The Central Bank of Nigeria (CBN) says the next stage of fintech development in Nigeria must focus on five important outcomes to achieve sustainable growth of the initiative.
Mr. Yemi Cardoso, Governor, Central Bank of Nigeria (CBN) said in a goodwill message at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos that Nigeria’s fintech development must deliver digital financial services that are reliable, secure, fair and accessible.

Cardoso, who was represented by Dr. Rakiya Yusuf, Director, Payments System Supervision, added that Nigerians should be able to transact with confidence, including during periods of high demand.

“Charges should be clear, complaints resolved promptly and failed transactions addressed without unnecessary hardship to customers, Cybersecurity and fraud prevention must remain a shared responsibility, institutions must continually invest in secure technology, effective controls and practical customer education.”

Mr. Babatunde Ajiboye, Assistant Director at CBN, who stood in for Yusuf, said another major strategy is to ensure that “competition must also remain open and fair, with qualified participants having equal access to essential payment infrastructure.”

The apex bank said it cannot achieve these strategies alone, saying that banks, fintech companies, mobile money operators, switches, processors, telecom companies, consumer groups and government institutions all have important roles to play to realise the outcomes.
Looking ahead, the CBN said:

“The future of Nigeria’s digital financial ecosystem is promising. Our population is young, entrepreneurial and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation. With appropriate regulation, responsible conduct and sustained investment, Nigeria can build a digital financial system that serves as a model for Africa and the wider world.”

The CBN governor promised that the apex bank will continue to support innovation that solves real problems, expands access and strengthens the economy.

“We will also continue to act where market conduct, concentration, weak governance or operational risks threaten customers or the stability of the system. Our message is simple: innovation welcome, fair competition is essential and public trust must remain at the centre of everything we do.”

He commended the Business Journal Media Group for organising the Roundtable and encouraged participants to engage openly and develop practical recommendations that will advance a safer, fairer and more inclusive digital financial ecosystem in Nigeria.

Guinea Insurance Plc has surpassed the ₦15 billion minimum capital requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM), following the successful completion of its hybrid capital raising exercise.

The insurer raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. The transactions were conducted in compliance with regulatory guidelines and received all necessary approvals from the Securities and Exchange Commission (SEC).

Managing Director of Guinea Insurance Plc, Mr. Ademola Abidogun, said the proceeds from the capital raising exercise, when combined with the company’s existing paid-up capital, have positioned the insurer above the ₦15 billion minimum capital requirement for non-life insurance companies, subject to final regulatory capital verification.

He described the milestone as a major achievement in the company’s recapitalisation programme, noting that it reinforces Guinea Insurance’s commitment to strengthening its financial position, expanding its underwriting capacity, and creating sustainable value for shareholders and other stakeholders.

Abidogun expressed appreciation to the company’s shareholders, investors, regulators and professional advisers for their confidence and support throughout the capital raising process, which he said contributed significantly to the successful outcome of the exercise.

The company also announced that the allotment results for both the Rights Issue and the Private Placement will be published in national newspapers on or before August 6, 2026, in line with regulatory requirements.

Guinea Insurance Plc reaffirmed its commitment to completing the recapitalisation process and said it would continue to keep shareholders, investors and other stakeholders updated on further developments, including the outcome of the final regulatory capital verification exercise.

Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 per cent decrease. However, output was 1.18 per cent higher than the 1.70 million barrels per day recorded in June 2025.

According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.

It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”

Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.

The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 per cent completion, with final tie-in works ongoing.

It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”

Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 per cent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”

NNPC said it would continue implementing measures to sustain production growth despite operational challenges.

It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”

Africa must stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

The National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Patience Okala, said this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than the signing of trade agreements alone.

“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises and young entrepreneurs across the continent,” she said.

The Federal Government has ruled out any immediate increase in electricity tariffs, saying its priority is to improve power supply, achieve universal metering and ensure consumers pay only for the electricity they consume.

The Minister of Power, Joseph Tegbe, disclosed this on Friday during a media roundtable on the resetting of Nigeria’s power sector in Lagos.

He said, contrary to public speculation, the current administration had no policy to raise electricity tariffs beyond the existing levels, stressing that efforts would instead be directed at improving service delivery and protecting electricity consumers.

“First, there is no policy by this administration to increase electricity tariffs beyond its current level. Our priority is not tariff increase in the immediate term. Our priority is service improvement, universal metering and ensuring Nigerians pay only for the electricity they actually consume,” the minister said.

He added that the Federal Government would continue to examine additional mechanisms to protect vulnerable consumers while improving the financial sustainability of the Nigerian Electricity Supply Industry.

“Indeed, the Federal Government will continue to examine additional mechanisms for protecting vulnerable consumers whilst simultaneously improving the financial sustainability of the market,” he stated.

Tegbe said the government’s position formed part of a broader strategy to reset the power sector through reforms designed to improve electricity supply, strengthen the national grid, restore investor confidence and make the electricity market financially sustainable.

According to him, the reforms build on the implementation of the Electricity Act, which has created opportunities for states to establish electricity markets suited to their economic realities, while the Federal Government is also advancing a Power Sector Bond initiative to settle legacy obligations owed to generation companies, gas suppliers and other market participants.

The minister said the Presidential Metering Initiative remained central to the reforms, noting that the government was moving decisively towards universal metering to eliminate estimated billing and ensure transparency in electricity billing.

He also announced the inauguration of the Power Force initiative, which would engage 5,000 Nigerian youths in meter installation nationwide while developing technical skills through the National Power Training Institute of Nigeria.

Tegbe disclosed that Nigeria had consistently generated 5,000 megawatts of electricity over the past two weeks, attributing the improvement to enhanced operational coordination, better plant availability and stronger collaboration across the electricity value chain.

“Although much work remains, enhanced operational coordination, improved plant availability and better engagement across the value chain are beginning to produce measurable improvements,” he said.

The minister, however, maintained that increased electricity generation alone would not solve Nigeria’s power challenges, saying the sector required coordinated improvements in generation, transmission, distribution and market payments.

As part of the government’s sector transformation agenda, the minister announced plans for a comprehensive technical audit of the national transmission network, harmonisation of federal and state electricity regulation, strategic investments in the Lagos, Enugu–Port Harcourt and Abuja–Kaduna–Kano transmission corridors, and the implementation of what it called a ‘Super Grid Programme’ to strengthen the national transmission backbone.

Tegbe expressed confidence that Nigerians would begin to see visible improvements in electricity availability within the next few months, while a stronger grid, lower technical losses, improved market discipline, expanded electricity access and greater operational capacity would be achieved over the next two to three years.