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Month: January 2026

Toyin Abraham’s ‘Oversabi Aunty’ Crosses N1 Billion at Nigerian Box Office

  • dollaers
  • January 27, 2026
  • Entertainment
  • 0 comments

Nollywood actress, filmmaker, and producer Toyin Abraham has reached a major career milestone as her latest film, Oversabi Aunty, officially crossed the N1 billion mark at the Nigerian box office, cementing her status as one of the industry’s most bankable creative forces.

The milestone was confirmed by West African distributor FilmOne Entertainment in a post shared on X (formerly Twitter), where the company celebrated the film’s historic run in cinemas.

With this achievement, Oversabi Aunty becomes the first Nollywood directorial debut to gross over N1 billion, while also ranking as the fourth highest-grossing Nollywood film of all time, unadjusted for inflation. The feat also marks Abraham’s first-ever N1 billion box office run in West Africa.

The performance underscores the growing commercial strength of locally produced Nigerian films, particularly comedy titles led by established stars with strong audience appeal.

What they are saying
In its celebratory post, FilmOne Entertainment described the milestone as historic, writing:

“N1 BILLION+ at the box office. First Nollywood directorial debut to hit N1 BILLION. 4th highest-grossing Nollywood film of all time in West Africa. This is a full celebration!!! OVERSABI AUNTY is still showing in cinemas nationwide, in select cinemas in the UK, and is coming to the USA and Canada soon.”

According to the distributors, the film’s success has been driven by strong cinema attendance across Nigeria and Ghana, effective pre-release marketing, and positive word-of-mouth following its early screenings.

Strong opening and sustained momentum
Oversabi Aunty opened to an impressive start, grossing N87.8 million during its opening weekend, alongside an additional N12.7 million from preview screenings. This brought its total opening earnings to N100.5 million.

At the time of release, the film delivered Nollywood’s second-biggest opening of 2025, setting the tone for the sustained box office momentum that followed over subsequent weeks.

The production boasts a strong supporting cast, including Mike Ezuruonye, Efe Irele, Queen Nwokoye, Jemima Osunde, Enioluwa Adeoluwa, Tana Adelana, and Toyin Afolayan, adding to its broad audience appeal.

According to the News Agency of Nigeria (NAN), the film premiered in Lagos on November 14, drawing cast members, filmmakers, and key industry stakeholders, further amplifying its visibility ahead of its cinema run.

Building on past success
The latest box office triumph further consolidates Toyin Abraham’s reputation as a commercially reliable Nollywood star. In 2024, her film Alakada: Bad & Boujee grossed N500.3 million at the Nigerian box office, ranking as the fifth highest-grossing Nollywood film at the time.

Released on December 20, 2024, Alakada: Bad & Boujee maintained audience interest over a 13-week theatrical run, reinforcing Abraham’s track record for delivering crowd-pulling comedy titles.

What you should know
Oversabi Aunty remains in cinemas nationwide, with select screenings ongoing in the United Kingdom. The film is also scheduled for releases in the United States and Canada, pointing to additional revenue potential from diaspora audiences.

Distributed by FilmOne Entertainment, one of Nigeria’s leading cinema distribution companies, the comedy centres on Toun, portrayed by Abraham — a well-meaning but overbearing church usher who believes it is her duty to interfere in the personal lives of others.

Her constant вмешательство gradually turns her household into chaos, forming the backbone of the humour and conflicts that drive the film’s storyline.

With its N1 billion milestone and international rollout underway, Oversabi Aunty stands as a landmark achievement for Toyin Abraham and a strong signal of Nollywood’s expanding box office power.

Soludo Orders One-Week Closure of Onitsha Main Market Over Continued Sit-at-Home

  • dollaers
  • January 27, 2026
  • Business
  • 0 comments

Anambra State Governor, Professor Chukwuma Soludo, has ordered the immediate closure of the Onitsha Main Market for one week following the persistent observance of the Monday sit-at-home by traders, despite repeated government directives to resume normal business activities.

The directive was issued on Monday during the governor’s visit to the commercial hub, where he observed that a large number of shops remained shut, in defiance of assurances that markets would fully reopen. According to Soludo, the closure is part of renewed efforts by the state government to restore order, revive economic activities, and reassert state authority in the South-East.

Speaking at the market, the governor described the sit-at-home as a long-standing and deeply damaging practice that has crippled commerce and instilled fear among traders and residents.

“The enemy is the long-standing, fear-enforced Monday sit-at-home order, a ghostly mandate from non-state actors that has strangled businesses and normalised weekly shutdowns for years,” Soludo said.

He noted that despite improved security presence across the state and repeated appeals to traders to reclaim public spaces, the continued closure of shops reflected a deep-rooted climate of fear that the government could no longer tolerate.

Soludo warned that the one-week shutdown should be seen as a final opportunity for traders to make a clear decision on whether they intend to operate within the market under lawful conditions.

“You either decide that you are going to trade here or you go elsewhere. I am very serious about this,” the governor stated, adding that failure to fully reopen after the one-week closure would attract stiffer sanctions.

Following the announcement, a joint task force comprising personnel from the Nigeria Police Force, the Nigerian Army, and other security agencies was immediately deployed to the Onitsha Main Market to enforce the closure and maintain order throughout the period.

The government said the temporary shutdown would also be used to reassess security arrangements and engage market leadership to ensure compliance with state directives going forward.

Backstory to the sit-at-home
The Anambra State Government has intensified efforts in recent months to dismantle the long-running Monday sit-at-home directive widely attributed to non-state actors in the South-East.

Last week, the state government announced a ban on Monday school closures and ordered all education workers to resume duties without exception. According to an official circular, both teaching and non-teaching staff are required to report to work every Monday, with supervising officers directed to enforce full compliance.

The government warned that defaulters risk losing up to 20% of their monthly salaries, describing the measure as necessary to end what it called a “protracted and economically destructive” sit-at-home culture in the state.

Authorities say the decision to clamp down on school and market closures marks a turning point in Anambra’s push to normalise economic and social activities across the state.

What you should know
The Monday sit-at-home in Anambra and the wider South-East region dates back to August 2021, when the Indigenous People of Biafra (IPOB) called on residents to stay at home every Monday as part of a civil protest demanding the release of its detained leader, Mazi Nnamdi Kanu, who is standing trial on terrorism-related charges.

Although IPOB later announced the suspension of the directive, compliance has persisted in many areas, largely driven by fear of violence and reprisals.

According to a report by SBM Intelligence, the sit-at-home shutdowns enforced across the South-East have inflicted severe economic damage, with estimated losses of about N7.6 trillion over a four-year period.

The Anambra State Government maintains that ending the practice is critical to restoring investor confidence, protecting livelihoods, and sustaining long-term economic growth in the state.

Soludo’s latest action signals a tougher stance, as the government moves from persuasion to enforcement in its bid to permanently end the sit-at-home culture.

FGN Bond Auction Overshoots N900bn Offer, Allots N1.54trn in January 2026

  • dollaers
  • January 27, 2026
  • Finance
  • 0 comments

The Federal Government of Nigeria (FGN) allotted a total of N1.54 trillion at its January 2026 bond auction, significantly exceeding the N900 billion originally offered, as strong investor demand underscored sustained confidence in government securities despite elevated interest rates.

The figures were released by the Debt Management Office (DMO) following the auction held on January 26, 2026. The exercise involved the re-opening of three existing FGN bond instruments, all of which recorded heavy oversubscription, prompting the government to raise its allotment size well above the initial offer.

Settlement for all successful bids is scheduled for January 28, 2026.

Strong demand across maturities
Investor appetite was robust across all tenors on offer, with longer-dated bonds attracting particularly strong interest, even amid wide bid ranges and lingering macroeconomic uncertainty.

The 18.50% FGN February 2031 bond had an offer size of N300 billion but attracted total bids of N514.45 billion from 124 submissions. Of this amount, N398.19 billion was allotted, including N17.50 billion issued through non-competitive allotments.

The 19.00% FGN February 2034 bond recorded the strongest demand, with subscriptions reaching approximately N1.01 trillion against an offer of N400 billion. Total allotment on the instrument stood at N576.33 billion, including N113.22 billion allotted on a non-competitive basis.

The 22.60% FGN January 2035 bond also saw heavy interest, attracting bids of N731.40 billion for an offer size of N200 billion. The DMO allotted N570.16 billion on the bond from 176 successful bids.

In total, the three instruments accounted for the N1.54 trillion allotted, far exceeding the original N900 billion on offer.

Marginal rates clear below coupons
Despite aggressive bidding, marginal rates across the three bonds cleared well below their respective coupon rates, reflecting investors’ willingness to lock in long-term yields.

The February 2031 bond, with a remaining tenor of about five years, cleared at a marginal rate of 17.62%, with bids ranging between 15.85% and 18.50%.

The February 2034 bond, with roughly eight years to maturity, cleared at a marginal rate of 17.50%, within a bid range of 16.00% to 19.40%.

The January 2035 bond, which has close to nine years remaining, cleared at a marginal rate of 17.52%, despite bids extending as high as 25.90%.

The DMO clarified that while allotments were made at the marginal rates, the original coupon rates of 18.50%, 19.00%, and 22.60% will be paid over the life of the respective bonds.

What this signals
The auction results point to strong demand along the yield curve, suggesting that investors remain comfortable locking in long-term FGN securities despite inflation concerns, tight monetary conditions, and fiscal pressures.

Clearing marginal rates below coupon levels also indicates intense competition among bidders and confidence in the government’s ability to meet its debt obligations.

Flashback and context
The strong January outcome follows earlier signals of sustained demand for FGN bonds. In December 2025, the Federal Government raised N596.47 billion at its bond auction, exceeding the N460 billion initially offered through the re-opening of the FGN August 2030 and FGN June 2032 bonds.

Between January and December 2025, total FGN bond allotments amounted to approximately N5.12 trillion, according to DMO data. In January 2025 alone, the government raised N669.94 billion against an offer size of N450 billion.

What you should know
FGN bond auctions remain a central pillar of Nigeria’s domestic borrowing strategy and serve as key benchmarks for pricing other fixed-income instruments in the market.

The strong oversubscription recorded in January 2026 reinforces the role of government securities as a preferred investment destination for institutional investors seeking attractive yields and relative safety in a volatile economic environment.

Infinity Trust Mortgage Reports Pre-Tax Profit of N3.02 Billion for 2025

  • dollaers
  • January 27, 2026
  • Companies, Equities
  • 0 comments

Infinity Trust Mortgage Bank Plc has released its unaudited financial results for the year ended December 31, 2025, posting a strong performance marked by a significant improvement in profitability. The bank reported a pre-tax profit of N3.02 billion, representing a 75.1% year-on-year increase from N1.72 billion recorded in 2024, driven by robust revenue growth and improved credit quality.

The unaudited results highlight the bank’s continued expansion in mortgage lending, improved interest margins, and effective risk management, which together supported earnings growth despite higher operating costs.

Financial highlights
Gross earnings rose sharply by 50.5% year-on-year to N6.61 billion in 2025, up from N4.39 billion in the previous year. Interest income accounted for the bulk of this growth, climbing 54.3% to N5.53 billion, reflecting increased activity in mortgage and term lending.

Profit before tax increased to N3.02 billion, while profit after tax surged by 95.7% to N2.9 billion from N1.48 billion in 2024. Total loans and advances expanded by 85.3% to N30.0 billion, with mortgage loans rising to N30.6 billion and remaining the primary growth driver. Impairment losses declined significantly to N80.99 million from N199.38 million in the prior year, underscoring improved asset quality.

What the numbers are saying
The strong rise in gross earnings was largely driven by interest income, supported by the bank’s strategic focus on mortgage lending. Net interest income increased by about 50% to N3.67 billion in 2025, compared to N2.45 billion in 2024, reflecting both loan book expansion and a healthy interest margin.

The sharp drop in impairment charges, despite the rapid growth in loans, points to more effective credit risk management and improved loan performance across the mortgage portfolio. This reduction provided additional support to bottom-line growth during the year.

Profitability and cost management
Operating expenses rose by about 23% year-on-year, reflecting inflationary pressures and higher costs associated with business expansion. However, the strong growth in revenue more than offset the increase in costs, allowing the bank to nearly double its profit after tax.

The significant improvement in earnings highlights management’s ability to scale operations while maintaining profitability, even in a challenging macroeconomic environment.

Asset growth and capital position
Infinity Trust Mortgage Bank recorded substantial balance sheet growth in 2025, with total assets rising by 78.3% to N44.74 billion from N25.15 billion in 2024. This expansion was driven primarily by growth in loans and advances, particularly mortgage loans.

Shareholders’ equity increased by 38.3% to N12.72 billion, strengthening the bank’s capital base and positioning it to support further growth in its core mortgage business.

Market performance and dividends
The bank’s shares closed flat at N7.00 in 2025 but have gained about 22% year-to-date in 2026, reflecting improving investor sentiment. Given the strong earnings performance, investors may anticipate higher dividend payouts.

Infinity Trust Mortgage Bank has maintained a consistent dividend growth trend in recent years. Dividend per share for 2024 was increased to N0.15 from N0.06 in 2023, supported by rising earnings per share. With the solid results recorded in 2025, dividend yield could improve further, helping sustain positive market sentiment.

What you should know
Despite the strong financial performance, the bank’s free float remains relatively low at 10.86%, below the 20% requirement for companies listed on the Nigerian Exchange Main Board. While this is not an immediate regulatory issue, improving free float could enhance liquidity and broaden investor participation over time.

Overall, Infinity Trust Mortgage Bank’s 2025 performance reflects the strength of its mortgage-led growth strategy, solid balance sheet expansion, and improving profitability. With continued focus on its core mortgage business, the bank appears well positioned to sustain growth in the coming years.

Access Holdings, Chams Top Activity as All-Share Index Edges to 165,517 Points

  • dollaers
  • January 27, 2026
  • Stocks
  • 0 comments

The Nigerian All-Share Index (ASI) closed the trading session on Monday, January 26, 2026, slightly higher, edging up by 5.4 points to settle at 165,517.6 points. The modest gain followed Friday’s rebound of 114.8 points (0.07%), as the market continued to hover cautiously above the 165,500 level amid mixed investor sentiment.

Despite the positive close, trading activity softened. Total volume traded declined to 601 million shares, down from 731 million shares in the previous session, while market capitalisation remained unchanged at approximately N105.9 trillion.

Mid- and large-cap stocks dominated activity, with Chams and Access Holdings leading by volume, while GTCO and Zenith Bank accounted for the highest transaction values.

Market performance snapshot
The marginal uptick in the ASI lifted its year-to-date return to 6.36%, reflecting a cautious but resilient market tone.

On the gainers’ chart, NPF Microfinance Bank recorded the strongest performance, advancing by the maximum 10.00% to close at N5.61. Morison Industries followed closely, rising by 9.97% to N8.27. Other notable gainers included UHOMREIT (+9.95%), Deep Capital (+9.94%), and Zichis Agro Allied (+9.92%).

On the downside, May & Baker led the decliners, shedding 10.00% to close at N39.15. Neimeth Pharmaceuticals followed with a 9.81% loss, while ABC Transport, CWG, and Sovereign Trust Insurance also closed lower.

Trading activity
By volume, Chams topped the activity chart with 41.5 million shares exchanged. Access Holdings followed with 34.3 million shares, while GTCO recorded 31.5 million shares traded. Zenith Bank and Tantalizers rounded out the top five by volume, with 25.9 million and 25.0 million shares, respectively.

In terms of value, GTCO dominated transactions with trades worth N3.1 billion. Zenith Bank followed with N1.8 billion, while Nigerian Breweries recorded N1.5 billion. Aradel and MTNN also featured prominently, with transaction values of N1.01 billion and N855.6 million, respectively.

SWOOTs and banking stocks
Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was mixed. Nigerian Breweries gained 1.30%, while International Breweries rose by 0.72%.

FUGAZ banking stocks also delivered mixed results. UBA advanced by 1.37%, while First HoldCo, Zenith Bank, and GTCO closed flat. Access Holdings, however, declined by 1.56%, despite being among the most actively traded stocks of the session.

Why this matters
The modest gain in the ASI suggests that selling pressure is gradually easing, but the recovery remains fragile. Gains were concentrated in a handful of stocks, while several heavily traded names ended the session lower, reflecting selective buying rather than broad-based market strength.

Market outlook
The All-Share Index continues to show limited momentum, as investors reassess valuations and entry points. While renewed interest in select large-cap stocks could provide short-term support, the market remains vulnerable to near-term pullbacks, especially given stretched prices and cautious sentiment. For now, stock selection and timing remain critical for investors navigating the current market environment.

Lagos to Seize Unpaid Taxes Directly from Banks, Third Parties Under New Tax Law

  • dollaers
  • January 26, 2026
  • Tax
  • 0 comments

The Lagos State Internal Revenue Service (LIRS) has announced plans to begin enforcing its statutory power of substitution to recover outstanding tax liabilities directly from banks and other third parties connected to defaulting taxpayers.

The disclosure was made in a public notice issued by the agency, citing Section 60 of the Nigeria Tax Administration Act (NTAA) 2025, which empowers tax authorities to recover unpaid taxes through third-party deductions where liabilities have become final and remain unpaid.

The move comes amid the ongoing implementation of the NTAA by the federal government, despite public controversies surrounding alleged alterations to portions of the law in the gazetted version.

What LIRS is saying

According to LIRS, the power of substitution allows tax authorities to legally redirect funds belonging to a taxpayer—held by third parties—towards settling unpaid tax obligations.

Under Section 60 of the NTAA 2025, where a taxpayer fails to pay an assessed and final tax liability when due, LIRS may issue a substitution notice to any third party holding funds on behalf of that taxpayer or owing money to them.

“The Power of Substitution is a lawful collection mechanism designed to ensure efficient recovery of unpaid taxes, including Personal Income Tax (PIT), Capital Gains Tax (CGT), Stamp Duties, and Withholding Tax (WHT) administered by LIRS,” the agency stated.

LIRS emphasized that the provision applies strictly to established tax liabilities that are final, due, and unpaid, and is not intended for disputed or unresolved assessments.

How the substitution process works

The tax authority explained that substitution notices may be issued where a taxpayer neglects or refuses to settle a confirmed tax obligation. Once invoked, LIRS may serve notices on a broad range of third parties linked to the taxpayer, including:

  • Banks and other financial institutions holding the taxpayer’s funds

  • Employers, tenants, customers, agents, or business partners

  • Debtors or entities owing money to the taxpayer, whether immediately payable or expected to accrue

Upon receipt of a substitution notice, the affected third party is legally required to remit the specified amount to LIRS from funds belonging to or payable to the taxpayer. Any amount paid under this directive is deemed to have settled the taxpayer’s liability to the extent of the remittance.

Obligations on banks and financial institutions

LIRS placed particular emphasis on the responsibilities of banks and financial institutions, warning that compliance with substitution notices is mandatory under the law.

According to the notice:

  • Banks must remit the stated amount to LIRS without delay once a substitution notice is received

  • Compliance must be confirmed through the LIRS e-Tax platform

  • Financial institutions may be required to disclose account balances and any existing encumbrances on the taxpayer’s accounts

  • Failure to comply with a substitution directive constitutes an offence under the NTAA 2025

The Service stressed that substitution notices are legally binding and must be treated as enforceable directives, not discretionary requests.

Why this matters

The enforcement action signals a tougher stance by Lagos State on tax compliance, particularly as Nigeria rolls out a restructured tax administration framework aimed at improving revenue collection and reducing leakages.

The power of substitution significantly strengthens the ability of tax authorities to recover unpaid taxes without prolonged litigation, especially where funds are readily traceable through banks or commercial relationships.

What you should know

The move comes as the federal government begins implementing four major tax reform laws, which took effect in January 2026. These include:

  • The Nigerian Revenue Service Establishment Act

  • The Joint Revenue Service Establishment Act (effective June 26, 2025)

  • The Nigerian Tax Act (NTA)

  • The Nigerian Tax Administration Act (NTAA)

The NTAA provides a unified legal framework for tax administration across federal and state authorities, introducing standardized enforcement mechanisms—such as the power of substitution—now being activated by LIRS.

For individuals and businesses operating in Lagos, the announcement underscores the importance of settling tax obligations promptly, as unpaid liabilities may now be recovered directly from bank accounts, employers, customers, or other third parties without further warning.

NDLEA Arrests Brazilian Woman with N3 Billion Worth of Heroin at Abuja Airport

  • dollaers
  • January 26, 2026
  • Crime
  • 0 comments

The National Drug Law Enforcement Agency (NDLEA) has arrested a Brazilian national, Ingrid Rosa Benevides, for attempting to smuggle heroin valued at over N3 billion into Nigeria through the Nnamdi Azikiwe International Airport, Abuja.

The arrest, which took place on Friday, January 23, 2026, was confirmed in a statement issued by the NDLEA’s Director of Media and Advocacy, Femi Babafemi. According to the agency, the operation was intelligence-led and formed part of intensified surveillance at Nigeria’s international entry points.

Benevides, a 30-year-old private security officer based in Brazil, arrived in Abuja aboard Qatar Airways flight QR1431 from Brazil. During routine inspection, NDLEA operatives flagged her two checked-in bags for further examination after discovering 21 factory-sealed packs of Brazilian coffee.

Although the items appeared sealed and legitimate, a detailed search revealed that the coffee packs did not contain coffee. Instead, NDLEA officers uncovered a white substance concealed inside the packs, which laboratory tests later confirmed to be heroin.

The total weight of the seized drug was 30.09 kilograms, with the NDLEA estimating its street value at over N3 billion.

“A total of 30.09 kilograms of white heroin concealed in factory-sealed coffee packs worth over N3 billion in street value was recovered,” the agency said.

During preliminary interrogation, Benevides reportedly claimed that she travelled to Nigeria under the guise of visiting for holidays. She is currently in NDLEA custody as investigations continue.

Airport and border interceptions

The NDLEA also reported a series of related drug interdictions across the country within the same period, underscoring what it described as sustained pressure on drug trafficking networks.

At the Murtala Muhammed International Airport, Ikeja, operatives intercepted two passengers—Adediran Adedoyin and Afatakpa Ochuko—on Tuesday, January 20, while they were attempting to board a flight to Istanbul, Turkey. A search of their luggage led to the recovery of 3,990 pills of tapentadol and tramadol, concealed inside food items.

In Lagos, officers of the NDLEA Marine Command intercepted a wooden boat conveying 44 jumbo bags of Ghana Loud cannabis, weighing 1,848 kilograms, at Jakande Beach, Lekki, in the early hours of Thursday, January 22.

The agency also confirmed the arrest of Aminu Ali Baba and Abdulrasheed Abubakar in connection with the interception of 140 packets of explosives being transported to Kano and Kaduna. The explosives were initially intercepted along the Kaduna–Zaria highway, while follow-up operations led to the arrest of the suspects in both states.

In Borno State, NDLEA operatives intercepted 179,590 pills of tramadol and diazepam hidden inside sacks of charcoal and animal feed in a commercial vehicle coming from Yobe State. Further investigation led to the arrest of the owner of the consignment, Rabiu Imam.

Nationwide raids

Beyond airports and highways, the NDLEA said it carried out multiple raids across several states, leading to arrests and large seizures of illicit substances. These include:

  • The arrest of a 72-year-old suspect, Afolalu Joseph, in Ekiti State, with 62 kilograms of skunk

  • The arrest of an Edo village head, Chief James Abamu, alongside another suspect, with 681 kilograms of skunk and 181 kilograms of cannabis seeds

  • The seizure of significant quantities of tramadol, skunk, pentazocine injections, codeine syrup, and other illicit drugs in Lagos, Oyo, Delta, Benue, Niger, Kwara, the FCT, Kano, Ondo, and Jigawa States

The agency said several suspects remain in custody, while investigations and prosecutions are ongoing nationwide.

What you should know

The arrest of the Brazilian national highlights a recurring pattern of foreign-linked drug trafficking attempts at Nigeria’s international airports.

In October 2024, NDLEA operatives arrested a Thailand returnee at the Lagos airport with 13.30 kilograms of heroin valued at over N3.1 billion, concealed in backpacks inside suitcases. In the same month, a Canada-based nurse and two businessmen were arrested with 35.7 kilograms of synthetic cannabis (Canadian Loud), alongside cocaine recovered from a suspect who had ingested the drug.

Earlier in 2025, the agency also arrested multiple suspects at the Lagos and Port Harcourt airports, including passengers found to have ingested wraps of heroin that were later recovered following body scans and observation.

According to the NDLEA, these cases reflect the scale and sophistication of transnational drug trafficking networks targeting Nigeria, and reinforce the agency’s commitment to tightening border security and disrupting illicit drug supply chains.

Private Sector Credit Rises to N75.8 Trillion in December 2025, CBN Data Shows

  • dollaers
  • January 26, 2026
  • Economy News
  • 0 comments

Private sector credit climbed to N75.8 trillion in December 2025, up from N74.63 trillion in November, signalling a modest rebound in lending activity toward the end of the year, according to the latest monetary and credit statistics released by the Central Bank of Nigeria (CBN).

The month-on-month increase of about N1.17 trillion suggests a gradual improvement in lending momentum after several months of subdued credit growth. However, despite the rebound, overall credit levels remain below their highs from the previous year, highlighting the cautious and uneven nature of the recovery.

CBN data show that while lending improved in December, private sector credit is still below the N78.02 trillion recorded in December 2024, indicating that banks have yet to fully restore credit expansion to earlier levels. This reflects continued prudence among lenders amid lingering macroeconomic uncertainties and tight financial conditions for most of 2025.

Over the course of the year, private sector credit fluctuated within a wide range of N72 trillion to N78 trillion, underscoring volatility in financial conditions. Lending opened 2025 at N77.3 trillion in January, rose to a peak of N78.07 trillion in April, and then entered a sustained decline from May onward. The downturn was largely driven by restrictive monetary conditions, heightened risk aversion by banks, and broader economic headwinds.

The December uptick therefore represents a partial recovery rather than a full reversal of the year’s earlier contraction. Still, it points to renewed lending momentum following months of uneven performance and suggests that recent monetary policy adjustments may be starting to influence credit behaviour within the banking system.

Beyond private sector lending, the data also show a sharp rise in net domestic credit, which measures total lending to both the government and the private sector. Net domestic credit increased to N110.05 trillion in December 2025, from N100.98 trillion in November. On a year-on-year basis, it rose from N105.16 trillion in December 2024, reflecting sustained growth in overall domestic lending.

The expansion in net domestic credit indicates increased borrowing activity across the economy, driven largely by higher government financing needs alongside continued, though uneven, credit extension to businesses and households.

Recent monetary policy decisions provide additional context for the evolving credit environment. In September 2025, the Monetary Policy Committee (MPC) cut the Monetary Policy Rate (MPR) by 50 basis points to 27%, signalling a cautious shift toward easing. Although the MPC maintained the MPR at 27% in November, it adjusted the interest rate corridor to discourage banks from placing excess liquidity with the CBN, a move aimed at incentivising lending to the real economy.

Supporting this trend, Nigeria’s broad money supply (M3) rose to N124.4 trillion in December 2025, from N122.95 trillion in November, reflecting expansion in liquidity within the financial system. The increase was driven by movements in both net foreign assets (NFA) and net domestic assets (NDA) of the banking sector.

Overall, while the December rise in private sector credit points to improving conditions, the data suggest that lending activity remains in a fragile recovery phase, with banks still balancing growth opportunities against persistent economic risks.

Nigeria Set to Become Africa’s Second Commercial Cloves Producer as 74,000 Farmers Join Nationwide Initiative

  • dollaers
  • January 26, 2026
  • Agriculture
  • 0 comments

Nigeria is positioning itself to become Africa’s second commercial producer of cloves, as plans advance to onboard about 74,000 farmers into the country’s first nationwide cloves farming initiative ahead of the 2026 wet planting season.

The disclosure was made by Malam Abdullahi Shuaibu, National Coordinator of the Cloves Producers Association, during the North-West Farmers Training Workshop held at Ahmadu Bello University (ABU), Zaria, according to a report by the News Agency of Nigeria (NAN).

The initiative is designed to scale up cloves cultivation across Nigeria, boost export earnings, deepen agricultural diversification, and create employment opportunities, particularly for youths and women in rural communities.

Under the programme, at least 2,000 farmers from each of Nigeria’s 36 states and the Federal Capital Territory (FCT) will participate, bringing the total number of beneficiaries to more than 74,000 nationwide. Each farmer will receive improved cloves seedlings and key farm inputs to cultivate approximately half a hectare of land.

Cloves, a high-value tropical crop widely used in the food, pharmaceutical, and cosmetics industries, can thrive in several ecological zones across Nigeria. Stakeholders believe this provides the country with a strong competitive advantage in meeting both domestic demand and export opportunities.

According to Shuaibu, the initiative will place Nigeria alongside Zanzibar in Tanzania, currently Africa’s leading commercial cloves producer. He said the programme is structured to tap into the growing global demand for cloves, positioning Nigeria as a strategic supplier in international markets.

“This initiative is designed to make Nigeria the second African country, after Zanzibar, to produce cloves on a commercial scale,” Shuaibu said, adding that the crop’s profitability makes it more attractive than many traditional staples.

Further insights from the NAN report indicate that agricultural and financial advisers involved in the programme consider cloves production significantly more profitable than grains and most vegetable crops, while also offering a hedge against sudden price crashes that often affect perishable farm produce.

Kaduna State, already a major hub for ginger production, has pledged full institutional support for the cloves initiative, signalling strong subnational backing for the project.

To ensure technical success, Prof. Mukhtar Abdullah of the Institute for Agricultural Research (IAR), ABU, unveiled a comprehensive training manual for participating farmers. The guide provides step-by-step instructions on cloves cultivation, post-harvest handling, market analysis, and international best practices, with a focus on empowering rural farmers, women, and youth.

The cloves programme comes at a time when Nigeria’s agricultural sector is showing signs of recovery. According to data from the National Bureau of Statistics (NBS), agriculture grew by 3.79% year-on-year in real terms in Q3 2025, up from 2.55% in the same period of 2024. Overall GDP growth stood at 3.98% in Q3 2025, reflecting agriculture’s continued importance to the broader economy. Crop production remained dominant, accounting for nearly 66% of the sector’s total nominal output.

However, the initiative is unfolding against a backdrop of mounting food security concerns. Farmers in the North-Central and North-West regions have warned that rising input costs, insecurity, and post-harvest losses are making farming increasingly unprofitable. The UN Food and Agriculture Organization (FAO) projects that up to 34.7 million Nigerians could face severe food insecurity during the June–August 2026 lean season if urgent interventions are not implemented.

Despite these challenges, stakeholders see the cloves initiative as a strategic opportunity to diversify Nigeria’s agricultural base, strengthen foreign exchange earnings, and reduce overdependence on traditional export crops, provided security and structural constraints are effectively addressed.

Nigeria’s Booming Stocks Hit New Highs — Strong Performance with Serious Caveats

  • dollaers
  • January 26, 2026
  • Equities
  • 0 comments

Nigeria’s equity market has entered 2026 on a historic high, reshaping the country’s financial landscape and attracting renewed attention from both local and offshore investors. Market capitalisation on the Nigerian Exchange (NGX) has crossed the N100 trillion mark, while the All-Share Index (ASI) closed last week at 165,512 points, translating to a year-to-date return of about 6.36%.

At first glance, the rally appears convincing. Over recent months, the ASI has pushed into uncharted territory, oscillating between 155,000 and 167,000 points, suggesting that bullish sentiment could persist through 2026. Some analysts, citing ongoing reforms, improved macroeconomic coordination, and the prospect of new high-profile listings, project potential gains of up to 40% for the year.

However, beneath the glittering headline numbers lie structural and systemic risks that investors cannot afford to ignore.

Premium valuations and the illusion of depth

The Nigerian stock market is increasingly trading at a premium relative to historical norms. This has been driven by a mix of structural reforms, tighter monetary conditions that have reduced speculative alternatives, and a sharp imbalance between demand and the supply of quality listed assets. Simply put, too much money is chasing too few fundamentally strong stocks.

This imbalance has pushed prices higher, but it has also exposed one of the market’s most persistent weaknesses: liquidity.

The “ghost” of liquidity

On paper, many NGX-listed stocks appear liquid. In practice, liquidity is heavily concentrated in a narrow group of bellwether names — mainly Tier-1 banks and a handful of blue-chip corporates such as MTN Nigeria, Dangote Cement, BUA Cement, Zenith Bank, and UBA.

Beyond the NGX-30, trading volumes thin out sharply. For many mid- and small-cap stocks, liquidity becomes what analysts describe as a “ghost”: visible in theory, but difficult to access in meaningful size without triggering sharp price declines. Investors may hold shares in fundamentally sound companies, yet struggle to exit positions without accepting deep discounts.

This liquidity risk remains one of the most underappreciated threats in the current rally.

Currency risk and real returns

Another major caveat is the naira. Nominal equity returns mean little if they are eroded by currency depreciation. A 30% gain in stocks, for instance, offers no real protection if the naira weakens by 40% against the dollar or euro over the same period.

This dynamic explains why foreign portfolio investors (FPIs) remain cautious despite improved mid-term stability in the foreign exchange market. For offshore investors, Nigerian equities represent a dual bet — on company performance and on currency stability. Until confidence in the naira’s long-term purchasing power improves, foreign inflows are likely to remain selective.

Election-year pressures ahead

Looking ahead, 2026 carries its own risks. As a pre-election year ahead of the 2027 general polls, rising government expenditure could fuel inflationary pressures, distort market signals, and introduce uncertainty into fiscal and monetary policy planning. Historically, such conditions have tended to weigh on equity valuations, particularly in sectors sensitive to macro instability.

Structural challenges also persist, including shallow investor diversification, lingering restrictions on retail participation (despite recent reforms), currency controls, and broader economic fragilities linked to debt and external shocks.

Dividends under pressure

For income-focused investors, especially pension funds and local retail players, the outlook is further complicated by regulatory changes. The Central Bank of Nigeria (CBN) has suspended dividend payments for some banks as part of its recapitalisation drive ahead of the March 2026 deadline.

This marks a significant shift in a market where bank stocks have traditionally been prized for yield. While recapitalisation is expected to strengthen the financial system in the long run, the short-term impact is a drying up of dividends — a key pillar of investor demand.

Why optimism hasn’t vanished

Despite these caveats, optimism has not disappeared. In the medium term, the market could receive a major boost from the anticipated listing of the Dangote Petroleum Refinery, widely expected to be the most significant capital market event of 2026. With an estimated valuation of around $20 billion, the listing could inject substantial liquidity and enhance the global profile of Nigeria’s capital market.

In addition, recapitalised Nigerian banks are evolving into fortress-like financial institutions capable of underwriting large-scale infrastructure projects. Price targets for Tier-1 lenders such as Zenith Bank and UBA have already been revised upward, with return-on-equity forecasts approaching 45% by the end of 2026.

Bottom line

Nigeria’s stock market rally is real, but it is not without risks. Liquidity constraints, currency exposure, election-year uncertainties, and dividend pressures all complicate the investment case. For investors, the message is clear: opportunities exist, but success in this market will depend less on broad optimism and more on timing, stock selection, and risk management.

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