Month: January 2026

All-Share Index Edges Up 0.04% as Redstarex, NCR Lead Gainers

The Nigerian equities market closed the trading session on Friday, January 16, 2026, on a mildly positive note, with the All-Share Index (ASI) recording a marginal gain despite softer trading activity across the market.

The ASI rose by 72.2 points, or 0.04%, to close at 166,129.5, recovering slightly from the previous session’s decline of 0.43%, when the index settled at 166,057.3. The modest uptick reflects cautious bargain-hunting by investors following the prior day’s sell-off.

Trading volume, however, slowed significantly. A total of 539.8 million shares were exchanged during the session, nearly half of the 1.03 billion shares traded in the preceding day. Despite the lower activity, market capitalisation remained broadly flat at N106.3 trillion, spread across 48,023 deals, indicating that price movements were relatively contained.

What the market data shows

The slight advance lifted the ASI’s year-to-date return to 6.76%, pointing to continued resilience in the market, even as investors remain selective.

On the gainers’ chart, Redstarex and NCR (Nigeria) led the rally, each posting near-maximum gains of 10.00% and 9.97%, respectively. Other notable advancers included SCOA, Omatek, and DEAP Capital, all of which recorded strong price appreciation.

Conversely, McNichols topped the losers’ table, shedding 8.81% of its value. Legend Internet followed with a 7.56% decline, while Cornerstone, C&I Leasing, and Austin Laz also closed the session in negative territory.

In terms of trading activity, Zenith Bank recorded the highest volume, with 54.5 million shares exchanged. Jaiz Bank followed with 41.4 million shares, while NSLTECH traded 37.7 million shares. Access Holdings and Lasaco rounded out the top five by volume, with 30.5 million and 27.2 million shares traded, respectively.

By transaction value, Zenith Bank also led the market, with trades worth N3.7 billion. GTCO and Okomu Oil followed at N1.5 billion each, while Aradel recorded N1.05 billion in traded value. MTNN completed the top five with transactions valued at N726.9 million.

Performance of SWOOTs and banking stocks

Stocks Worth Over One Trillion Naira (SWOOTs) closed the session on a generally bearish note. Nigerian Breweries declined by 0.60%, while Lafarge Africa fell by 1.81%, weighing on the broader market.

Among the FUGAZ banking stocks, performance was mixed. Zenith Bank gained 1.23%, UBA advanced by 0.44%, and GTCO edged up slightly by 0.05%. On the downside, Access Holdings slipped by 0.22%, while First HoldCo closed flat.

Why it matters

The session highlights a market characterised by cautious and selective trading. While heavyweight consumer and industrial stocks faced mild selling pressure, renewed interest in select banking and mid-cap stocks helped keep the index in positive territory.

This pattern suggests investors are rotating positions rather than exiting the market entirely, balancing profit-taking in some large-cap stocks with fresh exposure to counters perceived as offering near-term value.

Market outlook

With the ASI ending the session slightly higher, the market appears to be stabilising after recent volatility. If buying interest broadens beyond a handful of gainers, a more sustained rally could emerge. However, lingering profit-taking and weak volumes suggest the risk of short-term pullbacks remains.

AFCON Commercial Revenue Jumps 90% as CAF Records Most Profitable Tournament Yet

Commercial revenue generated from the Africa Cup of Nations (AFCON) has surged by 90%, marking a major financial milestone for the Confederation of African Football (CAF). The football governing body described the Morocco-hosted tournament as the most commercially successful edition in the history of African football.

The disclosure was made in a statement released by CAF and corroborated by a Reuters report dated January 16, 2026. According to the federation, the sharp rise in revenue was driven by stronger media rights distribution, a growing roster of commercial partners, and a deliberate expansion into new international markets, particularly Asia.

The performance underscores AFCON’s rising global profile and reflects CAF’s broader strategy to reposition the tournament as a commercially competitive football property capable of rivaling major continental competitions worldwide.

Sponsorship base expands significantly

CAF attributed much of the revenue growth to a rapid expansion in its sponsor portfolio. During the 2021 edition of the tournament, AFCON had nine commercial partners. This number rose sharply to 17 sponsors for the 2023 finals hosted in Ivory Coast.

For the 2025 edition in Morocco, the federation disclosed that it has secured 23 sponsors, highlighting growing confidence among global brands in the tournament’s commercial value.

“The growth has been matched by a steady expansion of the sponsor portfolio,” CAF said, noting that the increase reflects both the attraction of new global brands and the retention of existing partners. According to the body, many sponsors now see AFCON as offering a strong return on investment, reinforcing its appeal as a premium sports marketing platform.

Media rights and Asia drive revenue growth

Beyond sponsorships, broader media rights distribution played a key role in boosting revenue. CAF pointed to new broadcast arrangements, particularly in Asian markets, as a major contributor to the commercial uplift.

By expanding its footprint beyond traditional African and European audiences, AFCON has diversified its revenue streams and reduced dependence on legacy markets. CAF said Asia has emerged as a critical growth region, helping to enhance the tournament’s global visibility and financial resilience.

Financial context shows growing profitability

While CAF did not disclose the exact revenue figures for the most recent tournament, its recent financial disclosures provide insight into AFCON’s expanding scale. Financial statements presented at CAF’s congress last year showed that the previous Africa Cup of Nations generated about $96 million in net contract revenues.

In addition, CAF’s annual report projected that the Morocco-hosted tournament would deliver approximately $114 million in net profit. This marks a significant improvement compared to earlier editions, which often struggled with limited sponsorship depth and narrower broadcast reach.

The projections reinforce AFCON’s status as CAF’s most important commercial asset and a key driver of its financial sustainability.

What you should know

AFCON remains CAF’s flagship competition and primary revenue generator.
The 2023 Ivory Coast tournament marked a turning point in sponsorship interest and commercial scale.
CAF is actively targeting new global sponsors and broadcasters, with Asia playing a central role in its expansion strategy.
Nigeria’s Super Eagles participated in the competition but did not reach the final. Despite this, billionaire businessman Abdul Samad Rabiu has confirmed a $500,000 financial reward for the team in recognition of their performance and effort at the tournament.

ChatGPT can make mist

Fresh CPI Rebasing Pushes Nigeria’s 2025 Inflation Higher Across Months, Even as Disinflation Persists

Nigeria’s inflation profile for 2025 has been comprehensively revised upward following a methodological overhaul of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), despite clear evidence that inflationary pressures eased steadily toward the end of the year.

The revision follows the CPI rebasing exercise unveiled in December 2025, which altered how year-on-year inflation is calculated. A comparison between the inflation series published with the November 2025 CPI report and the revised figures released in December shows that headline inflation was higher in every month from January to November 2025 than previously reported.

Importantly, the upward adjustments do not reflect new price shocks or a deterioration in economic conditions. Instead, they stem from a statistical re-anchoring of the inflation base, designed to improve accuracy, stability, and international comparability.

What changed in the CPI methodology

Before December 2025, Nigeria’s year-on-year inflation for 2025 was measured using a single-month reference base under the old 2009 CPI framework. Under the revised approach, the NBS rebased the CPI using a 12-month average reference period for 2024, setting the average index level for the year at 100.

According to the bureau, retaining a single-month base would have amplified base effects and exaggerated year-on-year inflation readings, especially toward the end of 2025. The new method aligns Nigeria’s CPI framework with global best practices and reduces volatility in inflation comparisons over time.

Crucially, the shift required a full recalibration of already published inflation data for January to November 2025, resulting in consistently higher reported inflation rates across the year.

Month-by-month revisions show a higher inflation path

Under the revised CPI series, the largest upward adjustments appeared early in 2025 and gradually narrowed as the year progressed.

January inflation was revised upward from 24.48% to 27.61%, a 3.13 percentage point increase. February moved from 23.18% to 26.27%, while March rose from 24.23% to 27.35%. April and May recorded similar adjustments, with inflation revised to 26.82% and 26.06% respectively.

By mid-year, the gap began to close modestly. June inflation increased from 22.22% to 25.29%, July from 21.88% to 24.94%, and August from 20.12% to 23.14%.

In the final quarter, the revisions were smaller but still notable. September inflation was revised from 18.02% to 20.98%, October from 16.05% to 18.97%, and November from 14.45% to 17.33%.

December confirms easing, but from a higher base

Despite the higher historical readings, the December 2025 CPI report confirms that inflation continued to ease. Headline inflation slowed to 15.15% in December, down from the revised 17.33% in November, reinforcing a clear disinflationary trend.

What has changed is not the direction of inflation, but its level. Under the revised framework, inflation remained elevated for longer in 2025 than earlier data suggested, indicating that price pressures were more persistent across the year.

Why the revision matters

The recalibration reshapes how Nigeria’s 2025 inflation narrative is interpreted. Instead of a rapid cooldown, the revised data point to a more gradual disinflation, with inflation remaining above 20% until August and above 18% as late as October.

Still, by December, inflation had moved closer to the Federal Government’s 15% target outlined in the 2025 Appropriation Bill. For policymakers, the revised data support a more cautious assessment of inflation risks when setting interest rates and evaluating real returns. For investors and analysts, it offers a more reliable baseline for comparing Nigeria’s inflation dynamics with regional peers and historical trends.

The International Monetary Fund has endorsed both Nigeria’s December 2025 inflation outcome and the revised CPI methodology, describing the changes as consistent with international best practice and supportive of macroeconomic stability.

Musk Seeks up to $134bn in Damages From OpenAI, Microsoft Over Nonprofit Dispute

Billionaire tech entrepreneur Elon Musk is seeking between $79 billion and $134 billion in damages from OpenAI and Microsoft, alleging that the artificial intelligence firm abandoned its original nonprofit mission and defrauded him in the process.

The demand was disclosed in court filings submitted on Friday, following a decision by a U.S. federal judge to allow the case to proceed to a jury trial scheduled for late April in Oakland, California. The lawsuit centres on OpenAI’s restructuring, its deepening partnership with Microsoft, and Musk’s early role as a co-founder and major benefactor.

Musk, who donated approximately $38 million in seed funding to OpenAI before exiting its board in 2018, argues that the company’s transformation into a commercially dominant AI powerhouse violates the principles under which it was founded in 2015.

What Musk is claiming

According to the filing, Musk’s legal team contends that OpenAI’s current valuation—estimated at around $500 billion—reflects gains derived from what they describe as a wrongful shift away from its nonprofit mandate.

Musk’s lawyer, Steven Molo, said the damages claim is based on analysis by financial economist C. Paul Wazzan, who is serving as an expert witness in the case. Wazzan’s assessment suggests that Musk is entitled to a significant share of OpenAI’s value due to his financial backing and strategic input during the company’s formative years.

The filing estimates that:

OpenAI’s alleged wrongful gains range between $65.50 billion and $109.43 billion
Microsoft’s gains linked to the restructuring are estimated between $13.30 billion and $25.06 billion

The calculations also account for Musk’s non-financial contributions, including technical guidance and business strategy, which his lawyers argue were critical to OpenAI’s early success.

Molo likened Musk’s position to that of an early-stage startup investor whose modest initial stake later translates into massive value as the company scales exponentially.

OpenAI pushes back

Both OpenAI and Microsoft have firmly rejected Musk’s claims. In a statement responding to the latest filing, OpenAI described the lawsuit as baseless and part of a broader pattern of harassment.

“Mr Musk’s lawsuit continues to be baseless and a part of his ongoing pattern of harassment, and we look forward to demonstrating this at trial,” the company said.
“This latest unserious demand is aimed solely at furthering this harassment campaign.”

Microsoft declined to comment on the new damages claim, while OpenAI has warned investors to expect more high-profile allegations as the trial date approaches.

Background to the dispute

OpenAI announced a major restructuring in October, granting Microsoft a 27% ownership stake in its for-profit arm while maintaining nonprofit oversight. Musk has argued that this structure undermines the organisation’s founding mission.

In 2024, Musk sued OpenAI and its leadership, including Sam Altman and Greg Brockman, accusing them of turning the organisation into a profit-driven enterprise contrary to its original purpose.

Musk has consistently maintained that OpenAI was created to develop artificial intelligence for the benefit of humanity, and to serve as a counterweight to the growing dominance of companies like Google in advanced AI research.

His latest court filing also signals an intention to seek punitive damages, a move that could further escalate the financial and reputational stakes of one of Silicon Valley’s most closely watched legal battles.

FAAC Shares ₦9.62 Trillion in Three Months as Monthly Allocations Decline

Nigeria’s three tiers of government shared a cumulative ₦9.62 trillion from the Federation Account over a three-month period, as monthly disbursements trended downward, underscoring rising fiscal pressure on public finances.

Data from the Federation Account Allocation Committee (FAAC), compiled by the National Bureau of Statistics, shows that allocations covering August, September and October 2025 revenues declined steadily, falling from ₦3.64 trillion to ₦2.93 trillion within the period.

The pattern mirrors pressures seen earlier in 2025 and reflects Nigeria’s continued exposure to volatile oil earnings, fluctuating VAT performance, and exchange-linked revenues.

How the ₦9.62 trillion was shared

Over the three months under review, FAAC disbursements totalled ₦9.62 trillion, distributed as follows:

Federal Government (FGN): ₦2.28 trillion
- August: ₦810.05 billion
- September: ₦711.31 billion
- October: ₦758.41 billion
36 States: ₦2.13 trillion
- August: ₦709.83 billion
- September: ₦727.17 billion
- October: ₦689.12 billion
774 Local Governments: ₦1.56 trillion
- August: ₦522.23 billion
- September: ₦529.95 billion
- October: ₦505.80 billion

The remaining funds went to derivation payments, special accounts, and statutory deductions.

August revenue: strong opening at ₦3.64 trillion

The three-month stretch opened on a relatively strong note, with ₦3.64 trillion shared from August 2025 revenue. The Federal Government received the largest portion at ₦810.05 billion, followed by states (₦709.83 billion) and local governments (₦522.23 billion).

Value Added Tax (VAT) played a stabilising role, contributing ₦100.94 billion to the Federal Government, ₦336.45 billion to states, and ₦235.52 billion to local governments. Oil-producing states also benefited from a ₦183.01 billion 13% derivation fund, alongside oil-related refunds.

However, heavy deductions dampened the headline strength, including over ₦124 billion paid to revenue collection agencies and a sizable ₦851.17 billion transfer to the Non-Oil Excess Account.

September revenue: allocations fall to ₦3.05 trillion

By October 2025, FAAC disbursements from September revenue dropped to ₦3.05 trillion. In a notable shift, states overtook the Federal Government, receiving ₦727.17 billion, compared with ₦711.31 billion for the FGN. Local governments received ₦529.95 billion.

The change was largely driven by stronger VAT receipts, which delivered ₦406.30 billion to states and ₦284.41 billion to local governments, highlighting the growing importance of consumption taxes in subnational finances. Despite this, liquidity tightened as ₦700 billion was again transferred to the Non-Oil Excess Account.

October revenue: FAAC dips further to ₦2.93 trillion

The downward trend continued in November 2025, with FAAC sharing just ₦2.93 trillion from October revenue—the lowest monthly allocation in the three-month period.

The Federal Government regained the largest share at ₦758.41 billion, while states’ allocations fell to ₦689.12 billion and local governments received ₦505.80 billion. VAT weakened during the month, reducing its cushioning effect on subnational finances.

What you should know

The slide in FAAC allocations reflects weakening oil-related revenues, including petroleum profit tax and royalties, driven by lower production and sector-wide challenges. At the same time, VAT and other non-oil taxes also softened, limiting the size of the distributable pool.

Together, these trends underline the fiscal strain facing Nigeria’s federal, state and local governments, reinforcing the urgency of revenue diversification and stronger domestic revenue mobilisation to reduce reliance on volatile oil earnings.

Nestlé Jumps 10% as NGX All-Share Index Ends Nine-Day Rally, Slips 714.7 Points

The Nigerian equities market closed lower on January 15, 2026, as the Nigerian Exchange Group All-Share Index (ASI) shed 714.7 points to close at 166,057.3, bringing an end to a nine-day winning streak—despite strong gains in select heavyweight stocks such as Nestlé Nigeria Plc.

The decline represents a 0.43% drop, reflecting profit-taking after the market’s recent rally. However, investor participation remained strong, with trading volume rising sharply to 1.03 billion shares, compared with 761.9 million shares in the previous session.

Market capitalization followed the downward trend, slipping to ₦106.3 trillion across 51,227 deals, down from ₦106.7 trillion recorded a day earlier.

What the data is saying

The ASI’s pullback trimmed the market’s year-to-date return to 6.71%, signaling a temporary pause in bullish momentum rather than a broad reversal.

On the gainers’ table, Nestlé Nigeria led the pack with a 10.00% surge to ₦2,153.80, while NCR (Nigeria) followed closely with a 9.97% gain. On the flip side, McNichols and Caverton recorded steep losses of 9.99% and 9.47%, respectively.

Trading activity was concentrated in insurance and banking stocks. Sovereign Trust Insurance topped the volume chart with 245.1 million shares, followed by Access Holdings (78.4 million) and Zenith Bank (72.4 million). Jaiz Bank and Lasaco rounded out the top five by volume.

In terms of transaction value, Zenith Bank Plc led with ₦5 billion, followed by Geregu Power (₦4.1 billion), Nestlé Nigeria (₦2.3 billion), GTCO (₦2.0 billion), and Access Holdings (₦1.8 billion).

Top 5 Gainers

Nestlé Nigeria — Up 10.00% to ₦2,153.80
NCR (Nigeria) — Up 9.97% to ₦116.90
Jaiz Bank — Up 9.92% to ₦8.20
Morison — Up 9.90% to ₦5.66
Mecure — Up 9.84% to ₦97.70

Top 5 Losers

McNichols — Down 9.99% to ₦6.58
Caverton — Down 9.47% to ₦7.65
Ikeja Hotel — Down 9.43% to ₦35.05
FTN Cocoa — Down 9.38% to ₦7.05
Neimeth — Down 8.91% to ₦9.20

SWOOTs and FUGAZ performance

Large-cap stocks worth over one trillion naira (SWOOTs) largely traded lower. Aradel declined 5.11%, while Nigerian Breweries and International Breweries fell 2.33% and 0.67%, respectively.

Among the FUGAZ banking stocks, UBA, GTCO, and Access Holdings closed in negative territory, while Zenith Bank ended flat. First HoldCo stood out, gaining 4% against the broader market trend.

Why it matters

The session reflects market rotation and profit-taking after a strong start to the year. While heavyweight stocks and banking names faced selling pressure, sharp gains in counters like Nestlé Nigeria and First HoldCo suggest that investor confidence remains selective rather than absent.

Market outlook

With the ASI holding just above the 166,000-point mark, near-term direction will depend on whether selling pressure persists. A short-term retracement could open up new entry opportunities, especially if buying interest returns to fundamentally strong stocks.

EU Removes Nigeria from High-Risk Financial List Following FATF Delisting

The European Union has officially removed Nigeria from its list of high-risk jurisdictions for money laundering and terrorism financing, marking a major milestone for the country’s financial credibility and reform efforts.

According to a statement published on the European Commission website, Nigeria was delisted alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania. The decision follows Nigeria’s successful removal from the Financial Action Task Force (FATF) greylist in 2025.

The development is expected to ease cross-border financial transactions, reduce compliance costs for Nigerian businesses and banks, and improve overall investor confidence.

What changed

Under the new decision, enhanced due diligence requirements previously applied to transactions involving Nigeria will be lifted from January 29, 2026, subject to procedural approval by the European Parliament and the Council.

The European Commission explained that the update reflects decisions taken by the FATF at its June and October 2025 plenary sessions, where several countries were removed from the list of Jurisdictions under Increased Monitoring, commonly known as the greylist.

“The EU has added new third-country jurisdictions to the list (Bolivia and the British Virgin Islands) and delisted a number of others (Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania),” the Commission stated.

EU-regulated institutions are required to apply heightened scrutiny when dealing with countries on the high-risk list. With Nigeria’s removal, such measures will no longer apply to Nigerian-related transactions once the regulation takes effect.

Nigerian government reacts

While the Presidency has not issued an official statement, Nigeria’s Minister of State for Finance, Doris Uzoka‑Anite, welcomed the development in a post on X, describing it as a major win for the country.

She praised Bola Ahmed Tinubu for the achievement, noting that the decision would boost trade prospects and strengthen investor confidence in Nigeria’s economy.

Why this matters

Being classified as a high-risk jurisdiction often results in higher transaction costs, delayed payments, restricted correspondent banking relationships, and reduced foreign investment. Nigeria’s removal from the EU list is therefore significant for banks, exporters, fintech firms, and businesses with European partners.

With enhanced due diligence requirements lifted, Nigerian entities are expected to face fewer compliance hurdles, supporting smoother trade flows, easier remittances, and improved access to international capital. This comes at a time when Nigeria is actively seeking to attract foreign investment and deepen its integration into global financial markets.

The move also reinforces Nigeria’s credibility in its ongoing efforts to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) framework and curb illicit financial flows.

What you should know

Nigeria was removed from the FATF greylist in October 2025 after implementing wide-ranging reforms to improve financial oversight, transparency, and enforcement. The country had been added to the greylist in February 2023, alongside South Africa.

Mozambique was added in October 2022, while Burkina Faso had been designated as early as February 2021. Their collective delisting reflects increased compliance with international AML/CFT standards and sustained engagement with global financial regulators.

Overall, Nigeria’s removal from both the FATF greylist and the EU high-risk list represents a critical step toward restoring international confidence in the country’s financial system and improving its attractiveness as an investment destination.

NIDF Reports ₦23.6 Billion Profit in 2025 on Strong Infrastructure Loan Returns

The Nigerian Infrastructure Debt Fund (NIDF) has reported a pre-tax profit of ₦23.6 billion for the full year ended 2025, representing a solid improvement from the ₦19.5 billion recorded in the previous year.

The performance was disclosed in the fund’s audited financial statements filed on January 15, 2026, with the Nigerian Exchange (NGX).

A closer review of the results shows that the fourth quarter of 2025 contributed ₦6.7 billion to full-year earnings, compared with ₦5.9 billion in the corresponding period of 2024, underscoring steady earnings momentum toward year-end.

What drove the stronger performance

The improved profitability was largely driven by robust interest income from infrastructure loans, which continues to be the fund’s primary revenue source.

Interest income from infrastructure loans rose to ₦21.5 billion, up 22.26% year-on-year, reflecting stronger loan deployment and improved returns across the portfolio. In addition, net fair value gains on infrastructure loans jumped sharply to ₦1.0 billion, representing a 170.83% increase compared with the prior year.

Although other income declined by 10.14% to ₦3.2 billion, the strong performance of the core lending portfolio more than offset the drop. As a result, total income increased by 19.44% to ₦25.7 billion, while total expenses rose modestly by 8.0% to ₦2.1 billion, highlighting effective cost management.

Overall, pre-tax profit climbed by 20.61% year-on-year to ₦23.6 billion.

Breakdown of income performance

The fund’s financials show that interest income remains the dominant earnings driver. Interest earned in Q4 2025 stood at ₦4.8 billion, slightly below the ₦4.9 billion recorded in Q4 2024, but still a meaningful contributor to the full-year result.

Combined with fair value gains and other income, NIDF maintained consistent earnings growth while keeping operating costs relatively contained, supporting stronger margins for the year.

Balance sheet expansion

NIDF’s balance sheet also strengthened in 2025, with total assets rising to ₦137.7 billion, up from ₦120.7 billion in the previous year.

Financial assets measured at fair value accounted for ₦95.8 billion, while cash and cash equivalents stood at ₦40.2 billion, reflecting strong liquidity. Total liabilities increased slightly to ₦7.05 billion, compared with ₦6.9 billion in 2024, with distribution payables of ₦5.5 billion accounting for nearly all liabilities.

On the equity side, members’ funds rose by 14.93% to ₦130.7 billion, while units in issue expanded to 1.19 billion units, up from 1.05 billion units in the prior year.

Portfolio mix and investor returns

The fund’s investment portfolio spans nine infrastructure sectors, providing diversification across Nigeria’s real economy. Its largest exposure remains a 176-kilometre pipeline project, accounting for 41% of the portfolio. Marine infrastructure represents 20%, followed by 458 off-grid solar sites (11%) and 1,125 telecom towers (10%).

Other assets include two gas processing plants (9%), solar home systems (3%), two independent power producer sites (3%), a student accommodation project (2%), and three broadband internet projects (1%).

For investors, the Q4 2025 distribution yield stood at 20.99%, equivalent to ₦4.68 per unit. Over the full year, NIDF outperformed its benchmark, the 10-year Federal Government of Nigeria bond, by 415.19 basis points, reinforcing its appeal as a high-yield infrastructure investment vehicle.

Why it matters

NIDF’s 2025 results highlight the growing role of infrastructure debt in delivering stable, inflation-beating returns, while supporting critical long-term assets across energy, transport, telecoms, and utilities. The strong earnings growth, expanding asset base, and competitive distribution yield position the fund favourably as investors continue to seek predictable income in Nigeria’s evolving capital market.

EFCC Secures Interim Forfeiture of $150,000 Linked to Vetifly Global Director Emmanuel Okoh

The Economic and Financial Crimes Commission (EFCC) has obtained a Federal High Court order for the interim forfeiture of $150,000 linked to Emmanuel Okoh, a director of Vetifly Global Inc., following allegations of an unfulfilled investment agreement.

The anti-graft agency disclosed the development on Thursday through its official X (formerly Twitter) account, noting that the forfeiture order is part of efforts to recover funds allegedly tied to unlawful activity.

Court order and background

According to the EFCC, the interim forfeiture was granted by Yellim Bogoro, a judge of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, January 14, 2026.

The order stems from an investment dispute dating back to February 2022. EFCC investigations revealed that a petitioner invested $1.5 million in Vetifly Global Inc.’s aviation business under an agreement that promised a 100% return after 365 days. The commission alleged that Okoh failed to honour the terms of the agreement and subsequently travelled abroad, leaving the investor without recourse.

In a statement issued by the agency, the EFCC confirmed that the court ordered the interim forfeiture of the $150,000 suspected to be proceeds of unlawful activity, pending the determination of the substantive case.

Details of the investment dispute

Further investigations uncovered an Aircraft Services Agreement between Vetifly Limited and Xejet Limited. Under the arrangement, Vetifly was to provide funding for an air cargo operation, while Xejet was responsible for regulatory approvals, operations, and technical management.

The EFCC disclosed that $1,499,990 was paid by REMX Capital Limited, an entity associated with Vetifly Limited, into Vetifly’s First Bank of Nigeria account on March 2, 2022. The transaction was said to be supported by SWIFT transfer documents submitted by the petitioner.

EFCC counsel A.M. Dambuwa filed a motion ex parte seeking the interim forfeiture of the $150,000, which the court granted. Justice Bogoro also directed the commission to publish the forfeiture order in a national newspaper, giving any interested party the opportunity to appear and show cause why the funds should not be permanently forfeited to the Federal Government.

The matter has been adjourned until February 11, 2026, for a report on compliance with the court’s interim order.

Why this matters

The forfeiture order adds to the EFCC’s ongoing efforts to recover funds linked to financial and economic crimes. In recent years, the commission has reported recoveries totalling ₦566 billion, $411 million, and 1,502 properties, alongside significant sums in other foreign currencies.

Between October 2023 and September 2025, the EFCC received more than 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases, and secured 7,503 convictions. The latest court order underscores the agency’s continued focus on tracing and recovering disputed investment funds while pursuing accountability through the judicial process.

NGX, DEG Convene CEOs to Unlock Up to $3bn in Net-Zero Climate Capital for Nigerian Corporates

The Nigerian Exchange Group (NGX Group), in partnership with Germany’s development finance institution DEG and Africa Foresight Group, has intensified efforts to mobilise between $2.5 billion and $3.0 billion in climate-linked capital for Nigerian companies, as global investors increasingly tie funding decisions to sustainability performance.

The renewed push took centre stage at an NGX–DEG CEO Roundtable held at the NGX head office in Lagos on Thursday, January 15, 2026. The high-level forum brought together chief executives, development finance institutions, and capital-market stakeholders to accelerate corporate climate commitments under the NGX Net-Zero Programme (N-Zero). The event concluded with a ceremonial Closing Gong, underscoring the Exchange’s commitment to embedding climate considerations into capital-market operations.

As sustainability metrics become central to capital allocation, NGX Group and its partners stressed that the challenge for Nigerian corporates is no longer whether to act on climate risk, but how quickly ambition can be translated into execution. According to discussions at the roundtable, companies that demonstrate credible transition strategies could unlock up to $3.0 billion in blended finance, green funding, and sustainability-linked investments over the medium term.

Understanding Net-Zero Climate Capital

Net-Zero Climate Capital refers to funding directed at projects and businesses that help reduce greenhouse-gas emissions to net-zero levels by balancing emissions produced with emissions reduced or removed. According to NGX Group, such capital supports clean energy deployment, energy-efficiency improvements, climate-smart agriculture, low-carbon manufacturing, and carbon-removal technologies—while still generating competitive financial returns. The objective is to fight climate change without stalling economic growth, enabling companies to expand using cleaner and more resilient technologies.

Capital markets as climate catalysts

Opening the session, the Group Chairman of NGX Group, Umaru Kwairanga, said Africa’s climate response must be anchored in its capital markets to be credible and scalable. He noted that the NGX Net-Zero Programme is designed to move companies from climate ambition to measurable action, adding that transparency and credible transition plans have become prerequisites for competitiveness in global markets.

Climate risk becomes a valuation issue

Presenting the investment case, NGX Group’s Managing Director and Chief Executive Officer, Temi Popoola, said climate risk has evolved from a reputational concern into a core financial consideration. According to him, global capital is increasingly conditional, with sustainability performance directly influencing the cost of capital and corporate valuation. Companies that integrate climate considerations into governance and strategy, he said, are better positioned to attract long-term investors.

Development finance backs private capital mobilisation

DEG’s support for the initiative was reinforced by Monika Beck, a member of DEG’s Management Board. She said the partnership reflects DEG’s strategy of mobilising private capital to accelerate climate action while delivering measurable development impact. By working with NGX Group, DEG aims to scale solutions that are both commercially viable and environmentally impactful.

Execution over intent

Panellists and participants consistently highlighted execution as the critical bottleneck. The Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, noted that climate disclosures must translate into tangible investor value through access to capital, technical expertise, and credible frameworks. Similarly, the President and Group Chief Executive Officer of Transcorp Plc, Owen Omogiafo, emphasised the need for a practical and inclusive transition that balances sustainability objectives with economic growth and social impact.

Backed by funding and technical support

The roundtable builds on a multi-million-naira co-funding partnership between NGX Group and DEG Impulse gGmbH under Germany’s develoPPP programme. The collaboration provides subsidised net-zero transition planning, technical capacity building, and access to globally recognised disclosure and transition frameworks for listed companies.

Overall, the initiative positions Nigeria’s capital market as a key conduit for climate finance, aligning corporate growth with global net-zero goals while protecting jobs, attracting long-term investment, and strengthening environmental sustainability.

‹ Previous
1
…
6
7
8
9
10
…
16
Next ›

Forgot Password