Nigeria’s net FX flows hit $22.5bn, highest since 2019

cbnNigeria’s net foreign exchange flows rose to $22.50bn in the second quarter of 2026, their highest level since the final quarter of 2019, as a reduction in dollar outflows outweighed a slight decline in total inflows.

Data from the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin show that net FX flows increased by 5.5 per cent from $21.33bn in the first quarter to $22.50bn in Q2.

The improvement means more FX remained in the economy after accounting for outflows. However, it does not necessarily mean that all the funds entered the CBN’s reserves or were available for immediate use in the official market.

Total FX inflows fell from $32.39bn in Q1 to $31.43bn in Q2, while outflows dropped more sharply from $11.05bn to $8.93bn.

The $2.12bn decline in outflows more than offset the $960m reduction in inflows, lifting the net balance by $1.17bn.

Monthly figures also showed a steady rise in net flows during the quarter. Nigeria recorded $6.53bn in April, $7.91bn in May and $8.06bn in June, which was the strongest month of the period.

Despite the recovery, the Q2 figure remained below the historical peak of $31.93bn recorded in the third quarter of 2014. It was also lower than the $25.08bn reported in the fourth quarter of 2019.

The CBN figures show that autonomous sources, meaning FX transactions outside the central bank’s direct channel, played a major role in the quarter’s flows.

Net FX flows through autonomous sources stood at $6.70bn in April, fell to $5.70bn in May and rose to $6.74bn in June.

Flows through the CBN were more volatile. The central bank recorded a net outflow of $176.28m in April before posting net inflows of $2.21bn in May and $1.32bn in June.

The figures suggest that private sector and other autonomous channels continued to provide a substantial share of the net FX entering the economy.

The improvement also coincided with an increase in foreign portfolio investment.

Portfolio investment rose by 45 per cent to $6.51bn in Q2, from $4.49BN in Q1, according to previously reported CBN data.

Portfolio inflows can provide additional foreign currency to the economy and support activity in the financial markets. However, such funds can be withdrawn when investors’ expectations change, making them less stable than longer-term investments.

Foreign direct investment has remained a concern. Data from the National Bureau of Statistics showed that FDI declined sharply in Q1 of 2026, even as overall capital importation increased.

The contrasting movements indicate that Nigeria’s FX inflows are being shaped by different types of investment, with portfolio funds gaining ground while longer-term direct investment remains weak.

Sustained net FX inflows could help ease pressure on the FX market and improve dollar liquidity. The durability of that improvement will depend on whether inflows remain strong, outflows stay contained and more stable sources of foreign investment recover.

Stanbic IBTC’s assets rise to N9.6tn as profit grows

Stanbic IBTCStanbic IBTC Holdings Plc’s total assets increased by N978.6bn to N9.60tn as of September 2026, driven by growth in cash holdings, trading assets and financial investments.

The figure represents an 11.4 per cent increase from N8.62tn recorded at the end of December 2025, according to the group’s unaudited financial statements filed with the Nigerian Exchange.

Cash and bank balances rose to N1.95tn from N1.70tn, while trading assets increased to N1.31tn from N862.16bn over the nine-month period.

Financial investments also grew to N1.66tn from N1.49tn, adding to the group’s asset base.

Customer loans increased to N2.61tn from N2.38tn, indicating that the group extended more credit to customers. However, loans to other banks fell sharply to N428.08bn from N1.47tn.

 

The growth in total assets came alongside an increase in customer deposits, which rose to N4.57tn from N4.37tn. Total deposits, including funds from other banks, climbed to N5.37tn from N4.78tn.

Higher deposits provide the group with more customer funds to manage and potentially deploy into lending and investments.

The group’s total liabilities also increased, reaching N8.17tn in September from N7.50tn at the end of 2025. Shareholders’ equity rose to N1.43tn from N1.12tn, reflecting an increase in the value attributable to owners after liabilities are deducted from assets.

The asset expansion coincided with stronger earnings. Stanbic IBTC reported a profit of N370.4bn for the first nine months of 2026, up from N278.5bn in the corresponding period of 2025.

The figures show that the group expanded its balance sheet while increasing profits, although the sharp decline in loans to other banks suggests that the composition of its lending assets changed during the period.

Airtel Africa sets Oct 30 for half-year results

Airtel AfricaTelecommunicat-ions and mobile money service provider Airtel Africa Plc has formally announced that it will disclose its financial results for the half-year period ended 30 September 2026, on Friday, 30 October 2026.

Operating across 14 diverse markets in sub-Saharan Africa, the multinational telecommunications giant has experienced significant operational dynamics leading up to this disclosure, particularly driven by accelerating demand for mobile data services, network expansion investments, and ongoing developments within its mobile financial services ecosystem.

Market observers note that the upcoming corporate scorecard arrives at a critical juncture for the group, following strong performance indicators recorded in preceding trading quarters alongside evolving macroeconomic conditions across its key operating regions, including Nigeria.

The company’s strategic emphasis on broadening digital financial inclusion and upgrading core network infrastructure remains central to its revenue diversification efforts.

Against this backdrop, financial analysts and institutional investors are closely monitoring metrics related to subscriber acquisition, average revenue per user, and foreign exchange impacts on reported earnings.

According to official correspondence issued by the company, executive leadership will conduct a live briefing to present a detailed operational scorecard and answer questions regarding group performance.

In a formal notification signed by Group Company Secretary Simon O’Hara, the company stated, “Management will host a presentation and conference call on the day of results for analysts and investors at 12h00 UK time.”

The telecommunications group, which maintains an operational footprint across 14 countries in sub-Saharan Africa, noted that the upcoming webcast will highlight continuous growth trajectories across its key business segments, including mobile voice, data, and mobile financial services.

Market analysts expect the half-year disclosure to provide critical insights into network infrastructure investments, subscriber growth metrics, revenue diversification, and digital payment transactions.

Fidelity Bank Targets Growth For SMEs At Abuja Business Forum

Fidelity Bank Plc will conclude its 2026 Quarterly Business Forum series with an edition in Abuja, bringing together entrepreneurs, business owners, industry experts and other stakeholders to examine strategies for sustainable growth in the Federal Capital Territory.
The forum will hold on Wednesday, October 28, 2026, at Barcelona Hotel, No. 23 Blantyre Street, Wuse 2, Abuja. The theme is Building Sustainable Businesses, Unlocking Growth, Governance and Opportunity in the FCT.
Speaking ahead of the event, the Divisional Head of SME Banking at Fidelity Bank Plc, Mrs. Ugochi Osinigwe, said sustainable business growth depends on access to finance, sound governance, relevant knowledge and strong business connections.
She said, “At Fidelity Bank, we recognise that sustainable business growth requires a combination of access to finance, sound governance, relevant business knowledge and the ability to identify and maximise emerging opportunities. Through the Quarterly Business Forum, we are creating a platform where business owners can gain practical insights, strengthen their capabilities and connect with opportunities that will support their long-term success.”
“The Abuja edition will further reinforce the importance of building well-structured businesses that can adapt to changing market conditions, improve operational efficiency and position themselves for expansion. It will also provide an opportunity for participants to engage with relevant business stakeholders and explore pathways to greater competitiveness and resilience.”
Throughout 2026, the Quarterly Business Forum has promoted business engagement and knowledge sharing across the country. The Abuja edition will build on the gains of previous sessions, with discussions focused on governance, resilience and sustainable business practices.
Fidelity Bank supports entrepreneurs through its SME Banking proposition and SME Hub, which provide capacity building programmes, advisory services, networking opportunities and financial solutions tailored to the needs of businesses.
The Abuja forum will commence at 11.00 a.m. on Wednesday, October 28, 2026, at Barcelona Hotel, Wuse 2, Abuja.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
No voter should be denied voting rights due to disability, insecurity – INEC

No voter should be denied voting rights due to disability, insecurity - INEC The Independent National Electoral Commission, INEC, has urged the Nigeria Police Force and other security agencies to strengthen measures to protect persons with disabilities and guarantee their participation in the 2027 general elections.

The commission said electoral security arrangements must address the specific challenges faced by voters with disabilities, including intimidation, inaccessible polling units, communication barriers and threats of violence.

INEC Chairman, Professor Joash O. Amupitan, SAN, made the appeal on Friday during a high-level technical engagement on disability-inclusive election security and protection protocols in Abuja.

The meeting, held at the Abuja Inter-Continental Hotel, brought together security agencies, the European Union, TAF Africa, organisations of persons with disabilities and other stakeholders to develop strategies for safer and more accessible elections.

Amupitan said the success of an election should be measured not only by the conduct of voting but also by whether all eligible citizens could exercise their rights without fear or discrimination.

“The credibility of our elections depends not only on the voting process but also on the ability of every eligible citizen to participate freely, safely and without discrimination,” he said.

He warned that persons with disabilities remained vulnerable to obstacles that could restrict their participation and called for stronger safeguards against harassment, intimidation and insecurity.

“Persons with disabilities must be protected against intimidation, harassment, insecurity and other barriers that could prevent them from exercising their franchise,” the INEC chairman said.

Amupitan identified the 1999 Constitution, as amended, the Electoral Act 2026 and the Discrimination Against Persons with Disabilities (Prohibition) Act 2018 among the legal instruments supporting inclusive electoral participation.

He also cited Nigeria’s obligations under the United Nations Convention on the Rights of Persons with Disabilities and INEC’s 2026 Regulations and Guidelines for the Conduct of Elections, which provide for priority access, assistance and appropriate voting materials for persons with disabilities.

The chairman urged the police to maintain professionalism and impartiality while ensuring that security operations did not undermine the dignity or independence of voters requiring assistance.

“Appropriate assistance must preserve the dignity, independence, privacy and freedom of choice of voters with disabilities,” he said.

He called for disability-related concerns to be integrated into security assessments, personnel training, deployment plans and emergency-response procedures before election day.

According to him, such preparations should include identifying polling locations that are difficult to access, areas prone to congestion, potential security flashpoints and communication challenges that could prevent voters from casting their ballots.

Amupitan also advocated improved cooperation among INEC, the police and other security agencies through the Inter-Agency Consultative Committee on Election Security, ICCES.

He said the collaboration should facilitate timely information-sharing, clarify the responsibilities of participating agencies and ensure swift responses to emerging security threats.

The INEC chairman listed the development of clear disability-inclusive security protocols, specialised training for police officers, accessible incident-reporting channels and continuous engagement with organisations of persons with disabilities among the measures required ahead of the 2027 general elections.

2027: INEC seeks stronger security for persons with disabilities

2027: INEC seeks stronger security for persons with disabilitiesThe Independent National Electoral Commission, INEC, has urged the Nigeria Police Force and other security agencies to strengthen cooperation to guarantee the safe and unhindered participation of persons with disabilities, PWDs, in the 2027 general elections.

INEC Chairman, Prof. Joash O. Amupitan, SAN, made the appeal on Friday, October 23, 2026, during a high-level technical engagement on disability-inclusive election security and protection protocols at the Abuja Inter-Continental Hotel.

The meeting, themed “Securing the Vote for All: Advancing Inclusive, Safe and Rights-Based Electoral Participation Ahead of the 2027 General Elections,” was attended by representatives of the police and other security agencies, the European Union, TAF Africa, organisations of persons with disabilities and other stakeholders.

Amupitan said credible elections required more than an efficient voting process, stressing that every eligible Nigerian must be able to exercise their franchise freely, safely and without discrimination.

He noted that voters with disabilities must be shielded from intimidation, harassment, insecurity and other obstacles that could deny them the opportunity to participate in the electoral process.

The INEC chairman identified the 1999 Constitution, as amended; the Electoral Act 2026; the Discrimination Against Persons with Disabilities (Prohibition) Act 2018; and Nigeria’s commitments under the United Nations Convention on the Rights of Persons with Disabilities as legal frameworks supporting inclusive elections.

He also drew attention to Clauses 19, 21, 27 and 28 of INEC’s Regulations and Guidelines for the Conduct of Elections 2026, which provide for priority access, appropriate assistance and assistive voting materials for voters with disabilities.

On security arrangements, Amupitan highlighted the responsibility of the Nigeria Police Force to maintain public order, protect lives and property, prevent electoral violence and ensure a safe environment for the conduct of elections.

He urged security personnel to uphold professionalism, impartiality and sensitivity in their interactions with people with different disabilities. He added that assistance provided to voters must respect their dignity, independence, privacy and freedom to make their own choices.

According to him, disability inclusion should be incorporated into election security planning, personnel training, deployment strategies and incident-response procedures well ahead of Election Day.

He further called for security assessments to identify potential challenges, including inaccessible polling units, overcrowding, possible flashpoints and communication barriers that could hinder voters with disabilities.

Amupitan also stressed the importance of stronger collaboration among INEC, the police and other security agencies through the Inter-Agency Consultative Committee on Election Security, ICCES.

He said effective information-sharing, clearly defined responsibilities and timely responses to emerging threats would be critical to protecting voters.

UCL: ‘It’s unfair’ – Ahmet Çakar rejects Man of the Match award to Osimhen, names deserving players

OsimhenFormer Turkish referee, Ahmet Çakar has rejected the choice of Victor Osimhen as the Man of the Match after Galatasaray’s win over Lille.

He said that there are three other players who deserve the award more than Osimhen, having made more contributions.

The Nigerian forward registered his first goal against the French club, netting Galatasaray’s fourth goal in their 4-2 victory at the Stade Pierre-Mauroy.

Following his excellent performance against Lille, Osimhen received the Man of the Match award in acknowledgment of his exceptional contribution to the Yellow-Reds.

During an appearance on the BTV YouTube channel, Çakar said he had concerns regarding the selection, highlighting Barış Alper Yılmaz, Batrakov, and Yunus Akgün as players who deserved consideration for the award.

“It’s unfair that Osimhen was chosen as man of the match,” Çakar said, via habersarikirmizi.

“Osimhen didn’t play badly, but there are Barış Alper Yılmaz, Batrakov and Yunus Akgün.”

Osimhen has demonstrated considerable success throughout the season, accumulating seven goals and three assists across eight matches in all competitions.

Notwithstanding the controversy surrounding his Man of the Match accolade, the Nigerian forward remains committed to capitalizing on his present trajectory and sustaining his exceptional performance for Galatasaray.

NAFDAC discovers suspected counterfeit alcohol bottle store in Lagos

NAFDAC discovers suspected counterfeit alcohol bottle store in LagosThe National Agency for Food and Drug Administration and Control, NAFDAC, has uncovered more than 100 sacks of empty alcoholic beverage bottles stored at a residential property in Lagos, raising suspicions that they are being collected for the production of counterfeit drinks.

The bottles were found at a building located at 322B Meiran Road, Agbado Oke-Odo during an enforcement operation conducted by the agency’s Investigation and Enforcement Directorate.

NAFDAC said the recovered bottles were destroyed to prevent their possible reuse in the packaging of fake alcoholic beverages.

An Assistant Director in the directorate, Kunle Ojo, disclosed the development in a video released by the agency on Friday, explaining that the operation followed intelligence received about activities at the property.

According to Ojo, the building was situated in an isolated residential neighbourhood, where various materials, including empty alcoholic beverage bottles covered with tarpaulins, had been stored.

The bottles were of different sizes, with some bearing labels associated with alcoholic beverage brands such as Action Bitter and Royal Circle Premium Whiskey.

Ojo said investigators suspected that the bottles were being gathered for supply to individuals involved in the manufacture of counterfeit alcoholic drinks.

He explained that the suspected practice involved collecting and distributing empty branded containers to counterfeiters, who could refill them with other products and sell them as genuine alcoholic beverages.

The discovery has renewed concerns about the health dangers posed by counterfeit alcohol, particularly when fake products are packaged in containers carrying the labels of recognised brands. Such packaging can make it difficult for consumers to identify imitation products and distinguish them from genuine drinks.

NAFDAC condemned the alleged use of a residential building for the suspected operation, stating that the enforcement exercise formed part of its efforts to safeguard public health and combat the manufacture and distribution of counterfeit products.

The agency urged members of the public to report suspicious activities in their neighbourhoods to the nearest NAFDAC office, stressing that information provided by residents could assist enforcement officials in identifying and dismantling suspected counterfeiting operations.

NLC accuses Edo Govt of orchestrating night raid on electricity workers

NLC accuses Edo Govt of orchestrating night raid on electricity workersThe Nigeria Labour Congress, NLC, has accused the Edo State Government of being behind a night operation in Benin City that allegedly led to the arrest and assault of electricity workers, leaving the state chairman of the National Union of Electricity Employees, NUEE, Comrade William Uwumarogie, hospitalised.

The labour congress disclosed in a statement dated October 23, 2026, titled “Edo Government Bringing Shame to Nigeria!”, that Uwumarogie and other union members arrested on Thursday, October 22, had been released.

The statement, signed by the NLC Acting General Secretary, Comrade Benson Upah, said Uwumarogie was undergoing medical treatment for injuries he allegedly sustained during the operation at the Benin Electricity Distribution Company, BEDC, headquarters on Akpakpava Road.

According to the NLC, military personnel and suspected thugs were involved in the operation, during which the workers were allegedly apprehended while keeping watch in defence of their livelihoods amid an ongoing industrial dispute.

The congress condemned the incident, describing the alleged arrests and assault as unlawful and accusing the state government of resorting to force instead of dialogue to resolve labour-related disagreements. It characterised the action as an act of state-sponsored banditry.

The NLC said the incident was connected to an industrial dispute involving NUEE, an affiliate of the congress, which had embarked on industrial action over demands for improved working conditions and employment terms.

It maintained that the disagreement should have been resolved through negotiations and established industrial relations procedures rather than the alleged deployment of force against union members.

The congress also pointed to what it described as a pattern of hostility towards organised labour in Edo State, citing the alleged unlawful occupation of its state secretariat by the government. According to the NLC, the matter had drawn the attention of the International Labour Organization, ILO.

It further questioned the government’s conduct, alleging that its representatives had requested additional time to address industrial relations issues with the NLC during a meeting with the Federal Government in Abuja on Wednesday evening, even as preparations for the alleged operation were taking place in Benin City.

The labour body expressed concern over the apparent contradiction, asking why the government would seek more time to negotiate and allegedly resort to a night raid against union members within hours of the meeting.

The NLC listed five demands, urging the Edo State Government to apologise for the alleged violence against the workers, discontinue the use of force in industrial disputes, stop actions it said were damaging Nigeria’s reputation, end the alleged diversion of workers’ check-off dues, and ensure that Uwumarogie and other injured workers receive adequate medical attention.

It said Governor Monday Okpebholo would be held personally responsible for the workers’ full recovery.

The congress also urged the military leadership to investigate the incident and discipline any personnel found to have participated in the operation. It warned that using soldiers to carry out unlawful arrests could undermine the reputation and integrity of the military.

Reaffirming its backing for NUEE, the NLC declared solidarity with the union and said its affiliates and civil society allies had been placed on red alert.

Bank licence: CBN grants JPMorgan preliminary approval

Bank licence: CBN grants JPMorgan preliminary approvalThe Central Bank of Nigeria has granted approval-in-principle to JPMorgan to establish a merchant bank in Nigeria, marking a significant step towards the expansion of the American financial institution’s operations in the country.

The proposed bank, to be known as JPMorgan Merchant Bank Nigeria Limited, will operate subject to meeting regulatory requirements and the apex bank issuing a final banking licence.

In a statement issued on Friday, the Director of the Corporate Communications and Investor Relations Department at the CBN, Michael Akuka, announced the approval, describing it as a reflection of growing international interest in Nigeria’s financial sector.

The statement said, “The Central Bank of Nigeria has granted Approval-in-Principle to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited.”

The CBN explained that the development followed the implementation of its banking sector recapitalisation programme and other reforms intended to strengthen financial stability, improve market confidence and deepen Nigeria’s integration with global capital markets.

JPMorgan is one of the world’s largest financial institutions, with operations spanning investment banking, commercial banking, asset management and financial services.

Its proposed merchant banking subsidiary would expand its institutional presence in Nigeria, although the approval does not yet authorise the commencement of banking operations.

Merchant banks primarily provide specialised financial services, including corporate finance, investment banking, capital raising and advisory services, rather than conventional retail banking services.

The apex bank clarified that approval-in-principle represented only the first stage of its regulatory authorisation process.

Akuka explained that JPMorgan Merchant Bank Nigeria Limited must complete its incorporation with the Corporate Affairs Commission and satisfy all applicable operational and regulatory requirements before receiving a final licence.

The statement emphasised that the proposed institution could commence operations only after the CBN had issued the necessary final authorisation.

Speaking on the development, the CBN Governor, Olayemi Cardoso, said the bank’s reform agenda was aimed at establishing a financial system capable of attracting investment and supporting economic growth.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” Cardoso said.

He added that the interest shown by international financial institutions reflected the importance of sustaining reforms and strengthening confidence in Nigeria’s financial markets.

The CBN also announced its approval of Adedapo Olagunju as the proposed bank’s Managing Director.

Other approved appointments include Latter George, Nzelu Izunwanne and Syed Murtaza as Non-Executive Directors.

Alade Sarah Omotunde, Ajayi Olukonyinsola, and Adetu Seni were approved as Independent Non-Executive Directors.