bank completed the top five by volume, trading 30.9 million and 30.5 million shares, respectively.

By value, Aradel led market transactions with trades worth N2.3 billion, followed closely by Zenith Bank at N2.1 billion. PZ Cussons recorded N1.05 billion in trades, while Access Holdings and NAHCO posted transaction values of N703 million and N691.6 million, respectively.

Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was largely muted. Aradel posted a marginal gain of 0.03%, reflecting limited upside among large-cap stocks.

FUGAZ banking stocks recorded mixed performances. First Holdco declined sharply by 5.26%, while Access Holdings fell 0.88% and UBA eased by 0.45%. In contrast, GTCO gained 0.15%, and Zenith Bank edged up by 0.14%.

The continued pullback in the ASI signals growing caution among investors, raising the risk of a deeper short-term correction if selling pressure persists.

With gains concentrated in a few counters and mixed sector performance, overall market breadth remains weak, suggesting that investors may need to remain selective and focus on fundamentally strong stocks while carefully managing entry points.

Looking ahead, the All-Share Index continues to show signs of retracement, and the depth of the pullback will likely depend on whether renewed buying interest emerges in mid- and large-cap stocks to support broader market momentum.

AfDB approves $3.9 million Mission 300 energy project for Nigeria, 12 others

  • dollaers
  • January 31, 2026
  • Energy
  • 0 comments

The African Development Bank (AfDB) has approved a $3.9 million, two-year technical assistance project to support Nigeria and 12 other African countries in implementing their national energy compacts under the Mission 300 initiative, aimed at expanding electricity access across the continent by 2030.

The approval was granted by the AfDB Board of Directors and disclosed in a statement published on the bank’s website on Friday.

The project is designed to help participating countries translate energy policy commitments into concrete electricity connections for households, businesses, and public institutions, addressing one of the key bottlenecks in Africa’s power sector — the gap between planning and actual delivery.

The initiative comes as African governments intensify efforts to close the continent’s electricity access deficit, which continues to limit economic growth, industrialisation, and social development.

According to the AfDB, the project will provide hands-on technical assistance to help countries move from high-level policy frameworks to practical implementation of reforms and connection programmes.

Wale Shonibare, Director of Energy Financial Solutions, Policy and Regulation at the AfDB, said countries have made “bold commitments” through their Energy Compacts, and the new phase of support is focused on turning those commitments into tangible results.

He noted that the emphasis is on ensuring that households, entrepreneurs, and communities actually gain access to reliable electricity, rather than remaining at the level of policy pledges. He added that the project will help governments implement reforms faster and accelerate electricity connections.

Mission 300 was launched in January 2025 by the World Bank and the African Development Bank with the goal of providing electricity access to 300 million Africans by 2030.

As part of the initiative, participating countries developed National Energy Compacts, which outline plans to expand electricity access, strengthen power sector institutions, improve utility performance, and attract private sector investment.

While dozens of countries have launched these compacts, the AfDB said progress has been slowed by challenges in translating plans into actual infrastructure, reforms, and customer connections. The newly approved project is intended to close this implementation gap.

The project, known as AESTAP Mission 300 Phase II, will provide direct technical support to 13 Mission 300 countries over the next 24 months.

Beneficiary countries include Nigeria, Kenya, Ethiopia, Tanzania, Uganda, the Democratic Republic of Congo, Chad, Gabon, Madagascar, Malawi, Lesotho, Mauritania, and Namibia.

The AfDB said the project will support improvements in electricity regulations, planning frameworks, and tariff structures to unlock investment and strengthen the financial sustainability of power utilities.

It will also focus on reducing technical and commercial losses, improving utility performance, and enhancing data, research, and peer learning through tools such as the Electricity Regulatory Index and regional energy forums.

In addition, expert advisers will be embedded within national Compact Delivery and Monitoring Units to help governments coordinate reforms, monitor progress, and ensure accountability in implementation.

The approval of Phase II builds on AESTAP Mission 300 Phase I, which was approved by the AfDB in December 2025 with about $1 million in funding.

Phase I focused on establishing and operationalising Compact Delivery and Monitoring Units within government structures. Phase II will build on that foundation by providing deeper technical assistance to implement planned reforms and accelerate electricity access.

The AfDB said the project will be implemented in close coordination with other Mission 300 partners, including the World Bank, national governments, and development organisations, to ensure alignment and avoid duplication of efforts.

Beyond Mission 300, the AfDB has continued to scale up financial support for Nigeria and the wider region.

In November, the bank approved a $500 million loan to the Federal Government of Nigeria to finance the second phase of the Economic Governance and Energy Transition Support Programme.

The AfDB has also approved a $100 million loan to the Emerging Africa and Asia Infrastructure Fund to support sustainable infrastructure development across Africa.

First HoldCo Plc grows gross earnings to N3.4 trillion for unaudited full year ended December 31, 2025

  • dollaers
  • January 31, 2026
  • Companies
  • 0 comments

First HoldCo Plc has released its unaudited financial results for the year ended December 31, 2025, reporting a 4.8% year-on-year increase in gross earnings to N3.4 trillion, as the Group executed strategic actions to strengthen its balance sheet, improve asset quality, and position the business for more resilient and sustainable growth.

According to the unaudited Group financial statements, the earnings growth was driven by strong core banking performance, supported by improved margins and enhanced earnings yields. Net interest income rose by 36.3% year-on-year to N1.9 trillion, reflecting higher asset yields and improved pricing discipline. The Group recorded earnings yield and net interest margin of 17.11% and 11.0%, respectively.

Net fees and commissions also grew strongly, increasing by 18.7% year-on-year to N290.7 billion. Management said the growth reflects the strength of the Group’s revenue-generating capacity, particularly from electronic banking, trade-related services, and transaction-based income, underscoring the continued success of its digital and innovation strategy.

Despite the solid revenue performance, profit for the year was lower than the prior year, largely due to significantly higher impairment charges in the commercial banking segment. The Group said this reflects a deliberate strategic decision to accelerate balance sheet clean-up and adopt more conservative provisioning standards following the end of regulatory forbearance.

Management described the move as a prudent step aimed at enhancing transparency, strengthening investor confidence, and aligning fully with evolving regulatory expectations. The Group also noted that increased regulatory costs weighed on profitability, reflecting its compliance with Nigeria’s financial system stability framework and its commitment to maintaining systemic confidence.

Deposit liabilities grew by 10.0% year-on-year, supported by sustained deposit mobilisation and continued investment in digital banking platforms. The growth reflects strong customer confidence and deeper engagement across key retail, SME, and corporate segments.

The Group also reported a deliberate reduction in foreign currency deposits, driven by the repayment of more expensive funding and the impact of naira appreciation. This shift, according to management, supports improved funding efficiency and reduces foreign exchange risk on the balance sheet.

Gross loans and advances declined marginally during the year, reflecting a disciplined approach to credit growth, improved risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign-currency-denominated facilities. The Group said it intensified efforts to build a higher-quality and cleaner asset base, with the aim of optimising the loan portfolio and enhancing future earnings potential.

Non-interest income declined during the year, mainly due to lower fair value gains on financial instruments following naira appreciation in 2025. However, this was partially offset by stronger foreign exchange trading income and reduced FX revaluation losses.

Net fees and commission income growth was supported by higher electronic banking fees, letters of credit commissions, custodian fees, and account maintenance income. Management said this reflects continued momentum in its digital banking and transaction services strategy.

While impairment charges increased, the Group said it has intensified recovery initiatives and strengthened credit oversight. Excluding impairment charges and fair value gains, pre-provision operating profit grew by 23.9% year-on-year to N973.3 billion, highlighting the robust underlying performance of the core business.

Outside the commercial banking impairments, performance across other business segments remained resilient, supported by steady customer activity and disciplined execution of strategic priorities.

Looking ahead, First HoldCo said it will continue to prioritise disciplined execution of its strategic objectives, with a focus on enhancing efficiency and profitability, strengthening digital and data capabilities, and maintaining a robust balance sheet to support value creation for shareholders.

The Group also plans to pursue selective growth initiatives, including new revenue streams, additional business verticals, and deeper participation in targeted African markets, in line with its strategy and risk appetite.

Management said further details and insights will be provided when the audited full-year results are released and during the subsequent investor and analyst earnings call.

FAAN Raises Cargo Port Charges to N20 from N7, Effective Immediately

  • dollaers
  • January 31, 2026
  • Finance
  • 0 comments

The Federal Airports Authority of Nigeria (FAAN) has increased cargo port charges from N7 to N20, marking the first upward review of the tariff in nearly two decades.

Nairametrics obtained the information exclusively from FAAN on Friday, January 30, 2026. According to the authority, the new rate takes effect immediately.

FAAN said the decision was driven by prolonged inflation, severe foreign exchange pressures, and the need to fund critical airport and cargo infrastructure upgrades.

What FAAN is saying

FAAN explained that the cargo port tariff had remained unchanged since 2008, despite major shifts in Nigeria’s macroeconomic environment over the past 18 years.

The authority said cumulative inflation over the period stood at about 287%, making the former N7 charge financially unsustainable. Based on National Bureau of Statistics (NBS) data, FAAN noted that a service priced at N7 in 2008 should now cost about N27.09 to retain the same real value.

However, the authority said it deliberately set the new tariff at N20, below the inflation-adjusted level, to limit the cost burden on cargo operators and maintain competitiveness.

“FAAN has increased tariffs after careful consideration of current economic realities. Our tariffs have remained static since 2008. Over the past 18 years, Nigeria has experienced significant inflation (approximately 287%) and a drastic depreciation of the naira. This adjustment is essential to sustain and upgrade critical airport infrastructure, which has become financially unsustainable under the old rates,” FAAN said.

The authority also cited foreign exchange pressures as a key factor. In 2008, the naira exchanged at about N118/$1, compared with roughly N1,500/$1 today. FAAN said this has driven up the naira cost of imported airport infrastructure components, including runway asphalt, aerodrome lighting systems, and fire service equipment parts, increasing operating and maintenance costs by over 1,000% in naira terms.

Clarifying concerns about multiple charges, FAAN said its cargo port charge is separate from fees charged by private concessionaires. The FAAN levy covers shared airport infrastructure such as runways, taxiways, perimeter fencing, security, access roads, and airfield lighting, while concessionaire fees relate to cargo handling, storage, and documentation within private terminals.

Tariff impact and infrastructure plans

FAAN said that even with the revised N20 tariff, Nigeria’s cargo port charges would remain competitive within the West African region. The authority noted that charges at Nigerian airports were previously lower than those at key regional hubs, including Kotoka International Airport in Ghana and Cotonou Airport in Benin.

The authority said the adjustment aligns Nigeria more closely with regional standards while preserving its attractiveness to air cargo operators and investors.

FAAN also downplayed the potential inflationary impact, stating that the cargo port charge represents only a small fraction of total air freight costs. It argued that improved infrastructure and efficiency could help offset some of the cost impact through reduced delays, faster turnaround times, and better cargo handling processes.

Revenue from the revised tariff will be reinvested in cargo-related infrastructure. Planned projects include rehabilitation of aprons and access roads, enhanced perimeter security, and upgrades to airfield lighting. FAAN also plans to deploy a Cargo Community System for digital documentation, introduce a truck call-up system at the Premier Cargo Terminal, and develop additional domestic cargo infrastructure.

FAAN said cargo operators and other industry stakeholders have been formally notified of the review and that consultations are ongoing. The authority described the tariff adjustment as a strategic move to build a more resilient, efficient, and future-ready air cargo ecosystem in Nigeria.

Why this matters

Cargo port charges are fees collected by airports to maintain and operate shared infrastructure used for air cargo operations. These include runways, taxiways, security systems, perimeter fencing, access roads, and airfield lighting. They are distinct from private cargo handling and warehouse charges.

The increase to N20 means higher per-unit revenue for FAAN and could marginally raise overall air freight costs, with possible pass-through effects on import and export pricing.

Coming 18 years after the last review, the adjustment reflects a long-delayed alignment with inflation and exchange rate realities and could influence Nigeria’s competitiveness as a regional air cargo hub.

What you should know

The FAAN tariff hike follows other recent cost increases in Nigeria’s aviation sector. On December 1, 2025, the Nigerian Civil Aviation Authority (NCAA) introduced an additional $11.5 security levy under the Advance Passenger Information System (APIS), raising the total security charge per ticket to $31.50.

The APIS levy applies to all passengers arriving in or departing from Nigeria and is remitted by airlines to the NCAA. The system supports border control, passenger tracking, and enhanced security, while also allowing airlines to recover compliance costs.

Together, these developments signal rising cost pressures across Nigeria’s aviation value chain, even as regulators and operators seek to modernise infrastructure and improve operational efficiency.

FCMB Posts N200.91bn Pre-Tax Profit in 2025 Results on Strong Interest Income

  • dollaers
  • January 30, 2026
  • Bank
  • 0 comments

FCMB Group Plc has released its unaudited financial results for the year ended December 31, 2025, reporting a pre-tax profit of N200.91 billion, representing an 80% increase from N111.9 billion recorded in 2024.

The strong performance was driven by robust growth in interest income and improved net interest margins, reflecting both higher asset yields and better balance sheet optimisation. Gross earnings rose by 41.8% year-on-year to N1.13 trillion, underpinned by expansion in core lending and investment income.

Profit after tax climbed sharply to N176.91 billion, up 141.7% from N73.34 billion in the prior year, highlighting significant bottom-line acceleration despite higher impairment charges.

Key highlights (FY 2025 vs FY 2024)

  • Gross earnings: N1.13 trillion (+41.8% YoY)

  • Interest income: N1.00 trillion (+61.2% YoY)

  • Interest expense: N499.23 billion (+26.0% YoY)

  • Net interest income: N502.89 billion (+122% YoY)

  • Fee and commission income: N95.97 billion (+29% YoY)

  • Net impairment losses: N86.00 billion (+108.7% YoY)

  • Operating profit: N200.15 billion (+78.7% YoY)

  • Profit before tax: N200.91 billion (+80% YoY)

  • Earnings per share (EPS): N3.96 (+60% YoY)

  • Total assets: N7.54 trillion (+6.9% YoY)

  • Loans and advances: N2.29 trillion (-2.8% YoY)

  • Customer deposits: N4.40 trillion (+2.5% YoY)

  • Equity: N823.42 billion (+19.5% YoY)

What the numbers are saying

FCMB’s revenue growth was largely driven by a sharp increase in interest income, which rose by 61.2% to N1.00 trillion and accounted for nearly 89% of gross earnings. This reflects both higher loan yields and improved pricing on earning assets in a high interest rate environment.

Loans and advances to customers were the largest contributor to interest income, accounting for about 61% of total interest income, followed by investment securities at roughly 25%. This mix shows that core lending remains the dominant earnings engine, supported by treasury and investment activities.

Net interest income more than doubled to N502.89 billion, growing faster than interest income due to relatively controlled growth in funding costs. Interest expenses increased by 26% to N499.23 billion, driven mainly by higher customer deposit costs and borrowings. However, the spread expansion suggests the Group was able to reprice assets more aggressively than liabilities.

Impairment charges were a notable drag on performance. Net impairment losses surged by 108.7% to N86 billion, consuming about 17% of net interest income. This points to a more cautious risk posture and higher provisioning in response to credit quality concerns and macroeconomic pressures.

On the non-interest income side, fee and commission income grew by 29% to N95.97 billion, reflecting stronger transactional activity and advisory services. Net trading income contributed N39.21 billion but declined by 27.3% year-on-year, indicating softer gains from trading activities compared to the prior year.

Balance sheet and capital position

FCMB’s total assets expanded by 6.9% to N7.54 trillion, reflecting moderate balance sheet growth. Customer deposits rose by 2.5% to N4.40 trillion, providing a stable funding base and accounting for over 58% of total assets.

Equity increased by 19.5% to N823.42 billion, significantly strengthening the Group’s capital base and improving its capacity to absorb losses and support future growth initiatives.

However, loans and advances to customers declined by 2.8% year-on-year, suggesting a more conservative lending stance or tighter credit conditions, even as interest income from loans increased due to higher yields.

What to know

FCMB’s 2025 performance highlights strong earnings momentum, driven primarily by interest income expansion and improved net interest margins. The Group also exceeded its profit guidance, with profit after tax of N176.91 billion surpassing its earlier full-year forecast of about N171.5 billion.

From a market perspective, FCMB’s share price closed 2025 at N12.09, reflecting a 28% gain for the year. However, at around N11.05 currently, the stock is down about 3.7% year-to-date in 2026.

With a market capitalisation of about N496 billion, FCMB is still trading below its net asset value of N823.42 billion, suggesting potential valuation upside if earnings momentum is sustained and asset quality concerns remain contained.

Overall, the results position FCMB as one of the stronger performers in Nigeria’s banking sector for 2025, with solid profitability growth, improved capital strength, and expanding core income, albeit with rising credit risk costs to watch going into 2026.

Moniepoint MFB Processes N412 Trillion Transactions in 2025, Disburses Over N1 Trillion in SME Loans

  • dollaers
  • January 30, 2026
  • Bank
  • 0 comments

Moniepoint Microfinance Bank has disclosed that it processed transactions worth N412 trillion and disbursed more than N1 trillion in loans in 2025, underscoring its growing role in financing Nigeria’s informal and small business economy.

The figures were released by Moniepoint Inc., the bank’s parent company, in its 2025 Year in Review report published on Thursday.

According to the company, the bulk of the loans were targeted at small and medium-sized enterprises (SMEs), including provision stores, supermarkets, building materials traders, and other informal and semi-formal businesses that typically struggle to access traditional bank credit.

The latest numbers highlight the expanding influence of Nigerian fintech firms in driving financial inclusion and supporting grassroots economic activity. For context, FairMoney MFB recently disclosed that it disbursed over N150 billion in loans to small businesses in 2025, pointing to a broader fintech-led credit expansion trend.

What the data is saying

Moniepoint said its microfinance bank now powers a significant share of Nigeria’s in-person payment ecosystem, reflecting both scale and deep market penetration.

The company disclosed that:

  • Moniepoint MFB processed over 14 billion transactions valued at N412 trillion in 2025, accounting for about 80% of in-person payments nationwide.

  • Monnify, its web-based payment gateway, processed transactions worth N25 trillion over the same period, driven by rising adoption of online and business-to-business payments.

  • Businesses that accessed loans through Moniepoint recorded average growth of over 36% after receiving credit, according to company data.

  • The platform now serves more than 6 million active businesses across Nigeria.

Moniepoint said it relies on alternative data, including transaction histories and payment behaviour, to assess creditworthiness. This approach allows it to extend financing to businesses that are typically excluded from conventional banking systems due to lack of collateral or formal financial records.

The company noted that its data-driven lending model is designed to reduce credit gaps in the SME segment while supporting business expansion and job creation.

More insights on product and regulatory expansion

Beyond payments and lending, Moniepoint expanded its product suite and regulatory footprint in 2025 as part of a broader strategy to deepen its role in Nigeria’s financial ecosystem.

Key developments during the year include:

  • The relaunch of its savings product, with internal data showing that daily savings is the most common user behaviour.

  • The launch of Moniebook, aimed at helping small businesses better manage records and operations.

  • The acquisition of a national microfinance bank licence, expanding its ability to offer a wider range of regulated financial services.

  • TeamApt Ltd, its switching and processing subsidiary, obtained Mastercard and Visa licences to operate as a processor and acquirer, enabling international card payments and switching services across Africa.

Speaking on the company’s strategy, Group CEO Tosin Eniolorunda said Moniepoint is focused on building financial infrastructure to support Africa’s largely informal economy.

“Our focus remains on building financial infrastructure to support Africa’s largely informal economy, which accounts for about 83% of employment across the continent,” Eniolorunda said.

What you should know

Moniepoint Inc., formerly known as TeamApt Inc., was founded in 2015 by Tosin Eniolorunda and Felix Ike.

The company provides a wide range of services, including digital payments, business accounts, credit, foreign exchange, and operational tools tailored for small and medium-sized enterprises.

In 2025, Moniepoint completed a Series C funding round, raising over $200 million in equity. Investors in the round included Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), and Verod Capital.

The company also launched MonieWorld in the United Kingdom to serve the African diaspora, strengthening remittance and cross-border payment corridors between the UK and Africa.

With transaction volumes in the hundreds of trillions of naira and loan disbursements crossing the N1 trillion mark, Moniepoint’s latest results reinforce its position as one of Nigeria’s most influential fintech platforms and a key enabler of SME growth and informal sector financing.

EFCC Witness Tells Court $6.23 Million Was Withdrawn Using Forged Documents Under Emefiele

  • dollaers
  • January 30, 2026
  • Court
  • 0 comments

A prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has told a Federal Capital Territory High Court in Abuja that $6.23 million was withdrawn from the CBN’s Garki Branch using forged documents.

The disclosure was contained in a statement issued by the Economic and Financial Crimes Commission (EFCC) on Thursday, January 29, 2026.

According to the EFCC, the money was allegedly intended for election-related expenses, including payments to election observers and logistics, but the withdrawal was processed through fraudulent approvals.

What the EFCC is saying

Bashirudden Muhammed Maishanu, an Assistant Director at the CBN and the eleventh prosecution witness (PW11), told the court that he was approached in January 2023 by an individual identified as Alhaji Ahmed, who claimed to have obtained presidential approval for the cash withdrawal.

The EFCC quoted the witness as saying that the $6.23 million was withdrawn on February 8, 2023, from the CBN’s Garki Branch through forged papers.

According to the commission’s statement, the funds were purportedly meant for election observers and logistics, but the approvals used to process the transaction were not genuine.

How the withdrawal allegedly happened

The witness reportedly told the court that he was asked to recommend someone to collect the money on his behalf, as he could not go personally.

A friend of his later collected the cash from the Garki Branch, after which $2.5 million was left with him and two other individuals.

Maishanu told the court that he later discovered that the documents authorising the withdrawal were likely forged and described the incident as a set-up.

He added that he was not involved in monitoring the 2023 general elections and did not initially know that the withdrawal was fraudulent.

CBN procedures and internal controls

The EFCC statement said the witness also explained CBN’s internal approval processes for large cash withdrawals.

According to him, such transactions require board-level or governor-level approvals, supported by traceable documentation within the bank’s system.

He further told the court that staff found to have violated procedures could face sanctions ranging from warnings and demotion to outright dismissal, depending on the severity of the offence.

He reportedly noted that he did not face any internal disciplinary action in relation to the transaction.

Status of the trial

The trial is ongoing, with the court expected to continue proceedings on Friday, January 30, 2026.

The court is examining the alleged roles played by Emefiele and other parties in connection with the withdrawal.

Background

Godwin Emefiele, who served as CBN Governor under the administration of former President Muhammadu Buhari, was suspended in June 2023 by President Bola Tinubu and later taken into custody by the Department of State Services.

Since then, he has faced multiple criminal and civil cases, including charges related to procurement, foreign exchange allocations, and alleged abuse of office.

Several of these cases are still pending in courts in Abuja and Lagos, while the EFCC continues to pursue asset forfeiture and recovery actions linked to alleged proceeds of unlawful activities.

EFCC Arraigns BFI Group, Six Others Over Alleged €100 Million CBN Capital Importation Fraud

  • dollaers
  • January 30, 2026
  • EFCC
  • 0 comments

The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned BFI Group Corporation and six individuals before the Federal Capital Territory (FCT) High Court sitting in Jabi, Abuja, over an alleged attempt to defraud the Central Bank of Nigeria (CBN) of €100 million through a fake Certificate of Capital Importation (CCI).

The development was disclosed in a statement posted on the EFCC’s official X account on Thursday.

According to the anti-graft agency, the defendants are accused of conspiring to mislead the CBN into issuing a Certificate of Capital Importation for funds that were never deposited into a valid account.

Who is involved

The defendants listed in the case are:

  • BFI Group Corporation

  • Reuben M. Jaja

  • Uzor Chidi Jerry

  • David Femi James

  • Imeobong Jumbo Udom

  • Adeola Edward

  • Emeka Emmanuel Okorie

They are facing a five-count amended charge bordering on conspiracy, fraud, and obtaining by false pretence.

What the EFCC is alleging

The EFCC said that between August 12, 2020, and March 2021, the defendants allegedly conspired to induce the CBN to issue a Certificate of Capital Importation for €100 million, even though the funds were never lodged in any legitimate or verifiable CBN account.

Count one of the amended charge alleges that the defendants intended to induce the CBN to confer a benefit on BFI Group Corporation by false pretence, contrary to Sections 8(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act.

Count two specifically alleges that BFI Group Corporation and Reuben M. Jaja attempted to obtain the €100 million CCI by falsely claiming that the funds had been deposited in a non-existent CBN account.

The EFCC said the alleged actions were aimed at using the fake CCI to validate a capital inflow that never actually occurred.

Court proceedings

When the amended charges were read in court, all the defendants pleaded not guilty.

Prosecution counsel, Ekele Iheanacho, SAN, asked the court to fix a trial date and also requested a date to hear and determine the bail applications.

Defence counsel, Chinedu Eze, applied orally for bail on behalf of the defendants, citing provisions of the Administration of Criminal Justice Act (ACJA) and relying on previous judicial precedents.

However, the prosecution objected, arguing that the cited authorities were inapplicable because the defendants had already been formally charged and that written bail applications were already before the court.

Justice M.S. Idris adjourned the matter until February 3, 2026, for ruling on the bail applications and to set a trial schedule.

The court ordered that the fourth defendant be remanded in EFCC custody, while the remaining defendants were remanded at the Kuje Correctional Centre pending the bail ruling.

Why this matters

Certificates of Capital Importation are critical documents used to confirm the inflow of foreign capital into Nigeria and to guarantee investors the right to repatriate funds and profits.

Any abuse of the CCI process undermines investor confidence, weakens foreign exchange monitoring, and exposes the financial system to fraud and regulatory risks.

The EFCC said the case forms part of its broader efforts to clamp down on financial crimes, including contract fraud, illicit capital flows, and misrepresentation in Nigeria’s financial and foreign exchange systems.

The Commission has in recent months intensified prosecutions involving large-scale fraud, signalling tougher enforcement to protect the integrity of Nigeria’s financial architecture.

Lagos Targets N3 Trillion from Undocumented Land Assets in Statewide Formalisation Drive

  • dollaers
  • January 30, 2026
  • Real Estate
  • 0 comments

Lagos State has launched a major statewide initiative to identify, document, and formalise informal land assets estimated to be worth about N3 trillion, in a move aimed at unlocking dormant economic value and significantly boosting internally generated revenue.

The project is designed to bring vast areas of undocumented land into the formal system, helping to curb land misuse, reduce revenue leakages, and strengthen land governance across Africa’s largest city.

According to a statement posted on the Lagos State Government’s official X account on Thursday, the exercise will involve extensive mapping, valuation, and integration of land parcels that have remained outside official records for years.

Informal land assets typically include lands that are occupied, inherited, or actively used but lack formal documentation such as Certificates of Occupancy or registered titles, making them legally and economically invisible.

What the Lagos State Government is saying

The state government said the initiative is intended to unlock the economic potential of undocumented lands while improving urban planning outcomes and enhancing revenue generation.

The project follows the approval of Governor Babajide Sanwo-Olu, with Octragon Multi Projects appointed as consultant to lead the exercise in collaboration with relevant Ministries, Departments, and Agencies (MDAs).

“The Lagos State Government has announced a comprehensive project to identify, document, and revitalise all informal land spaces across the state. The initiative aims to curb misuse, unlock economic value, and boost revenue generation,” the statement said.

The government added that proper documentation would also ensure fair compensation where applicable and improve transparency in land administration.

Scale and scope of the project

The CEO of Octragon Multi Projects, Engr. Gbolahan Awonusi, said the initiative builds on earlier land documentation efforts in Lagos, noting that the economic value of informal land assets has risen sharply over the past decade.

He disclosed that while the project initially targeted 2,000 hectares of undocumented land, it has now expanded to 3,744 hectares across multiple locations, with an estimated value of about N3 trillion.

The Permanent Secretary of the Office of Physical Planning, Engr. Olumide Sotire, described land as Lagos’ most critical resource, adding that formalisation would attract investment, improve urban planning, and increase government revenue.

The Lagos State Valuation Office will coordinate the exercise alongside relevant MDAs, while the Lagos State Informal Space Management Authority said proper valuation could transform informal spaces into sustainable, revenue-generating assets.

Why this matters for Lagos and Nigeria

Across Nigeria, millions of land parcels hold real economic and social value but remain excluded from the formal economy due to the absence of legal titles.

Without documentation, landowners are unable to use these assets as collateral, attract formal investment, or fully participate in the financial system, leaving vast wealth locked as so-called “dead capital.”

Lagos’ initiative seeks to reverse this by converting undocumented land into bankable, taxable, and investable assets—strengthening both private wealth creation and public revenue.

The N3 trillion estimate highlights the scale of value currently sitting outside official land records in the state.

Expert views on land formalisation

Industry experts say Lagos’ drive could play a critical role in accelerating land formalisation in Nigeria.

Engr. Babatunji Adegoke, General Secretary of the Nigerian Institution of Civil Engineers (NICE), Lagos State Chapter, said land registration goes beyond issuing titles, noting that it also provides critical data needed to align infrastructure with population growth. However, he warned that difficult terrain and limited technical capacity could slow surveys if not properly managed.

Ekpo Sun-myke, a certified town planner with the Nigerian Institute of Town Planners (NITP) and the Town Planners Registration Council of Nigeria (TOPREC), said formalisation would reduce land disputes and strengthen urban planning, adding that integrating customary systems and educating communities would be key to successful implementation.

A Quantity Surveyor with over a decade of experience said technology would be decisive, stressing that drones, GIS, and strong public-private partnerships could significantly cut the cost and time of land mapping in a complex urban environment like Lagos.

Alignment with national policy

Lagos’ move aligns with the Federal Government’s broader land formalisation agenda, backed by a World Bank partnership announced in September 2024 to register all land titles in Nigeria within five years.

With over 90% of land nationwide reportedly undocumented, the national programme targets an estimated $300 billion in dead capital.

A key component of the federal plan is the proposed National Land Digital System (NLDS), which aims to centralise records, improve transparency, and reduce fraud.

By launching this large-scale mapping and valuation drive, Lagos is positioning itself as an early and important implementer of the national land reform framework, potentially setting the pace for other states to follow.

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