Microfinance banks recorded 22,977 financing-statement filings in the first quarter of 2026, a 38.4 per cent increase from 16,600 in the same period of 2025, reinforcing their dominance of Nigeria’s secured-credit market.

Data from the Central Bank of Nigeria’s Quarterly Statistics on the Number of Financing Statements by Creditor and Debtor Type, sourced from the National Collateral Registry, showed that MFBs accounted for 84.6 per cent of all filings in Q1 2026, despite a sharp increase in commercial-bank activity.

An analysis by The PUNCH found that the MFBs added 6,377 filings year-on-year, even as their market share fell from 94.1 per cent in Q1 2025. The decline reflected a surge in filings by deposit money banks rather than a contraction in MFB activity.

Meanwhile, total financing-statement filings across all creditor categories, including Development Finance Institutions, Finance Houses, Mortgage Banks and Non-bank Financial Institutions, rose 53.9 per cent to 27,170 in Q1 2026 from 17,650 a year earlier.

Deposit money banks recorded the biggest increase, with their filings jumping 955.1 per cent from 272 to 2,870 during the period. Despite the surge, MFBs still accounted for more than four out of every five financing-statement filings in the quarter, underscoring their continued importance to micro and small-business financing.

MFB activity also strengthened through the quarter.

Filings rose from 6,110 in January to 8,045 in February and peaked at 8,822 in March. March’s 8,822 filings represented a 45.4 per cent increase over the 6,066 recorded in March 2025. February rose 39.2 per cent from 5,779, while January increased 28.5 per cent from 4,755.

Analysts react

In separate phone interviews with The PUNCH, expert analysts, including Research Analyst at CSL Stockbrokers, Mobifoluwa Adesina, said the MFBs’ credit filing growth showed deeper penetration of formal financing among underserved businesses.

“Indeed, the increase in financing-statement filings is a useful indicator of credit activity and financial inclusion, particularly because it suggests that more micro and small businesses are accessing formal financing,” he said.

But the investment analyst cautioned: “However, the number of filings should not be interpreted as a direct measure of the size or value of Nigeria’s credit market, since a filing records a lender’s security interest and different filings can represent vastly different loan sizes.”

Adesina said the data should complement indicators such as loan values, outstanding SME credit, loan growth and repayment performance.

“Nevertheless, the 38.4 per cent y/y increase in MFB filings is significant as it points to deeper credit penetration among an important but traditionally underserved segment of the economy,” he remarked.

He attributed the MFBs’ dominance to their business model and proximity to micro and small businesses

“In my view, the dominance of MFBs largely reflects their business model and proximity to the micro and small-business segment. They are designed to serve underserved borrowers and are generally better positioned to accommodate smaller loan sizes, shorter tenors and more frequent repayment structures,” Adesina said.

He urged commercial banks to adopt more flexible approaches to SME lending.

“Commercial banks can learn from MFBs by making SME lending faster, more flexible and relationship-driven, using cash flows and transaction history alongside traditional collateral to assess borrowers. Simplifying processes and offering financing that matches the needs and cash cycles of smaller businesses can also improve access to credit,” he said.

On her part, Associate, Investment Research and Consulting at Afrinvest, Olamide Ologunagbe, said regulation had made lending central to the MFB business model.

“Microfinance banks have a mandate to lend to their customers and are required to maintain a loan-to-deposit ratio of about 80 per cent. Given the nature of their licences, they are also expected to lend to small businesses and individuals. By design, MFBs serve as the credit base for the micro economy, and this shapes how they run their businesses,” she said.

She added that MFBs had less scope than deposit money banks to rely on investment income.

“They are also expected to generate 80 per cent of their gross income from interest income, making lending the core of their business model. So, by default, the biggest incentive for MFBs is their regulatory mandate to lend,” Ologunagbe said.

Beyond MFBs and commercial banks, finance houses increased their filings by 265.2 per cent, from 155 in Q1 2025 to 566 in Q1 2026, while non-bank financial institutions rose 21.7 per cent from 622 to 757.

The commercial-bank increase was particularly pronounced in March, when DMB filings climbed to 1,914 from 108 a year earlier.

The development means Nigeria’s secured-credit market is expanding on two fronts: MFBs are deepening their reach among smaller borrowers, while commercial banks are rapidly increasing their use of the collateral-registration system.

Microfinance banks recorded 22,977 financing-statement filings in the first quarter of 2026, a 38.4 per cent increase from 16,600 in the same period of 2025, reinforcing their dominance of Nigeria’s secured-credit market.

Data from the Central Bank of Nigeria’s Quarterly Statistics on the Number of Financing Statements by Creditor and Debtor Type, sourced from the National Collateral Registry, showed that MFBs accounted for 84.6 per cent of all filings in Q1 2026, despite a sharp increase in commercial-bank activity.

An analysis by The PUNCH found that the MFBs added 6,377 filings year-on-year, even as their market share fell from 94.1 per cent in Q1 2025. The decline reflected a surge in filings by deposit money banks rather than a contraction in MFB activity.

Meanwhile, total financing-statement filings across all creditor categories, including Development Finance Institutions, Finance Houses, Mortgage Banks and Non-bank Financial Institutions, rose 53.9 per cent to 27,170 in Q1 2026 from 17,650 a year earlier.

Deposit money banks recorded the biggest increase, with their filings jumping 955.1 per cent from 272 to 2,870 during the period. Despite the surge, MFBs still accounted for more than four out of every five financing-statement filings in the quarter, underscoring their continued importance to micro and small-business financing.

MFB activity also strengthened through the quarter.

Filings rose from 6,110 in January to 8,045 in February and peaked at 8,822 in March. March’s 8,822 filings represented a 45.4 per cent increase over the 6,066 recorded in March 2025. February rose 39.2 per cent from 5,779, while January increased 28.5 per cent from 4,755.

Analysts react

In separate phone interviews with The PUNCH, expert analysts, including Research Analyst at CSL Stockbrokers, Mobifoluwa Adesina, said the MFBs’ credit filing growth showed deeper penetration of formal financing among underserved businesses.

“Indeed, the increase in financing-statement filings is a useful indicator of credit activity and financial inclusion, particularly because it suggests that more micro and small businesses are accessing formal financing,” he said.

But the investment analyst cautioned: “However, the number of filings should not be interpreted as a direct measure of the size or value of Nigeria’s credit market, since a filing records a lender’s security interest and different filings can represent vastly different loan sizes.”

Adesina said the data should complement indicators such as loan values, outstanding SME credit, loan growth and repayment performance.

“Nevertheless, the 38.4 per cent y/y increase in MFB filings is significant as it points to deeper credit penetration among an important but traditionally underserved segment of the economy,” he remarked.

He attributed the MFBs’ dominance to their business model and proximity to micro and small businesses.

“In my view, the dominance of MFBs largely reflects their business model and proximity to the micro and small-business segment. They are designed to serve underserved borrowers and are generally better positioned to accommodate smaller loan sizes, shorter tenors and more frequent repayment structures,” Adesina said.

He urged commercial banks to adopt more flexible approaches to SME lending.

“Commercial banks can learn from MFBs by making SME lending faster, more flexible and relationship-driven, using cash flows and transaction history alongside traditional collateral to assess borrowers. Simplifying processes and offering financing that matches the needs and cash cycles of smaller businesses can also improve access to credit,” he said.

On her part, Associate, Investment Research and Consulting at Afrinvest, Olamide Ologunagbe, said regulation had made lending central to the MFB business model.

“Microfinance banks have a mandate to lend to their customers and are required to maintain a loan-to-deposit ratio of about 80 per cent. Given the nature of their licences, they are also expected to lend to small businesses and individuals. By design, MFBs serve as the credit base for the micro economy, and this shapes how they run their businesses,” she said.

She added that MFBs had less scope than deposit money banks to rely on investment income.

“They are also expected to generate 80 per cent of their gross income from interest income, making lending the core of their business model. So, by default, the biggest incentive for MFBs is their regulatory mandate to lend,” Ologunagbe said.

Beyond MFBs and commercial banks, finance houses increased their filings by 265.2 per cent, from 155 in Q1 2025 to 566 in Q1 2026, while non-bank financial institutions rose 21.7 per cent from 622 to 757.

The commercial-bank increase was particularly pronounced in March, when DMB filings climbed to 1,914 from 108 a year earlier.

The development means Nigeria’s secured-credit market is expanding on two fronts: MFBs are deepening their reach among smaller borrowers, while commercial banks are rapidly increasing their use of the collateral-registration system.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority is weighing its next move to prevent it from losing regulatory authority over midstream and downstream companies located in free trade zones.

Last week, a Federal High Court in Lagos issued an interim injunction restraining the NMDPRA from shutting down or interfering with the operations of the Dangote Petroleum Refinery in the Lekki Free Zone, Lagos.

Justice Akintayo Aluko made the order while ruling on a motion ex parte marked FHC/L/CS/1174/26, filed and argued by counsel to Dangote Petroleum Refinery Nigeria Limited, led by Olawale Akoni and Abimbola Akeredolu.

The refinery had approached the court following a letter dated August 24, 2026, in which the NMDPRA allegedly directed the suspension of the loading and truck-out of petroleum products from the refinery.

In his ruling, Justice Aluko said he had carefully considered the application, the affidavit evidence, exhibits and submissions of counsel, including the NMDPRA’s letter. The judge noted that the refinery’s case was that the NMDPRA lacked regulatory or oversight powers over operations within free zones, including the Dangote Industrial Free Zone.

Justice Aluko also referred to a letter dated March 2, 2026, issued by the Attorney-General of the Federation, which, according to the judge, stated that the NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.

The judge further held that the refinery had satisfied the conditions required for the grant of an interim injunction. “Accordingly, I find merit in the application, and the same is hereby granted in terms of the reliefs sought,” Aluko ruled.

When contacted, the spokesman of the NMDPRA, George Ene-Ita, declined further comments on the matter, saying, “I can’t comment on a case before the court.”

While not denying the NMDPRA’s letter to shut the Dangote refinery, Ene-Ita refused to give details on why the regulator ordered the refinery to stop loading.

However, other senior officials within the NMDPRA disclosed that the regulator is weighing the next move as far as the case and the ruling are concerned. It was gathered that the agency’s legal team and its management “will decide the next line of action”.

In May, the NMDPRA declared that petroleum companies operating in free zones, export processing zones and other designated areas in Nigeria remain fully subject to the provisions of the Petroleum Industry Act 2021 and regulations issued under the law. The regulator stated this in an industry circular

Free zones are designated areas created by the government to encourage investment and industrial activities through tax incentives, customs waivers and simplified business regulations. They include export processing zones, industrial parks and special economic zones where companies often enjoy exemptions from certain taxes and administrative procedures.

However, the NMDPRA stressed that such incentives do not exempt oil and gas operators from petroleum sector regulations under the PIA. “The operation of any midstream or downstream petroleum facility within a free zone, export processing zone or similar area does not exempt such facility and its operations from compliance with the provisions of the PIA and regulations made thereunder,” it stated.

In the circular addressed to managing directors and chief executives of oil and gas midstream companies, downstream firms, petrochemical and fertiliser companies, as well as import and export terminals, the authority reaffirmed its statutory powers over all midstream and downstream petroleum activities nationwide.

APM Terminals has signed a Memorandum of Understanding for the development of the proposed $2.5bn Badagry Deep-Seaport, as Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, led a Federal Government delegation to Denmark to strengthen maritime cooperation and attract further investment into the country’s port infrastructure.

The Special Adviser to the Minister, Dr Bolaji Akinola, announced this in a statement on Wednesday. Recall that in a bid to bridge the infrastructure gap through Public-Private Partnerships, the Federal Executive Council, in 2022, approved the concession of the Badagry Deep-Seaport on a Build, Own, Operate and Transfer PPP model.

The $2.5bn port project, which is under the regulatory guidance of the Infrastructure Concession Regulatory Commission, is expected to generate over $53bn within the 45-year concession period.

According to the statement, the MoU, signed in Copenhagen, marks a significant step towards the development of the greenfield port project, which is expected to provide additional deepwater capacity, accommodate larger container vessels and create new transhipment opportunities for Nigeria and the wider West African market.

The statement added that the MoU was signed by the Group Chief Executive Officer of A.P. Moller–Maersk, Vincent Clerc, on behalf of APM Terminals, and Managing Director of Badagry Port Development Limited and Quinn McGrath Marine and Environmental Services Limited, Didi Ndiomu.

“The agreement commits the parties to exclusive negotiations to explore the development of Badagry Port, with APM Terminals expressing its commitment to carrying forward the project.

“The development formed part of broader engagements during Oyetola’s visit to Denmark, where the minister and his delegation held discussions with senior representatives of the Danish government and the wider Danish maritime sector,” the statement read in part.

Speaking on the development, Oyetola said the Federal Government remains committed to strengthening Nigeria’s maritime infrastructure and creating an enabling environment for long-term private-sector investment in the sector.

“Our engagement in Denmark underscores the Federal Government’s commitment to modernising Nigeria’s maritime infrastructure and unlocking the full potential of our blue economy.

“Partnering with global terminal operators like APM Terminals to explore strategic greenfield developments such as the Badagry Port is central to President Bola Ahmed Tinubu’s vision of positioning Nigeria as West Africa’s premier trade and logistics hub,” Oyetola said.

As part of the engagement with APM Terminals, the parties also discussed the extension of the company’s port concessions at the Lagos Port Complex Apapa and the West Africa Container Terminal, Onne.

The proposed Badagry project is expected to complement existing port infrastructure by providing a new deepwater gateway capable of handling larger vessels and supporting increased cargo volumes.

APM Terminals said the development could be transformational for Nigeria’s role in West African trade, particularly by creating significant new opportunities for transhipment.

The Managing Director, Africa & Europe, APM Terminals, part of the A.P. Moller–Maersk Group, Igor van den Essen, said, “APM Terminals is keen to contribute to Nigeria’s economic growth and position as a trade hub in West Africa.