NAHCO Renews Qatar Airways, Saudia, ASKY Deals, Signs FlyGabon as Solar Exports to U.S. Take Off

Nigerian Aviation Handling Company (NAHCO) Plc has reinforced its dominance in the aviation services sector with a string of contract renewals, new airline partnerships, and a bold expansion into international cargo exports.
The company confirmed the extension of its long-standing agreements with Qatar Airways, Saudia, and ASKY Airlines – a move that underscores sustained confidence in NAHCO’s operational capabilities. While its partnership with Qatar Airways has been renewed for another three years, Saudia committed to a five-year extension, and ASKY renewed for an additional three-year term.
In a significant boost to its client portfolio, NAHCO said it also secured a fresh three-year contract with emerging carrier FlyGabon, covering operations from October 2024 through September 2027. The partnership aligns with FlyGabon’s growing footprint in Nigeria and its ambition to strengthen connectivity across West, Central, and Southern Africa.
Beyond aviation services, NAHCO is charting new territory in cargo logistics with the export of solar cells to the United States. The initiative, driven by BGE (Nigeria) Solar FZE, commenced in January 2026 and has seen shipments routed through global carriers such as Lufthansa, Ethiopian Airlines, Turkish Airlines, and DHL. Consignments, ranging between 20 and 50 tonnes, were handled via freight partners including Access Freight and Ideal Royal.
These latest deals build on earlier agreements with global airlines such as Air France, KLM, Virgin Atlantic, and RwandAir, further cementing NAHCO’s leadership in West Africa’s ground handling space.
With over four decades of operations, NAHCO continues to evolve beyond ground handling into logistics, energy, and commodity exports -positioning itself as a diversified powerhouse within and beyond Nigeria’s aviation ecosystem.
Nigerian Manufacturing in Crisis: Credit Access Plunges 22.5%, Sector Pleads for Urgent Policy Rescue

The Nigerian manufacturing sector is facing an existential credit crunch, with commercial bank lending to the industry contracting by a staggering ₦1.92 trillion in just one year, according to an urgent position statement released by the Manufacturers Association of Nigeria (MAN).

Fresh data reveals that credit allocation to manufacturers plummeted from ₦8.53 trillion in December 2024 to ₦6.61 trillion by December 2025—a severe year-on-year contraction of 22.5%. This decline is one of the largest among major economic sectors, leaving manufacturing far behind the oil & gas (₦10.59 trillion) and finance (₦9.24 trillion) sectors, a trend MAN decries as a preference for “speculative and rent-seeking activities over tangible productivity.”

The Roots of the Credit Squeeze

MAN attributes this alarming trend to a “toxic combination” of factors:

Prohibitive Interest Rates: Despite a slight reduction in the Monetary Policy Rate (MPR), manufacturers still face average prime lending rates of 27% and maximum rates soaring to 35.6%, making long-term capital investment financially unviable.

Restrictive Banking Policies: The Central Bank of Nigeria’s (CBN) high Cash Reserve Ratio (CRR) of 45-50% locks away significant banking liquidity. Furthermore, commercial banks, acting as intermediaries for development funds, impose stringent, risk-averse collateral requirements that exclude most genuine manufacturers.

Broken Policy Promises: The association highlights the “persistent non-implementation” of the ₦1 trillion Manufacturing Stabilization Fund, first announced in the 2024 Accelerated Stabilization and Advancement Plan (ASAP), as a critical failure that has left factories without a promised fiscal cushion.

CBN’s Policy Shift: MAN links the credit contraction directly to the CBN’s decision to halt its direct development finance interventions, such as the Real Sector Support Fund (RSSF). This has cut off manufacturers from concessionary single-digit loans, forcing them into a high-interest commercial market while amplifying bank risk aversion.

Dire Consequences for the Economy

MAN warns that this credit starvation has severe macroeconomic implications:

Stifled Production: High borrowing costs block technology upgrades and prevent manufacturers from maintaining optimal capacity utilization.

Stunted Growth: The sector’s contribution to real GDP risks remaining structurally hobbled below 10%, stifling economic diversification.

Job Losses: Factories are pushed into “defensive, structural survival mode,” leading to systematic downsizing and increased unemployment.

Worsening Inflation: A drop in domestic production creates supply shortages, fueling inflation and increasing dependence on expensive imports, which drains foreign exchange reserves.

Policy Paralysis: The credit squeeze threatens to sabotage the execution of the ambitious 2025 Nigeria Industrial Policy (NIP), rendering its targets for job creation and competitiveness “unfunded and unrealizable mandates.”

MAN’s Urgent Demands: A Path Forward

To avert a deeper industrial crisis, MAN has outlined a clear set of demands for monetary and fiscal authorities:

Lower Interest Rates: A reduction of the benchmark interest rate by 200–300 basis points in the next two quarters.

Incentivize Lending: Reduce the CRR for banks that allocate at least 40% of their loan portfolio to manufacturers at single-digit rates.

Empower Development Finance: Significantly increase the capital base of the Bank of Industry (BOI) to meet credit demands directly and expand its intervention fund to allow manufacturers to refinance existing high-interest loans at a fixed 7–9% rate for 10 years.

Implement Guarantees: Operationalize a 50% government-backed guarantee for loans to Small and Medium Industries in value-added processing.

Release the Stabilization Fund: Immediately communicate the status and enforce the release of the long-awaited ₦1 Trillion Manufacturing Stabilization Fund, proposing its management be transferred to BOI with a 9% interest cap and a 7-day processing timeline.

Conclusion: A Call for Structural Decoupling

MAN concludes that the sector’s financial starvation stems from a “fundamental breakdown in policy alignment and distribution architecture.” It argues that using risk-averse commercial banks as channels for developmental funds neutralizes their economic intent.

The association earnestly implores the government to “radically decouple developmental credit from standard commercial banking frameworks” and establish independent, transparent channels to deliver affordable credit directly to manufacturers.

“Until policy promises are structurally insulated from hostile commercial loan criteria and translated into accessible capital,” MAN states, “Nigeria’s ambition to transform into a competitive manufacturing powerhouse will remain permanently stalled.”

APC, Adeleke campaign council clash over death, rally accident in Osun

Political tensions in Osun State intensified on Wednesday as the All Progressives Congress, APC, and the Imole Campaign Council exchanged accusations following separate incidents that claimed lives and left several people injured ahead of the governorship election.

The latest exchanges came after the death of an Accord Party member, Ajayi Aderogba, popularly known as Rogba, in Esa-Oke, Obokun Local Government Area, on Tuesday, and a separate road accident involving APC supporters travelling for a political rally in Ede on Wednesday.

A member of the House of Representatives and Director-General of the Osun APC Governorship Campaign Council, Oluwole Oke, rejected allegations linking him and the APC to Aderogba’s killing during preparations for a political event supporting Governor Ademola Adeleke’s second-term bid.

The accusation was first made by the spokesperson for the Adeleke Campaign Organisation and Imole Campaign Council, Pelumi Olajengbesi, who alleged that Oke had attempted to frustrate the political programme in Esa-Oke and was connected to the incident that led to Aderogba’s death.

Responding through his media aide, Tunde Omolebi-Sunday, Oke described the allegations as false, premature and unsupported by evidence, insisting that neither he nor the APC had any involvement in the killing.

“Such conclusions, made without any credible investigation or report from security agencies, are not only premature but deeply irresponsible. Oke and the APC had no connection whatsoever to the death and urged security agencies to carry out a thorough investigation,” the statement said.

The lawmaker also expressed condolences to the family of the deceased and called on residents and political actors to allow investigators to establish the circumstances surrounding the incident.

Meanwhile, the Imole Campaign Council issued a separate statement mourning APC supporters involved in a truck accident on their way to a rally in Ede, describing the development as tragic and extending sympathies to the bereaved families and injured victims.

The council said it was “profoundly saddened” by reports that a truck allegedly suffered brake failure and rammed into a procession of APC supporters, resulting in one fatality and leaving several others receiving treatment in hospital.

“We extend our heartfelt sympathies to the family of the departed and everyone touched by the loss. The council wishes those injured a speedy recovery and prays against a recurrence of such incidents,” it stated.

However, the council criticised the conduct of the APC campaign organisation after the accident, alleging that party leaders continued political activities despite the loss of lives.

It also referenced allegations previously made against Oke regarding the death of the Accord Party member in Esa-Oke.

Political parties condemn absence of Accord, APC from Osun election peace dialogue

Concerns over the absence of two major political parties dominated discussions at a Nigeria Police-organised stakeholders’ peace meeting in Osogbo on Wednesday as preparations intensify for the 2026 Osun State governorship election.

Representatives of smaller political parties criticised the failure of the ruling Accord and the All Progressives Congress, APC, to attend the meeting organised by the Osun State Police Command and other security agencies.

The gathering brought together political parties, electoral officials and security stakeholders, who used the forum to advocate peaceful conduct before, during and after the election.

Several participants expressed worries that the absence of the two parties could undermine efforts aimed at promoting a violence-free electoral process in the state.

Speaking at the meeting, the governorship candidate of the Allied Peoples Movement, APM, Adewale Adebayo, described the boycott as troubling, noting that the parties involved should have participated in discussions designed to foster peace.

“It is scary that the two political parties that have been fingered at one point or another for killing, maiming and harassing each other’s supporters are not here. They need to be here to agree to the terms of peace,” he said.

He added that the APM would continue to work with security agencies to support a peaceful and credible election in Osun State.

The Chairman of the BOOT Party in Osun, Prince Adesoji Adeleke, also faulted the absence of the Accord and the APC, arguing that their participation was essential to the success of the peace initiative.

“The two political parties causing the problem for us in the state are not here. This is disgusting. What is the essence of our sitting here? They know what they plan for themselves ahead of the election,” he said.

Earlier, Osun State Commissioner of Police, CP Ibrahim Gotan urged political actors to conduct their campaigns responsibly and cooperate with security agencies throughout the electoral period.

Gotan said parties and candidates should notify the police and other security agencies before holding rallies, processions or political gatherings to enable adequate security arrangements and prevent possible clashes.

“Early notification will enable security agencies to deploy personnel effectively, provide adequate security coverage, manage traffic, prevent clashes, and ensure the safety of participants as well as members of the public,” he said.

He also warned against the destruction of opponents’ campaign materials.

Also addressing participants, the Resident Electoral Commissioner of the Independent National Electoral Commission in Osun State, Mrs Oluwatoyin Babalola, expressed concern over recent violence in the state, saying incidents that resulted in loss of lives had created fear among residents and political stakeholders.

She urged parties, candidates and supporters to embrace issue-based campaigns, reject hate speech and misinformation, and respect the rule of law throughout the election period.

Abia Govt blames old oil pipeline for explosion in Owaza community

Abia State Government has said that a petroleum pipeline laid about seventy years ago is responsible for the explosion that occurred in Umuololo Owaza, Ukwa West LGA of the State.

The  pipeline, which is part of Oil Mining Lease (OML) 11,  exploded at about 1:30 am Monday, causing a serious oil spill that affected people’s homes, farms, schools, shops and livestock.

Inspecting the extent of damage, officials of the Abia State government expressed concern about the environmental impacts the  explosion had on residents of Umuololo.

The State government’s delegation led by Commissioner for Environment, Philemon Asonye Ogbonna and Commissioner for Petroleum and Mineral Resources, Professor Joel Ogbonna,  lamented that several buildings and  other property were severely affected in Umuololo, though no life was lost.

Speaking at the site of the explosion, Abia State Commissioner for Petroleum and Mineral Resources, Professor Joel Ogbonna said that preliminary findings showed that the exploded pipeline  was laid about seventy years ago and should not have  remained in use by 2026.

He directed the oil company that owns the pipeline to immediately clean up the affected community and to replace the old pipeline, in order  to prevent a future disaster.

Also, Abia State Commissioner for Environment, Philemon Asonye Ogbonna, assured the affected villagers that the Abia State government was closely monitoring the situation, saying that efforts were on to address the incident.

Ogbonna said that the administration of Governor Alex Otti is determined to protect Abia communities from environmental pollution, degradation and other safety challenges.

Police clarify video allegedly showing its personnel interacting with bandits in Katsina

The Nigeria Police Force has clarified a video circulating online showing a police officer allegedly interacting with bandits riding on motorcycles.

CSP Anietie Okokon Edem Iniesu, Force Public Relations Officer, in a statement described as video as tissues of lies emanating from the pit of hell.

According to the statement, it’s a calculated attempt to destroy the image of the Nigeria Police Force, noting that the video captured a routine interaction between a police officer and security volunteers as they proceeded to a designated operational area in support of efforts to combat criminality and enhance public safety.

“For the avoidance of doubt, the individuals featured in the video are not bandits. They are duly recognized members of the Vigilante Group of Nigeria (VGN) and registered hunters who are actively supporting ongoing security operations in collaboration with security agencies in Musawa and Matazu Local Government Areas of Katsina State,” the statement said

It said any claim suggesting otherwise is entirely false, malicious, and intended to mislead the public, adding that the police force condemns the deliberate distortion of facts and the circulation of misinformation capable of causing public anxiety, undermining confidence in security institutions, and frustrating ongoing security operations.

It urged members of the public to disregard the misleading claims attached to the video and rely only on information disseminated through official channels of the Nigeria Police Force and other authorized government sources.

The Force warns individuals and groups engaged in the creation, publication, or dissemination of false information capable of prejudicing public peace and security to desist immediately, as appropriate legal action may be taken against violators.

Public outcry grows over prolonged incarceration of Taraba journalist

After spending six months in prison custody without the commencement of substantive trial proceedings, a Taraba State based journalist, Gabriel Olayinka may finally have an opportunity to defend himself in court as the Upper Area Court II in Jalingo, the state capital, has fixed July 2, 2026, for a definite hearing in his case.

The development came on Wednesday after the court, presided over by Justice Lawan Jika, granted a request by the defence for accelerated hearing in the case involving allegations of criminal breach of trust brought against the journalist by one Mr. Isa Jubri.

For Olayinka, the court’s decision represents a significant step in a legal battle that has kept him behind bars for half a year without witnesses being called or substantive proceedings commencing.

For observers, however, the case has become a symbol of growing concerns over prolonged pre-trial detention and delays in the administration of justice.

During Wednesday’s proceedings, prosecuting counsel, Barrister D.G. Tukura, informed the court that the prosecution was still awaiting statements of account and other relevant documents from three commercial banks. He also indicated that key witnesses required for the prosecution’s case had yet to appear before the court.

The request effectively signaled another possible delay in a matter that has already stretched over several months.

However, the defence strongly opposed any further adjournment. Representing Olayinka, Barrister Longs Lugnan of P.D. Pius & Associates argued that the prosecution had repeatedly failed to produce substantial witnesses despite the continued incarceration of his client.

“Justice delayed is justice denied. This matter has suffered prolonged delay while my client remains in prison. We pray for accelerated hearing,” Lugnan told the court.

His argument appeared to resonate with the court, as Justice Jika subsequently fixed July 2, 2026, for a definite hearing, signaling a determination to move the matter forward.

Olayinka’s continued detention has generated considerable attention within media and civil society circles in Taraba State and beyond.

The journalist has remained in custody since his arrest over allegations arising from a complaint lodged by Isa Jubri.

Despite the seriousness of the allegations, critics have questioned why substantive trial proceedings have not commenced after six months, especially in a case involving an accused person who remains incarcerated.

Legal practitioners noted that prolonged detention before trial often raises concerns about the constitutional right to fair hearing within a reasonable time, a principle enshrined in Nigeria’s legal framework.

Although courts are sometimes confronted with procedural challenges, including delays in obtaining documentary evidence and securing witnesses, legal observers argue that prolonged adjournments can undermine public confidence in the justice system.

In a related development, the State High Court sitting in Jalingo, also on Wednesday mentioned Olayinka’s application seeking a review of his bail conditions.

The application is viewed by supporters of the journalist as another avenue through which he may regain his freedom pending the conclusion of his trial.

However, the matter suffered a setback after prosecuting counsel, Barrister Tukura, requested additional time to respond to the application.

He attributed the delay to technical difficulties involving his work device.
Following the request, the court adjourned proceedings on the bail review application until July 6, 2026.
Broader Concerns

The Olayinka case has increasingly drawn public scrutiny not only because of the allegations against him but also because of the length of time he has remained in custody without substantive trial proceedings.

Human rights advocates and legal analysts have repeatedly warned that prolonged pre-trial detention contributes to prison congestion and raises fundamental questions about access to justice.

For many observers, the July 2 hearing date will be closely watched as a test of whether the judicial process can finally move beyond preliminary delays and address the substance of the allegations before the court.

As Olayinka awaits the next hearing from prison custody, attention remains focused on whether the prosecution will be ready to present its witnesses and documentary evidence, and whether the long-awaited trial will finally begin after six months of legal uncertainty.

Abduction crisis: Oyo begs NUT to end school shutdown

Makinde, OyoThe Oyo State Executive Council has appealed to the Nigerian Union of Teachers to allow students to go back to school and discontinue the disruption of the academic calendar.

The appeal was contained in a statement on Wednesday, issued by the Commissioner for Information, Dotun Oyelade, after the council meeting held on Tuesday.

The NUT had directed teachers in public schools in the state to shun classrooms following the May 15, 2026, abduction of teachers and pupils in Oriire Local Government Area.

The PUNCH reports that a total of 46 people, comprising 39 schoolchildren and seven teachers of Baptist Nursery and Primary School, Yawota; Community Grammar School; and L.A. Primary School, Esiele, in Oriire LGA, were abducted during the attack.

A teacher, Joel Adesiyan, was killed on the day of the attack, while one of the hostages, a Mathematics teacher, Michael Oyedokun, was beheaded in captivity, as shown in a viral video released by the captors.

The NUT, on Tuesday, hinged the reopening of public schools in the state on the government putting adequate security measures in place.

The secretary of the union, Mr Olukayode Salami, who spoke with the News Agency of Nigeria, said the union’s decision to withdraw teachers from classrooms was prompted by growing insecurity, including the killing of two teachers and the continued captivity of abducted victims.

He said schools might reopen once the government implements adequate security measures to restore confidence among teachers, parents and learners.

In his appeal on Wednesday, the state government, speaking through Oyelade, said, “While the reasons for the withdrawal of the students from school by the NUT are understandable, the collateral implications, both social and economic, are raising unintended concerns and should equally be considered by the NUT.”

He stated that the council reassured that the government was taking strategic steps to ensure that the issue of the kidnapping at Oriire Local Government would be brought to a close soon.

He also announced the release of N8,768,954,000 in the first instance for the procurement of teaching and learning materials for primary and junior secondary schools across the state, out of a total project of N23,012,000,000.

Oyelade said the textbooks to be purchased would be in numeracy, literacy, mathematics, English language, and basic science, in accordance with the Universal Basic Education Commission, in collaboration with the World Bank.

According to the commissioner, “Upon the successful procurement and distribution of the approved textbooks, Oyo State becomes eligible for a reward-based disbursement of two United States Dollars ($2) per student per subject, in line with the project’s results-based financing arrangement.”

Additionally, he said the council also approved the realignment and supplementary budget of the year 2026.

Oyelade added that to meet the aspirations of the administration and its determination to ensure that all ongoing projects across the state were completed before 2027, some ministries, departments, and agencies had requested increments in their budgets.

According to Oyelade, the council, therefore, increased the 2026 budget from N892,085,074,480.79 to N1,102,085,074,480.79.

The commissioner disclosed that the council was also briefed on the need to approve the execution of the African Continental Free Trade Area-related implementation programmes being undertaken by the Office of the Secretary-General of the AfCFTA Secretariat in collaboration with the Oyo State AfCFTA Office.

He noted that the Secretary-General of AfCFTA commended Governor Seyi Makinde for the remarkable progress recorded in the implementation of the AfCFTA initiative within the state, which has exposed Oyo to trade and investment opportunities in Africa, particularly in the areas of industrialisation, agribusiness, and export-oriented enterprises.

The council, therefore, approved the payment of $250,000 to the AfCFTA to provide Oyo State a good footing in attracting investment in Africa.

The commissioner also stated that after the successful implementation of Sustainable Action for Economic Recovery last year, the council approved the total sum of N5,909,734,750 for the implementation of the 2026 work plan of the Health Insurance and Food Security components of SAfER.

The commissioner recalled that SAfER was established by the governor in 2023 to cushion the economic impact of the removal of the petrol subsidy by the Federal Government.

“As a result, fares were reduced for workers, elderly people, and the vulnerable, food was equally distributed, health insurance was established for pensioners, and the government also supported small-scale entrepreneurs.

“Council was convinced that this assistance should continue because the hardship being experienced by citizens has not abated,” Oyelade added.

The council, according to him, congratulated Makinde on the return of the Shooting Stars Football Club to the elite continental competition after 27 years.

He revealed that the governor promised to ensure the Lekan Salami Stadium, Adamasingba, Ibadan, would be ready to host the competition.

Police deny inviting monarch

Oyo State Police command, on Wednesday, denied reports of inviting the Elesinele of Esinele in Oriire Local Government Area of the state, High Chief Tajudeen Abioye, over the May 15 abduction of schoolchildren and their teachers in the council area.

This was contained in a statement by the state Police Public Relations Officer, Olayinka Ayanlade.

The statement read, “This report is false, unfounded, and misleading. At no time was the said traditional ruler invited for questioning in relation to the ongoing investigation.”

The PUNCH reports that over 40 schoolchildren and teachers were abducted during coordinated attacks on Baptist Nursery and Primary School, Yawota, Community Grammar School and L.A. Primary School, Esiele, in Oriire Local Government Area of the state, on Friday, May 15, 2026.

The police command urged members of the public to disregard the report of the monarch’s arrest in its entirety and refrain from sharing unverified information capable of jeopardising ongoing security operations.

The statement read, “The attention of the Oyo State Police Command has been drawn to a report currently circulating across cyberspace alleging that High Chief Tajudeen Abioye, the Elesinele of Esinele in Oriire Local Government Area of Oyo State, has been invited for questioning in connection with ongoing investigations into the abduction of teachers and schoolchildren within the community.

“The Command wishes to categorically state that this report is false, unfounded, and misleading. At no time was the said traditional ruler invited for questioning in relation to the ongoing investigation. The Command views this publication as part of a deliberate campaign of misinformation and disinformation orchestrated by criminal elements aimed at creating division, generating unnecessary tension, and undermining coordinated security efforts currently directed at securing the safe rescue of the abducted victims and bringing perpetrators to justice.

“Members of the public are, therefore, advised to disregard the report in its entirety and refrain from sharing unverified information capable of jeopardising ongoing security operations.”

The command reiterated that it was working with relevant stakeholders and security agencies to ensure the safe rescue of the victims.

Marketers confirm receipt of fuel import licences

fuelFuel importers have confirmed receiving fresh licences from the Federal Government to import petroleum products into the country for the third quarter of 2026,

A dealer familiar with the development told The PUNCH on Wednesday that the approved companies had begun receiving their import permits from the Nigerian Midstream and Downstream Petroleum Regulatory Authority. “Yes, licences have been issued. We just got the licences today,” the dealer said.

The source, however, did not provide details of the volume allocated to the company under the import approval.

Findings by our correspondent showed that the beneficiaries include AA Rano, AYM Shafa, Pinnacle Oil, Matrix Energy, and NIPCO, among other downstream operators.

The confirmation comes barely a day after global energy intelligence firm Argus Media reported that the Federal Government had approved fresh imports of petrol and diesel for the July-September 2026 period to forestall possible fuel shortages across the country.

According to the report, the latest approvals were granted amid concerns over declining fuel stock levels and reduced gasoline production from the Dangote Petroleum Refinery, which has become a major supplier of petrol to the domestic market.

The PUNCH had earlier reported that the permits were issued to major downstream players as authorities sought to guarantee uninterrupted product availability nationwide while balancing local refining output with import requirements.

Argus Media had listed AA Rano, AYM Shafa, Bono Energy, NIPCO, Matrix Energy, and Pinnacle Oil among the companies cleared to import Premium Motor Spirit, popularly known as petrol, during the third quarter.

The fresh approvals signal the government’s continued efforts to maintain fuel supply stability despite increasing domestic refining capacity and ongoing reforms in the downstream petroleum sector.

The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.

Quoting a regulatory source, Argus reported that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.

According to sources cited by the publication, AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.

Jaiz Bank plans collateral-free loans for SMEs

Jaiz Bank plans collateral-free loans for SMEsJaiz Bank Plc has said it is awaiting the approval of the Central Bank of Nigeria to roll out new financing products that will enable small and medium-scale enterprises to access loans without traditional collateral requirements.

The Managing Director and Chief Executive Officer of the bank, Dr Haruna Musa, disclosed this while speaking with journalists in Abuja on Wednesday after the bank’s 14th Annual General Meeting.

Musa said the proposed products, targeted at SMEs and retail customers, would allow the bank to assess borrowers based on their cash flows rather than physical collateral, a move aimed at expanding access to finance and deepening financial inclusion.

According to him, the bank has already developed the products and is waiting for regulatory approval before launching them

“We have developed an SME-friendly product just awaiting the approval of our regulator, the Central Bank of Nigeria.

Once that is achieved, we will be doing cash-flow lending. We’ll assess you based on your actual cash flow, either with Jaiz Bank or with any other bank, and then we can lend to you depending on the capacity that you have,” he said.

He added that the financing model would reduce the burden of collateral requirements on small businesses. “Instead of that collateral structure, we might end up getting loan guarantees and signed GSI mandates. With that, we intend to see a lot of improvement in support for SMEs,” Musa said.

The Jaiz Bank boss noted that the lender plans to leverage technology to make access to financing easier, enabling customers to apply for and obtain financing remotely.

“We intend to make it a straight-through process whereby, from the comfort of your office or your home, you can use your mobile device to access our financing seamlessly without having to come to the bank,” he stated.

Musa said the initiative forms part of the bank’s broader strategy to support agriculture, SMEs and underserved communities through digital channels and agency banking.

“Jaiz Bank has always been at the forefront of supporting agriculture and micro, small and medium enterprises,” he said, adding that the bank’s agency banking network would help extend financial services to rural communities across the country.

The chief executive also announced that shareholders had approved plans to raise an additional N150bn in capital as the bank seeks to expand its operations and strengthen its balance sheet.

He said the capital raise would likely be executed in two or three tranches after obtaining the necessary regulatory approvals.

According to him, the fresh capital will enable the bank to finance larger transactions, particularly in agriculture, export trade, manufacturing and renewable energy.

Musa added that the bank would also channel part of the new capital towards food security initiatives, agricultural value chains, and alternative energy financing through its newly introduced alternative energy product.

The bank’s chief executive expressed confidence in the lender’s outlook despite global economic uncertainties, including geopolitical tensions in the Middle East and rising operating costs.

He said Jaiz Bank had adopted cost-saving measures such as migrating some branches off-grid, deploying inverter-powered facilities, and preparing to introduce electric vehicles into its operations.

“We are still very optimistic that, in spite of the elevated costs, we will see improvement in our cost-to-income ratio this year,” Musa said.

He disclosed that Jaiz Bank’s total assets rose by about 19 per cent to nearly N1.3tn in 2025, while customer deposits increased by more than 24 per cent to over N1.12tn. Profit before tax also grew by 28 per cent to N31.24bn during the period.

Musa further revealed that the bank currently operates 55 branches nationwide and plans to open 10 additional branches before the end of the year, bringing its network to 65 locations. The lender is present in 26 states and aims to establish a presence in all state capitals within the next two years.

He added that the bank also harbours ambitions of expanding beyond Nigeria within the next five years as it seeks to strengthen its position in the non-interest banking industry.

The PUNCH earlier reported that Jaiz Bank Plc recorded almost double the average gains in the stock market and the banking sector in the first four months of this year in a bullish run that highlighted investors’ confidence in the bank’s outlook.

Its year-to-date analysis at the Nigerian Exchange showed that investors in Jaiz Bank Plc saw the total value of their portfolios rising 106.6 per cent within the first four months of this year, compared with an average gain of 55.69 per cent recorded by the overall market benchmark and a 50.50 per cent average gain recorded in the banking sector.

The share price, which opened this year at N4.55 per share, closed the weekend at N9.40 per share, representing a net capital gain of 106.6 per cent.