Advans La Fayette Microfinance Bank has raised N6bn through its maiden commercial paper issuance under its N20bn Commercial Paper Programme, as the lender seeks to expand financing for micro, small and medium enterprises across the country.

The bank disclosed this in a statement on Thursday, 18 June 2026, noting that the Series 1 issuance was oversubscribed, indicating strong investor confidence in its operations, governance structure and growth prospects.

The commercial paper issuance marks the bank’s debut in the Nigerian capital market and is expected to strengthen its funding base, improve liquidity and diversify its sources of funding.

Speaking during a signing ceremony held at the Lagos office of the Lead Issuing House, Anchoria Advisory Services Limited, the Managing Director and Chief Executive Officer of Advans La Fayette Microfinance Bank, Mr Elvis Oheneba, said the transaction represented a major milestone in the institution’s growth journey.

He stated that proceeds from the issuance would be deployed to support lending activities, particularly to MSMEs, which play a critical role in job creation and economic development.

According to him, the successful fundraising exercise demonstrates investors’ confidence in the bank’s strategy and long term vision.

He said, “Today represents more than the execution of a financing transaction. It is a strong statement of confidence in our institution, our strategy, our governance framework and our long-term ambition to deepen financial inclusion while building a stronger and more sustainable financial institution.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has revealed a growing reliance by Dangote Petroleum Refinery on imported gasoline blendstock, mainly to boost its refined fuel production, The PUNCH reports.

Latest industry data obtained from the NMDPRA’s Midstream and Downstream Petroleum Statistics for May 2026 and analysed by our correspondent on Sunday showed that the 650,000 barrels-per-day refinery imported about 1.46 billion litres of intermediates and gasoline blendstock between January and May this year, despite receiving volumes of domestic and imported crude oil.

The industry report showed that the refinery continued to supplement crude oil processing with imported intermediates, helping it sustain daily petrol production of 44.7 million litres and achieve an average capacity utilisation of 101.25 per cent in May.

It also indicates that the refinery continued to rely on imported intermediates and gasoline blendstock to optimise production of Premium Motor Spirit despite increased access to crude oil supplies.

The PUNCH reports that gasoline blendstock refers to intermediate petroleum products used in refining operations to produce finished petrol that meets required quality and environmental specifications.

The product, rather than being sold directly to consumers, serves as an intermediate feedstock that is blended with other refinery streams and additives to produce Premium Motor Spirit that meets required quality, octane and environmental specifications.

The blendstocks can be mixed with products generated from crude oil refining to increase petrol output, improve fuel quality and enhance refining flexibility. Common gasoline blendstocks include reformate, alkylate, naphtha and other high-octane blending components.

By introducing gasoline blendstocks into the refining process, a refinery can increase the volume of finished petrol produced without relying solely on crude oil inputs. This can be particularly useful when domestic demand is strong or when refiners seek to maximise returns from specific products.

In the case of Dangote Refinery, the NMDPRA data suggest that imported blendstocks may be helping the facility sustain high petrol output and reach its nameplate capacity of 650,000 barrels per day.

An analysis of the report by our correspondent showed that Dangote Refinery imported 658.31 million litres of gasoline blendstock in January, 306.89 million litres in February, 102.35 million litres in March, 147.37 million litres in April and 240.59 million litres in May.

The cumulative volume imported during the five-month period stood at approximately 1.46 billion litres. The latest data showed that after three consecutive months of decline between January and March, the refinery increased its blendstock intake in April and May, signalling stronger feedstock purchases as production activities expanded.

The May volume of 240.59 million litres represented a 63.3 per cent increase from the 147.37 million litres imported in April. The development comes as the refinery sustained high utilisation rates and continued to dominate Nigeria’s domestic fuel supply market.

According to the NMDPRA report, the refinery operated at an average capacity utilisation of 101.25 per cent in May, underscoring strong operational performance at the facility.

The report further showed that the refinery produced an average of 44.7 million litres of Premium Motor Spirit per day during the month. Out of the total PMS produced, about 41.5 million litres per day were supplied to the domestic market, while closing stock stood at 9.4 million litres.

The refinery also produced 24.5 million litres of Automotive Gas Oil, commonly known as diesel, daily. Of this volume, 18.2 million litres were supplied locally while 6.5 million litres were exported. For aviation fuel, the refinery recorded daily production of 21.9 million litres. Domestic supply stood at 2.8 million litres per day, while exports reached 17.5 million litres daily.

Further analysis of the NMDPRA data showed that the refinery continued to receive a combination of domestic and imported crude oil feedstock. In May, domestic crude supplied to refineries stood at 15.84 million barrels, while imported crude accounted for 2.08 million barrels, bringing total crude receipts to 17.92 million barrels.

This compares with total crude receipts of 18.37 million barrels in April, made up of 17.96 million barrels of domestic crude and 410,000 barrels of imported crude. The figures suggest that despite improvements in local crude supply, imported feedstocks and intermediates remain an important component of the refinery’s operations.

On a comparison of imported gasoline feedstock and capacity output, the data suggests that Dangote Petroleum Refinery is increasingly deploying imported gasoline blendstock as a strategic feedstock to maximise petrol production and sustain operations at levels close to, and even above, its installed refining capacity.

Total crude receipts increased from 9.53 million barrels in January to a peak of 20.92 million barrels in March before moderating to 17.92 million barrels in May.

In January, when crude receipts stood at 9.53 million barrels, Dangote recorded its highest gasoline blendstock import volume of the year at 658.31 million litres. The high level of imports during the period likely reflected efforts by the refinery to supplement feedstock availability and maintain product output as crude supply arrangements were still being stabilised.

As crude supplies improved in February and March, the refinery’s dependence on imported blendstock declined sharply. Total crude intake rose to 13.11 million barrels in February and further to 20.92 million barrels in March, while gasoline blendstock imports dropped from 306.89 million litres in February to just 102.35 million litres in March, the lowest level recorded during the five-month period.

The pattern suggested that increased access to crude oil reduced the refinery’s immediate need for imported gasoline components, allowing more products to be generated directly from refining operations.

However, the trend changed again in April and May. Despite maintaining strong crude receipts of 18.37 million barrels in April and 17.92 million barrels in May, the refinery increased its intake of gasoline blendstock from 147.37 million litres in April to 240.59 million litres in May, representing a 63.3 per cent rise within one month.

The increase coincided with some of the refinery’s strongest operational performance indicators since the commencement of production.

According to the NMDPRA report, Dangote Refinery achieved an average capacity utilisation rate of 101.25 per cent in May, surpassing its installed nameplate capacity. The refinery also produced 44.7 million litres of Premium Motor Spirit daily during the month, while supplying 41.5 million litres per day to the domestic market.

With a nameplate processing capacity of 650,000 barrels per day, the refinery would require about 20.15 million barrels of crude to operate at full capacity throughout a 31-day month. However, total crude receipts in May stood at 17.92 million barrels, below that threshold.

Yet, despite receiving less crude than the volume theoretically required for full-capacity operations, the refinery still reported utilisation above 100 per cent, suggesting that imported intermediates and gasoline blendstock played a complementary role in boosting finished product output.

The latest statistics also highlighted the continued absence of contributions from state-owned refineries. According to the report, the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and Kaduna Refining and Petrochemical Company were all classified as being under shutdown status as of May 2026.

Banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document.

The document, obtained by The PUNCH from the apex bank’s website, showed that attempted fraud across the banking and payments ecosystem amounted to N187.79bn during the six-year period, while actual losses stood at N134.48bn.

The losses were recorded across multiple payment channels, including over-the-counter transactions, Automated Teller Machines, cheques, e-commerce platforms, Internet banking, mobile banking, Point of Sale terminals, web channels and other electronic payment platforms, highlighting the growing challenge of safeguarding Nigeria’s increasingly digital financial system.

An analysis of the data showed that fraud losses increased steadily from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure rose further to N17.67bn in 2023 before surging dramatically to N52.26bn in 2024, the highest annual loss recorded within the six-year period.

The 2024 figure alone accounted for nearly 39 per cent of the total N134.48bn lost between 2020 and 2025, showing the scale of the fraud challenge faced by banks, payment service providers and customers.

Similarly, attempted fraud climbed from N13.26bn in 2020 to N14.48bn in 2021, N16.41bn in 2022 and N19.72bn in 2023 before jumping to N86.36bn in 2024. However, both attempted fraud and actual losses declined in 2025, falling to N37.57bn and N25.85bn, respectively. The report attributed the sharp rise in fraud losses in 2024 largely to a major internal fraud case involving N30bn.

According to the document, “Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn. Web fraud incidents also increased by 169 per cent.”

The apex bank noted that the trend demonstrated how a single large-scale fraud incident could significantly distort industry-wide loss figures despite improvements in several digital payment channels.

Before the 2024 spike, the report showed that fraud patterns had evolved across different payment platforms.

In 2021, web-based fraud declined by 43 per cent, but losses still increased because of a 276 per cent rise in Point of Sale fraud incidents. In 2022, fraud losses rose by 12 per cent, driven largely by major fraud incidents affecting corporate accounts, while ATM fraud surged by more than 2,000 per cent despite declines in mobile, POS and web channels.

The report further revealed that fraud losses in 2023 increased by 23 per cent, largely due to an explosion in e-commerce-related fraud cases. “Fraud losses rose by 23 per cent, largely due to a spike in e-Commerce incidents, which escalated by 1,961 per cent. Mobile, POS, and Web channels recorded moderate increases,” the CBN stated.

Despite the persistent fraud threat, the regulator said the industry recorded a notable improvement in 2025 following stricter controls and enhanced collaboration among stakeholders.

The document stated, “In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring.”

It added that the Central Bank of Nigeria, working alongside industry stakeholders, had strengthened oversight and introduced collaborative safeguards aimed at reducing vulnerabilities across payment platforms.

The findings come as Nigeria experiences an unprecedented shift towards electronic payments, with instant transfers, mobile banking, fintech applications and digital wallets becoming central to daily commercial activities.

In the foreword to the Payments System Vision 2028 document, CBN Governor Olayemi Cardoso said Nigeria’s payments ecosystem had evolved into one of the most dynamic and innovative in the world over the past decade, driven by real-time payments, digital adoption and fintech-led transformation.

Cardoso said the country had recorded significant growth in electronic payments and digital financial services under the previous Payments System Vision 2025 framework but stressed that the next phase would require stronger resilience and coordination as the system continued to expand.

The CBN acknowledged that while digitalisation has improved financial inclusion and lowered transaction costs, it has also created new risks that require stronger cybersecurity measures, consumer protection mechanisms and fraud-monitoring systems.

Under the new Payments System Vision 2028, the regulator plans to prioritise security, trust, innovation, interoperability, inclusion and collaboration as guiding principles for the next stage of payments system development. The framework also seeks to strengthen regulatory oversight, improve cyber resilience and deploy emerging technologies to combat increasingly sophisticated fraud threats.