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Month: January 2026

Lagos Assembly Passes ₦4.44 Trillion 2026 Budget, Sets Sights on Shared Prosperity

  • dollaers
  • January 9, 2026
  • Budget
  • 0 comments

The Lagos State House of Assembly has passed a ₦4.44 trillion budget for the 2026 fiscal year, formally approving the Lagos State Government’s proposed “Budget of Shared Prosperity.” The passage followed extensive deliberations during plenary and the adoption of the report of the House Committee on Economic Planning and Budget, marking a key milestone in the state’s fiscal planning for the coming year.

The newly approved budget lays out the state’s macroeconomic assumptions, spending priorities, and deficit financing strategy, all aimed at sustaining economic growth, strengthening infrastructure delivery, and maintaining fiscal stability in Nigeria’s commercial capital. As the country’s largest sub-national economy, Lagos State’s budget decisions are often seen as an important barometer of broader economic confidence.

Macroeconomic assumptions and 2025 performance

Presenting the committee’s report, Chairman of the House Committee on Economic Planning and Budget, Mr. Sa’ad Olumoh, explained that the 2026 budget framework was shaped by prevailing national and global economic conditions. According to him, the assumptions underpinning the budget include an exchange rate benchmark of ₦1,512 to the US dollar, an inflation rate of 14.7%, daily oil production of 2.06 million barrels, and a benchmark oil price of $64 per barrel.

Olumoh also disclosed that lawmakers reviewed the performance of the 2025 budget to guide their assessment of the 2026 proposal. As of November 2025, the state recorded a cumulative budget performance of 79%. Capital expenditure performance stood at 75%, while recurrent expenditure reached 87%. Overall revenue performance was also placed at 79%, reflecting relatively strong fiscal execution despite inflationary pressures and macroeconomic headwinds.

Breakdown of the 2026 budget

For the 2026 fiscal year, the approved ₦4.44 trillion budget is made up of ₦2.052 trillion in recurrent expenditure and ₦2.185 trillion in capital expenditure, underscoring the state government’s continued emphasis on infrastructure-led development. The near balance between recurrent and capital spending signals a deliberate effort to avoid excessive consumption spending while prioritizing long-term economic assets.

The capital allocation is expected to support investments across critical sectors such as transportation, health, education, housing, and public utilities. Recurrent expenditure provisions cover personnel costs, overheads, debt servicing, and loan repayments, reflecting the operational realities of running Africa’s most populous city-state.

The budget carries a projected deficit of about ₦243 billion, which, according to the committee, will be financed through approved borrowing and other financing options in line with existing fiscal responsibility frameworks.

Legislative adjustments and debates

During the legislative review process, lawmakers disclosed that an additional ₦171 billion was added to the original budget proposal submitted by the executive. Mr. Aro Moshood, representing Ikorodu II constituency, confirmed the upward adjustment, noting that the changes were made to accommodate priority spending areas identified during committee reviews.

Several lawmakers emphasized the need for sustained revenue reforms, improved efficiency among revenue-generating agencies, and prudent debt management to ensure the long-term sustainability of the state’s finances, especially in an environment of rising borrowing costs.

Speaking after the budget’s passage, the Speaker of the House, Mudashiru Obasa, described the 2026 budget as realistic and well-balanced. He expressed confidence that, if properly implemented, it has the capacity to drive inclusive economic growth and improve living standards across the state. Obasa added that revenue-generating agencies had assured lawmakers of stronger collaboration to meet—and possibly exceed—projected revenue targets.

Why the budget matters

Lagos State remains Nigeria’s economic powerhouse, and the size and structure of its annual budget often influence investor sentiment and sub-national policy direction. With capital expenditure nearly matching recurrent spending, the 2026 budget reinforces the state’s commitment to infrastructure development at a time of economic uncertainty, high inflation, and mounting fiscal pressures on state governments.

The reliance on internally generated revenue and the modest deficit projection also highlight the importance of efficient tax administration, revenue diversification, and disciplined spending to preserve Lagos State’s fiscal health.

What you should know

Governor Babajide Sanwo-Olu originally presented a ₦4.237 trillion budget proposal to the House on November 25. He projected total revenue of ₦3.99 trillion, comprising ₦3.12 trillion from internally generated revenue and ₦874 billion from federal transfers. Following legislative review, the budget was adjusted upward, with the deficit financing plan for 2026 estimated at approximately ₦243.3 billion.

With its passage, attention now shifts to implementation, as stakeholders watch closely to see how effectively Lagos State translates its ambitious 2026 budget into tangible economic and social outcomes

Funke Akindele’s Behind The Scenes Breaks Records to Become West Africa’s Highest-Grossing Film Ever

  • dollaers
  • January 9, 2026
  • Entertainment
  • 0 comments

Behind The Scenes, the latest blockbuster from Funke Akindele, has officially rewritten West African box office history, overtaking Everybody Loves Jenifa to emerge as the highest-grossing film ever produced in the region. The landmark achievement cements Akindele’s reputation as Nollywood’s most commercially successful filmmaker and underscores the growing economic power of locally produced African films.

Industry data compiled from cinema distributors and box office trackers across West Africa confirms that Behind The Scenes has surpassed the lifetime earnings of Everybody Loves Jenifa, which previously held the regional record with an estimated total gross of about ₦1.8 billion. The new record highlights not only Akindele’s dominance but also the sustained expansion of cinema culture and audience appetite for premium Nigerian productions.

A historic box office run

Available figures show that Behind The Scenes had recorded approximately ₦1.77 billion in cumulative box office revenue as of its most recent weekend in cinemas, with additional earnings expected as the film continues to attract audiences into 2026. One of the most striking highlights of its run was a ₦129.5 million single-day gross on Boxing Day, placing it among the highest single-day takings in Nollywood’s history.

Beyond revenue, the film has also led in audience turnout. It topped West Africa’s 2025 cinema admissions ranking with 223,768 admissions between January 1 and December 31, 2025, excluding spillover numbers recorded in early 2026. By comparison, Everybody Loves Jenifa recorded 148,863 admissions over the same period. This gap reflects not only higher ticket prices driven by inflation, but also a substantially larger cinema-going audience, signaling deeper market penetration.

More than just a box office win

The record-breaking performance of Behind The Scenes makes it the highest-grossing movie of 2025 so far and marks Funke Akindele’s third film to cross the ₦1 billion threshold, a feat that remains unmatched in Nollywood. The achievement reinforces her status as a rare creative force who consistently blends commercial appeal with mass-market storytelling.

The film’s success has been powered by a broad, star-studded ensemble cast that cuts across age groups and fan bases. The lineup includes BBNaija stars Wanni x Handi, alongside Uche Montana, Scarlet Gomez, Tobi Bakre, Uzor Arukwe, Vee, Mr Macaroni, Ini Dima-Okojie, Iyabo Ojo, Ibrahim Chatta, Dele Odule, Destiny Etiko, Kamo, Afeez Oyetoro, and Ejiro Onojafe. This wide-ranging appeal helped sustain strong word-of-mouth and repeat viewership weeks after its release.

Big budgets, bigger stakes

Behind The Scenes also represents the evolving economics of Nollywood. Akindele has previously disclosed that the film’s production budget was close to ₦1 billion, highlighting the rising scale, ambition, and financial risk now associated with top-tier Nigerian filmmaking. That such an investment has translated into record-breaking returns reinforces confidence in Nollywood as a viable big-budget industry rather than a purely low-cost, high-volume market.

The film’s performance further supports the shift toward data-driven decision-making, premium cinema experiences, and aggressive regional distribution strategies that mirror global film industries.

Opening-weekend momentum and distributor support

The journey to the record began almost immediately after release. According to figures released by FilmOne Entertainment, the film’s West African distributor, Behind The Scenes posted over ₦200 million in box office revenue during its opening weekend, making it the highest-grossing opening weekend of 2025.

Between December 12 and 14 alone, the movie attracted 34,548 admissions, setting multiple opening-weekend benchmarks. Within two weeks, it crossed the ₦500 million mark, and just 17 days after release, it surged past ₦1.1 billion, becoming the fastest film in West African history to reach the billion-naira milestone.

What you should know

Nairametrics has consistently tracked the rise of billion-naira Nollywood films and Funke Akindele’s outsized influence on box office outcomes. The actress-producer has also been vocal about the threat of piracy, repeatedly warning fans against sharing illegal cinema recordings and stressing that piracy directly undermines profitability and future investment in the industry.

Overall, the record-setting run of Behind The Scenes is more than a personal triumph for Funke Akindele. It is a defining moment for Nollywood—proof that African films, when backed by strong storytelling, star power, and smart distribution, can achieve historic commercial success on their own terms.

AfDB Prices £1 Billion Sterling Bond as Strong Investor Demand Marks Landmark Return to GBP Market

  • dollaers
  • January 9, 2026
  • Economy News
  • 0 comments

The African Development Bank (AfDB) has successfully priced a £1 billion, three-year Global Benchmark bond due in January 2029, marking a major return to the sterling debt market and setting a new record for the Bank’s largest-ever issuance in pounds sterling. The transaction, announced in a statement published on the Bank’s official website on Wednesday, was completed amid favourable market conditions and attracted strong, high-quality investor demand from across the United Kingdom and beyond.

The successful outing underscores AfDB’s continued ability to access deep pools of global liquidity at competitive pricing, despite lingering uncertainty in international financial markets. It also highlights sustained investor confidence in the Bank’s credit strength, governance standards, and long-term development mandate across Africa.

Strong demand from the outset

According to the AfDB, the bond was launched with an initial price guidance of SONIA Mid-Swaps (MS) plus 35 basis points, with books opening to immediate and robust interest. Demand built rapidly during the book-building process, with orders exceeding £1.5 billion by mid-morning UK time, including interest from Joint Lead Managers.

The depth of demand allowed the Bank to tighten pricing significantly from initial guidance. The bond was ultimately priced with a fixed annual coupon of 3.750% and an annual yield of 3.835%, while the re-offer spread stood at +15.2 basis points over the UK Treasury 0.5% January 2029 benchmark. Market participants described the final pricing as attractive for both the issuer and investors, reflecting AfDB’s strong credit profile and the scarcity value of high-quality supranational sterling paper.

Broad and high-quality investor participation

Investor allocation data points to a well-diversified and institutional-heavy order book. Bank treasuries accounted for about 66% of total allocations, demonstrating strong demand from institutions seeking high-grade liquid assets for balance sheet and liquidity management purposes.

Central banks and official institutions took up roughly 26% of the issuance, highlighting the bond’s appeal to sovereign and policy-driven investors who typically prioritise credit quality, stability, and regulatory recognition. The remaining 8% was allocated to fund managers and other investors, adding further depth and diversification to the investor base.

The bond was issued in global format (SEC-exempt), with settlement scheduled for 14 January 2026 and maturity on 14 January 2029, aligning with AfDB’s strategy of building liquid, benchmark-sized curves in major currencies.

Strategic importance for AfDB

The successful £1 billion sterling issuance is strategically significant for AfDB on multiple fronts. First, it reinforces the Bank’s funding flexibility by deepening its presence in the UK capital market and extending its GBP yield curve. Second, it allows AfDB to diversify its funding sources geographically and by currency, reducing overreliance on any single market.

More broadly, access to competitively priced funding supports the Bank’s core mission of financing development projects across Africa, including infrastructure, climate resilience, energy transition, food security, and private sector development. By locking in funding at favourable rates, AfDB can on-lend to African sovereigns and institutions on more sustainable terms.

Why this matters

The deal comes at a time when many issuers face higher funding costs and volatile market conditions. AfDB’s ability to attract strong demand and achieve pricing compression demonstrates the premium investors continue to place on top-tier multilateral development banks.

It also reflects confidence in the Bank’s Aaa/AAA/AAA credit ratings, all with stable outlooks, which position AfDB among the safest issuers in global debt markets. For investors, the bond offers a combination of credit quality, liquidity, and yield in a sterling-denominated instrument.

What you should know

AfDB remains one of Africa’s leading multilateral development finance institutions, with a long-standing track record in international capital markets. In June 2025, Fitch Ratings affirmed the Bank’s Long-Term Issuer Default Rating at ‘AAA’ with a Stable Outlook, reinforcing its strong standing among global investors.

The sterling transaction builds on AfDB’s history of successful benchmark issuances. In 2023, the Bank issued a $2 billion five-year Global Benchmark bond due March 2028, which attracted an order book of more than $3.5 billion from 95 investors, including central banks and official institutions.

Overall, the £1 billion GBP bond not only represents a funding milestone for AfDB but also signals enduring global confidence in its role as a cornerstone financier of Africa’s long-term development agenda.

Borno Govt Disburses N1 Billion to SMEs in Five Local Government Areas

  • dollaers
  • January 9, 2026
  • Business
  • 0 comments

The Borno State Government has disbursed N1 billion to small and medium-scale enterprises (SMEs) across five local government areas in the southern senatorial district of the state, reinforcing its commitment to grassroots economic recovery and post-insurgency development. The intervention, unveiled on Thursday, targets entrepreneurs operating in Biu, Hawul, Shani, Bayo, and Kwaya-Kusar.

According to reports by the News Agency of Nigeria (NAN), the disbursement is designed to support small business owners, improve business sustainability in rural communities, and stimulate local economic activity in areas that were severely affected by years of insurgency and insecurity.

What the state government is saying

Governor Babagana Zulum said the direct injection of capital into the SME sector is a critical strategy for driving inclusive growth, reducing poverty, and fostering long-term stability in Borno’s rural communities. Speaking at the flag-off ceremony in Biu, the governor explained that empowering local entrepreneurs remains central to the state’s recovery agenda.

According to him, small businesses form the backbone of local economies, particularly in post-conflict regions where formal employment opportunities are limited. By providing financial support to SMEs, the government aims to enable beneficiaries to expand operations, retain existing jobs, and create new ones.

Zulum noted that the initiative aligns with the state’s broader economic recovery framework, which prioritises self-reliance over prolonged dependence on humanitarian assistance. He stressed that revitalising small businesses would help restore livelihoods, strengthen household incomes, and reduce social vulnerabilities that often fuel unrest.

“This direct support to entrepreneurs is essential for grassroots development and for building a culture of self-reliance in communities recovering from years of insecurity,” the governor was quoted as saying.

Focus on rural inclusion and post-insurgency recovery

The SME disbursement reflects the Borno State Government’s deliberate focus on rural inclusion, particularly in the southern part of the state, which has been relatively stable compared to other areas but still bears the economic scars of prolonged conflict.

Beneficiaries were drawn from a wide range of sectors, including trading, agriculture, agro-processing, services, and small-scale manufacturing. State officials said the spread of beneficiaries across multiple local government areas was intended to ensure balanced development and prevent the concentration of support in a single location.

By targeting SMEs in these communities, the government hopes to unlock local value chains, encourage entrepreneurship among youth and women, and deepen economic participation at the community level.

Additional interventions announced

Beyond the N1 billion SME intervention, Governor Zulum announced several complementary initiatives aimed at addressing youth unemployment, education, healthcare, and infrastructure gaps in Biu and surrounding areas.

He approved the immediate employment of 200 youths from Biu to curb youth restiveness and provide income opportunities. The governor also inaugurated a remodeled Second Chance School, designed to offer vulnerable girls and women access to basic education, vocational skills training, and digital literacy.

In the health sector, Zulum visited the Biu Specialist Hospital, where volunteer health workers were formally employed to strengthen service delivery. He also inspected a 100-unit teachers’ housing estate under construction, a project aimed at attracting and retaining qualified teachers in public schools across the district.

Additionally, the governor directed the commencement of rehabilitation work on the Borno State Hotel Annexe in Biu, part of a broader infrastructure renewal drive to improve public assets and stimulate local economic activity.

What you should know

The N1 billion SME disbursement builds on a series of economic empowerment initiatives implemented by the Borno State Government in recent years. In March 2025, the state approved N1 billion in grants for 9,403 MSMEs in Biu and Hawul LGAs, targeting entrepreneurs, youths, and vulnerable households.

Earlier, in July 2024, the government disbursed N450 million to about 45,000 widows and vulnerable women as palliative support, aimed at helping families rebuild livelihoods disrupted by the Boko Haram crisis.

Taken together, these interventions underscore the state government’s strategy of combining humanitarian support with economic empowerment, as Borno continues its transition from emergency response to sustainable development and long-term economic recovery.

FG Budgets N2.3 Billion for Ex-Presidents, Deputies’ Benefits in 2026

  • dollaers
  • January 9, 2026
  • Budget
  • 0 comments

The Federal Government has set aside N2.3 billion in the 2026 Appropriation Bill to cover statutory benefits and entitlements for Nigeria’s former presidents, heads of state, and their deputies. The provision, captured under the budget line item titled “Entitlements of former Presidents/Heads of State and Vice Presidents/Chief of General Staff,” reflects the government’s continued obligation to service pensions, allowances, and other benefits guaranteed to former top political officeholders under existing laws.

The allocation forms part of the broader recurrent expenditure framework of the 2026 budget, which was presented to the National Assembly by President Bola Tinubu in December 2025. While the amount represents a small fraction of total federal spending, it has once again drawn public attention due to Nigeria’s ongoing fiscal challenges, including high inflation, revenue constraints, and a widening budget deficit.

What the budget data shows

According to details contained in the budget documents, the N2.3 billion provision applies to both civilian and military leaders who previously held the nation’s highest offices. Among the civilian former presidents listed as beneficiaries are Olusegun Obasanjo and Goodluck Jonathan.

Also included are former military heads of state such as Ibrahim Babangida, Yakubu Gowon, and Abdulsalami Abubakar. These individuals are entitled to benefits in line with laws governing pensions and privileges for former national leaders, regardless of whether they served under civilian or military administrations.

The allocation further extends to former vice presidents and equivalent positions held during military regimes. Beneficiaries in this category include Atiku Abubakar, who served between 1999 and 2007; Namadi Sambo, who was in office from 2010 to 2015; and Yemi Osinbajo, who served from 2015 to 2023.

The budget also recognises Okoh Ebitu Ukiwe, who functioned as de facto Vice President between 1985 and 1986 during the Babangida military administration, thereby qualifying for similar entitlements.

Broader provisions for retired officials

Beyond former presidents and their deputies, the 2026 budget makes additional provisions for other categories of retired senior public officials. Specifically, N24.79 billion has been earmarked for the benefits of retired Heads of Service and Permanent Secretaries across the federal civil service. These payments typically cover pensions, gratuities, and other post-service obligations owed to top bureaucrats.

In addition, the government allocated N1 billion as severance benefits for retired heads of government agencies and parastatals. Together, these items underscore the scale of statutory commitments the Federal Government must meet annually as part of its recurrent expenditure profile.

Why this matters

Spending on benefits for former political officeholders has long been a sensitive issue in Nigeria’s public finance debate. While such entitlements are legally backed, they often attract criticism, especially during periods of economic strain. With Nigerians adjusting to subsidy removals, elevated living costs, and tightening household incomes, allocations to political pensions frequently raise questions about equity, fiscal discipline, and the sustainability of public spending.

The scrutiny is further heightened by the scale of the 2026 fiscal framework. According to budget projections, the Federal Government plans to spend well above expected revenues, with a deficit estimated at N23.85 trillion. Total revenue for 2026 is projected at N34.33 trillion, underscoring the continued reliance on borrowing to finance government operations.

What you should know

The remuneration and post-service benefits of political officeholders in Nigeria are determined by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). These benefits are enshrined in law and typically include pensions, housing, official vehicles, medical care, and security coverage.

Similar provisions for former presidents and vice presidents have appeared consistently in past federal budgets, making the 2026 allocation a continuation of existing policy rather than a new initiative. Nonetheless, the inclusion of N2.3 billion for ex-leaders’ benefits once again places the spotlight on how Nigeria balances statutory obligations with competing development and social spending priorities in a challenging economic environment.

FG Refutes Claims of Unpaid Nigerian Students on Scholarships Abroad

  • dollaers
  • January 8, 2026
  • Education, Scholarships / Financial Aid
  • 0 comments

The Federal Government has dismissed claims circulating online that Nigerian students on government-funded scholarships abroad have been abandoned or left unpaid, describing such reports as misleading and inaccurate. The clarification was issued by the Honourable Minister of Education, Tunji Alausa, in response to growing concerns raised on social media, particularly by Nigerian students studying in Morocco under the Bilateral Education Scholarship (BES) Programme.

In a statement released on Wednesday, Dr. Alausa stressed that all Nigerian students who were validly enrolled under the Federal Government’s scholarship schemes prior to 2024 have received their entitlements up to the 2024 budget year. According to him, the allegations of widespread non-payment, hardship, and neglect do not accurately reflect the government’s position or actions.

What the government is saying

Addressing the controversy, the minister stated unequivocally that no Nigerian student on a legitimate Federal Government scholarship has been abandoned. He explained that payments to beneficiaries enrolled before 2024 were made in line with budgetary provisions and existing obligations.

“All beneficiaries duly enrolled under the Bilateral Education Scholarship (BES) Programme prior to 2024 have received payments up to the 2024 budget year, in line with the Federal Government’s obligations,” the minister said.

Dr. Alausa acknowledged that there have been concerns about delays in settling some outstanding obligations but attributed these issues to prevailing fiscal constraints rather than negligence or policy failure. He noted that the Federal Ministry of Education is actively engaging with the Federal Ministry of Finance to resolve any temporary gaps in disbursement.

“Any temporary delays in outstanding payments are attributable to fiscal constraints and are currently being addressed through ongoing engagements between the Federal Ministry of Education and the Ministry of Finance,” the statement added.

The minister also clarified that no new bilateral scholarship awards were approved or issued in October 2025 or thereafter. He described documents and letters circulating online suggesting otherwise as fake, unauthenticated, and deliberately designed to mislead the public and discredit government education policy.

Social media claims and student concerns

The government’s response follows viral posts by Nigerian students in Morocco who claimed that delayed stipend payments had exposed them to severe hardship, including homelessness, inability to access medical care, and difficulty meeting basic living expenses. The posts reignited long-standing concerns around the sustainability of Nigeria’s foreign scholarship programmes, particularly amid economic pressures and foreign exchange volatility.

While refuting the claim that students were unpaid up to 2024, the Federal Government acknowledged the emotional and financial strain experienced by some scholars, insisting that efforts are ongoing to stabilise the system and conclude outstanding commitments responsibly.

Backstory to the controversy

Concerns about delayed scholarship payments are not new. In March 2025, the Union of Nigerian Bilateral Education Agreement Scholars (UNBEAS) publicly raised alarm over prolonged delays in stipend payments and a reported 56% reduction in allowances. According to the union, students had last received payments covering January to August 2023, and even those payments were incomplete due to sharp exchange rate movements.

UNBEAS also alleged that stipends for September to December 2023 were not paid at all, and when payments resumed in September 2024, monthly allowances were reportedly reduced from $500 to about $220. Students cited evictions, food insecurity, mounting debts, and untreated illnesses as consequences of the reduced and delayed stipends.

The union further explained that many affected students could no longer rely on family support from Nigeria, given the country’s own economic challenges, rising living costs, and weakening household incomes.

Policy review and programme suspension

In April 2025, the Federal Government announced the suspension and gradual termination of the BEA/BES programme following a comprehensive policy review. According to Dr. Alausa, the review revealed that most of the courses Nigerians were studying abroad under bilateral arrangements are now widely available in Nigerian universities, polytechnics, and colleges of education.

As a result, the government concluded that continued funding of such programmes overseas was no longer economically justifiable. Under the revised policy, only scholarships fully funded by foreign governments are supported, with host countries bearing all financial responsibilities.

Commitment to existing students

Despite the policy shift, the minister reaffirmed the Federal Government’s commitment to students already enrolled under previous bilateral scholarship arrangements. He assured stakeholders that Nigeria would continue to honour its obligations to these students until they complete their programmes.

Dr. Alausa urged the public and affected students to rely on official communication channels for accurate information, warning that misinformation could undermine confidence and cause unnecessary panic among scholars and their families.

Court Orders Interim Forfeiture of 57 Properties Worth N213.2 Billion Linked to Former AGF Abubakar Malami

  • dollaers
  • January 8, 2026
  • Court
  • 0 comments

A Federal High Court sitting in Abuja has ordered the interim forfeiture of 57 properties valued at N213.2 billion, allegedly linked to former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), and two of his sons. The ruling marks a significant escalation in one of Nigeria’s most high-profile corruption and asset recovery cases in recent years.

The interim forfeiture order was granted on Tuesday, January 6, 2026, following an application filed by the Economic and Financial Crimes Commission (EFCC). According to the anti-graft agency, the assets are reasonably suspected to be proceeds of unlawful activities and are therefore subject to temporary forfeiture pending the outcome of ongoing investigations and court proceedings.

The development was disclosed in an official statement issued by the EFCC on Wednesday through its verified X (formerly Twitter) account. The commission explained that the order was granted after Justice Emeka Nwite considered and approved an ex parte motion filed by EFCC’s legal team, led by senior advocate Ekele Iheanacho (SAN).

Court directives and legal process

In granting the interim forfeiture, Justice Nwite directed that the order be published in a national daily newspaper. This publication, the court said, is intended to notify any individual or corporate entity with a legal interest in the affected properties, giving them 14 days to appear before the court and show cause why the assets should not be permanently forfeited to the Federal Government.

The judge further adjourned the matter to January 27, 2026, for a report on compliance with the court’s directives, particularly the publication requirement. The court emphasized that the interim forfeiture does not amount to a final determination of guilt but is a procedural step designed to preserve the assets while investigations and trial processes continue.

According to the EFCC, the forfeited properties are “reasonably suspected to be proceeds of unlawful activities,” a standard threshold required under Nigerian law for interim forfeiture orders in financial crime cases.

Scope and nature of the properties

The 57 properties, with a combined estimated value of N213,234,120,000, are spread across Abuja, Kebbi, Kano, and Kaduna States. They comprise a wide mix of residential, commercial, and industrial assets, reflecting significant diversification in the property portfolio allegedly linked to Malami and his family members.

Among the notable assets listed in the court filings are luxury residential properties in highbrow areas of Abuja, including a luxury duplex on Amazon Street, Maitama, reportedly purchased in December 2022 for N500 million and now valued at N5.95 billion. Another major asset is a two-winged, large storey building on Onitsha Crescent, Garki, Abuja, acquired in December 2018 for N7 billion.

Commercial assets include Meethaq Hotels Ltd in Jabi, Abuja, a five-storey hotel with 53 rooms, purchased in September 2020 for N850 million and currently valued at N8.4 billion, as well as a 15-room hotel on Rhine Street, Maitama, bought in February 2018 for N430 million and now estimated at N12.95 billion.

Outside Abuja, the properties also include 100 hectares of land along Birnin Kebbi–Jega Road, purchased in 2020 for N100 million, alongside various shops, warehouses, residential buildings, schools, pharmacies, supermarkets, oil and gas filling stations, and commercial plazas acquired between 2016 and 2024. Collectively, these assets run into several billions of naira.

Broader legal context

The EFCC noted that the interim forfeiture order is connected to ongoing money laundering charges involving Malami, his wife Bashir Asabe, and one of his sons, Abdulaziz Malami, relating to alleged financial crimes totaling N8.7 billion. The commission said the asset recovery process is part of its broader mandate to trace, freeze, and recover proceeds of crime, regardless of the status or former position of those involved.

Malami’s camp has, however, pushed back strongly against the EFCC’s actions, describing them as “brazen, contemptuous, and lawless.” The anti-graft agency has rejected these claims, insisting that all its actions are grounded in law and backed by court orders.

What you should know

Malami is reportedly being investigated for at least 18 alleged offences, including money laundering and abuse of office. He has also alleged that the EFCC’s actions are retaliatory, a claim the commission maintains is unfounded.

The case follows earlier high-profile prosecutions involving former Attorneys-General, including Mohammed Bello Adoke, who was discharged in 2024 after a no-case submission was upheld by the court. In the ongoing trial, the Federal High Court has previously granted Malami, his wife, and his son N1.5 billion bail in relation to the N8.7 billion money laundering charges.

As the legal process unfolds, the interim forfeiture order represents a major milestone, underscoring the growing use of asset tracing and recovery as a central tool in Nigeria’s anti-corruption framework.

DMO Raises N1.144 Trillion in First NTB Auction of 2026 as Stop Rates Climb Across the Curve

  • dollaers
  • January 8, 2026
  • Finance
  • 0 comments

Nigeria’s Debt Management Office (DMO) raised a total of N1.144 trillion at its first Nigerian Treasury Bills (NTB) primary market auction of 2026, signaling both sustained investor appetite and a continued upward repricing of risk-free assets. The auction, held on January 7, 2026, closed with higher stop rates across all tenors, led by a sharp increase at the long end of the curve, where the 364-day bill cleared at 18.47%.

According to the auction results, the DMO allotted N108.17 billion for the 91-day bill, N48.23 billion for the 182-day tenor, and a dominant N987.78 billion for the 364-day paper. In total, the government offered N1.15 trillion and allotted approximately N1.14 trillion, reflecting strong system liquidity and investors’ willingness to absorb large volumes of government securities even at elevated yields.

Market analysts described the outcome as a clear signal that investors are demanding higher compensation for inflation risk and macroeconomic uncertainty, while still showing strong confidence in sovereign instruments. The repricing was evident across the curve, but most pronounced at the longer end, underscoring a preference for locking in yields in an environment where monetary conditions remain tight.

Strong demand despite higher rates

Despite the rise in stop rates, demand remained resilient, particularly for the one-year instrument. The 364-day NTB once again emerged as the centerpiece of the auction, attracting total subscriptions of about N1.38 trillion against an offer size of N800 billion. This translated into an allotment of N987.78 billion, making the one-year paper the dominant funding source for the DMO at the auction.

The stop rate on the 364-day bill climbed to 18.47%, representing a 96-basis-point increase, the largest adjustment across all maturities. Market participants attributed the strong appetite to investors’ preference for longer-dated securities that offer better yield compensation and reduce reinvestment risk in a high-interest-rate environment. With uncertainty still surrounding the pace of disinflation and future monetary easing, many investors appear keen to secure attractive returns for a longer period.

Mixed performance at the short and mid tenors

At the short end of the curve, the 91-day NTB recorded moderate participation. The DMO offered N150 billion, received subscriptions of N112.26 billion, and allotted N108.17 billion. The stop rate rose to 15.80%, up by 30 basis points, indicating that even short-dated instruments are undergoing gradual repricing as investors adjust expectations.

The 182-day bill, however, recorded comparatively weaker demand. Against an offer of N200 billion, total subscriptions came in at N49.91 billion, with N48.23 billion allotted. The stop rate settled at 16.50%, representing a 55-basis-point increase. Analysts note that subdued interest at the six-month tenor reflects growing investor selectivity, with many participants preferring either the liquidity of very short instruments or the higher yield offered by longer-dated bills.

Role of NTBs in liquidity management

Nigerian Treasury Bills are short-term negotiable securities issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government. They are a key monetary policy tool used to manage liquidity and influence interest rates in the economy. When NTBs are sold, cash is withdrawn from the financial system, helping to curb excess liquidity that could fuel inflation or weaken the naira. At maturity, funds are returned to investors with interest, injecting liquidity back into the system.

By adjusting the frequency of auctions and the stop rates at which bills are issued, the CBN and the DMO jointly influence money supply conditions, inflation dynamics, and overall financial system stability.

Implications for the fixed-income market

The N1.144 trillion raised at the first NTB auction of 2026 underscores the Federal Government’s continued reliance on the domestic debt market to meet its funding needs. It also highlights the depth of investor demand for government securities, even in a high-rate environment.

For the broader fixed-income market, the across-the-board rise in stop rates suggests that tight monetary conditions are likely to persist in the near term. Investors, particularly institutional players, are expected to continue favoring longer-dated NTBs as a means of locking in attractive returns, while shorter tenors may increasingly serve as tools for liquidity management rather than primary yield drivers.

Overall, the auction sets the tone for the year, pointing to elevated yields, strong liquidity, and a market that remains highly responsive to inflation expectations and monetary policy signals.

Naira Slips to N1,421/$ Mid-Week as Market Eyes Stronger Fundamentals in 2026

  • dollaers
  • January 8, 2026
  • Currencies
  • 0 comments

The Nigerian naira recorded a mild depreciation at the official foreign exchange market in the second week of January 2026, closing at N1,421 per US dollar on Wednesday, according to data published by the Central Bank of Nigeria (CBN). The mid-week movement, while notable, remains relatively modest and is being interpreted by analysts as part of routine market adjustments rather than a reversal of the broader stabilisation trend expected in 2026.

The latest close follows a week of mixed trading for the currency. Official market data shows that the naira traded at N1,428/$ on Monday before firming slightly to N1,416/$ on Tuesday, making Wednesday’s N1,421/$ close the first clear mid-week slip in the second week of the year. Market participants say the narrow trading band reflects moderated volatility compared with the sharp swings that characterised Nigeria’s FX market in previous years.

Earlier in the month, the naira had already shown signs of early-year pressure. On January 2, 2026, the first trading day of the year, the currency weakened to N1,431/$, largely due to pent-up demand following the New Year holiday and short-term supply adjustments. Analysts note that such pressures are common at the start of the year, especially as businesses resume imports and individuals seek foreign currency for travel and school fees.

Parallel market still under pressure

At the parallel market, the naira continued to trade weaker than at the official window. On Wednesday, rates hovered between N1,490 and N1,495 per dollar, compared with around N1,470/$ the previous day. The persistent gap between official and informal market rates highlights unmet demand for FX, particularly for travel allowances, imports, medical expenses, and other invisible transactions that often struggle to access the official market.

Despite the spread, analysts point out that the scale of volatility has reduced significantly. Compared with the sharp dislocations seen in 2023 and early 2024, movements in both markets have been more contained, suggesting improving confidence in Nigeria’s evolving FX framework and the CBN’s market-oriented reforms.

Reserves provide growing support

One of the strongest anchors for the naira remains Nigeria’s external reserves. Data from the apex bank shows that reserves edged up to $45.62 billion on Tuesday, from $45.60 billion on Monday, providing additional short-term support for the currency. More importantly, the CBN projects that reserves could rise to about $51.04 billion in 2026, up from an estimated $45.01 billion in 2025.

The projected improvement is expected to be driven by easing FX pressures, higher oil earnings, planned sovereign bond issuances, and increased diaspora remittance inflows. Stronger reserves, economists argue, enhance the CBN’s ability to manage liquidity shocks and smooth excessive volatility without resorting to rigid controls.

Structural reforms strengthen outlook

Beyond reserves, structural developments in the energy sector are increasingly viewed as supportive of FX stability. The expansion of Dangote Refinery, which raised its nameplate capacity to 700,000 barrels per day from 650,000 bpd in 2025, is expected to significantly reduce Nigeria’s reliance on imported refined petroleum products. With a medium-term target of 1.4 million bpd, the refinery’s output could materially lower FX demand for fuel imports, supporting reserve accumulation and easing pressure on the naira.

Speaking to Nairametrics, Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), described the outlook for the naira in 2026 as largely positive.

“The prospects for the stability of the naira are quite bright. This is largely because our foreign reserves are very strong, and reserves play a critical role in determining the strength and stability of any currency,” Yusuf said.

What you should know

Market projections also remain broadly supportive. In its 2026 macroeconomic outlook, CardinalStone projected that the naira could trade within a N1,350 to N1,450 per dollar range in 2026, assuming continued policy consistency and improved FX inflows.

While short-term fluctuations are likely to persist—driven by seasonal demand, global financial conditions, and investor sentiment—analysts agree that Nigeria’s FX fundamentals are stronger than they were a year ago. With rising reserves, reduced import dependence, and sustained reforms, the naira’s mid-week slip to N1,421/$ is widely seen as a temporary adjustment rather than a signal of renewed instability heading into 2026.

Apapa Customs Records N2.93 Trillion Revenue in 2025, Posts 24% Annual Growth

  • dollaers
  • January 8, 2026
  • Business
  • 0 comments

The Apapa Area Command of the Nigeria Customs Service (NCS) has announced a landmark revenue performance for the 2025 fiscal year, generating a total of N2.93 trillion, representing a 24.32% increase over its 2024 collections. The result further cements Apapa’s status as Nigeria’s highest revenue-generating customs command and a critical pillar of the country’s non-oil revenue drive.

The disclosure was made in Lagos on Wednesday by the Customs Area Controller (CAC), Emmanuel Oshoba, in a statement issued through the Command’s Public Relations Officer, Isah Sulaiman. According to the statement, the command’s 2025 revenue haul represents an increase of N573.29 billion compared to the N2.36 trillion collected in 2024.

Leadership, compliance drive revenue growth

Comptroller Oshoba attributed the strong performance to focused leadership, disciplined personnel, and the strategic deployment of modern trade facilitation and enforcement tools. He noted that improved compliance by importers and clearing agents also played a significant role in boosting collections.

“The increase reflects the impact of focused leadership, disciplined officers, strategic use of modern trade tools and improved compliance by importers,” Oshoba said, adding that the achievement aligns with the reform agenda of the Comptroller-General of Customs, Bashir Adeniyi.

He explained that the Apapa Command’s consistent improvement in revenue generation reinforces its position as the flagship command of the NCS, given Apapa Port’s role as Nigeria’s busiest and most commercially significant seaport.

Enforcement: illicit cargo seizures worth N12.63 billion

Beyond revenue generation, the command also recorded significant enforcement successes in 2025. Oshoba disclosed that officers intercepted 53 containers laden with illicit drugs and prohibited items during the year. The seizures included cocaine, Canadian Loud, tramadol, and expired pharmaceutical products, with a combined Duty Paid Value (DPV) of N12.63 billion.

He said several of the seized consignments were handed over to relevant regulatory and security agencies, including the National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drug Administration and Control (NAFDAC), for further investigation and prosecution.

“These seizures underscore our commitment to protecting national security, public health, and the economy while facilitating legitimate trade,” Oshoba said.

Technology boosts transparency and efficiency

A major driver of the command’s improved performance, according to Oshoba, was the deployment of the Unified Customs Management System (UCMS), popularly known as B’Odogwu. He said the platform has significantly enhanced transparency, accountability, and efficiency in cargo clearance processes, reducing human discretion and leakages.

In addition, the command intensified trade facilitation efforts through expanded stakeholder engagement, supported by the rollout of the Authorised Economic Operator (AEO) programme and the One-Stop Shop (OSS) framework. These initiatives, he noted, have helped speed up the clearance of compliant cargo while allowing customs officers to focus enforcement resources on high-risk consignments.

Plans for advanced cargo scanning

Looking ahead, Oshoba revealed plans to deploy the FS6000 cargo scanning system, a non-intrusive inspection technology capable of scanning up to 200 containers per hour. He said the system would further strengthen enforcement, reduce delays, and improve overall port efficiency once fully implemented.

The Apapa Customs boss also commended importers, licensed customs agents, shipping companies, terminal operators, and haulage providers for their cooperation and adherence to lawful trade practices, noting that sustained stakeholder collaboration was key to the command’s success.

Outlook for 2026

Oshoba expressed optimism that 2026 would deliver even stronger results, driven by the full implementation of the B’Odogwu platform, wider adoption of the AEO and OSS initiatives, enhanced intelligence-led enforcement, and deeper inter-agency collaboration.

What you should know is that Apapa’s strong annual showing builds on record-breaking monthly performances. In October 2025, the command generated N304 billion, the highest monthly revenue ever recorded by any customs command in Nigeria, surpassing the N264 billion collected in October 2024.

Taken together, the 2025 results highlight the growing importance of customs revenue to Nigeria’s fiscal position and underscore how technology-driven reforms, disciplined enforcement, and stakeholder engagement can deliver measurable gains in public revenue mobilisation.

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