The Nigeria Deposit Insurance Corporation has vowed to fully use its enhanced enforcement powers granted by the NDIC Act 2023 to recover outstanding loans from debtors of failed banks.

This was disclosed by the Managing Director and Chief Executive of the NDIC, Mr Thompson Oludare, at a sensitisation seminar for Debt Recovery Agents in Lagos under the theme ‘Operationalising the Provisions of NDIC Act 2023 for Effective Debt Recovery’.

The NDIC Act 2023 empowers the corporation to take interim custody of any movable or immovable property of an obligor identified as the bona fide owner of the said property. The same act empowers the NDIC to freeze the funds of an obligor of a failed insured institution with any insured institution.

Oludare, who was represented by the Director of the Legal Department, Olufemi Kushimo, warned that the culture of loan defaults and protracted litigation used by debtors to stall payments would no longer be tolerated.

“We intend to utilise every section, provision, and enforcement mechanism available under the law. Those responsible for bank failures must be held accountable. We are prepared to apply every relevant provision of the Act to bring culpable parties to justice,” he said.

The new tools are designed to bypass the traditional hurdles of repeated court adjournments and “entrenched cultures of default” that have historically slowed down the liquidation of failed banks and mobile money operators.

The core objective of this aggressive recovery push is the prompt payment of liquidation dividends to depositors.

According to the Corporation, successful debt recovery is the only way to restore public confidence in the banking system

The Director of the Asset Management Department, Patricia Okosun, noted that while legal realities make it difficult to set a fixed timeline for all payments, the corporation is now better equipped than ever before.

“The essence of this engagement is to sensitise our agents to the new provisions that will support and improve their work,” Okosun said. “The earlier the recovery, the better, as it enables quicker reimbursement of depositors.”

Beyond just collecting money, the NDIC signalled that the 2023 Act serves as a deterrent. By pursuing “parties at fault”, the corporation aims to sanitise the banking industry and ensure that the consequences of bank failures are felt by those who caused them, rather than just the depositors.

The Chairman of Heirs Holdings, Tony Elumelu, has urged African governments to partner with the private sector to transform rural economies.

He made the call at the 49th IFAD Governing Council in Rome, according to a statement made available to The on Wednesday.

Elumelu identified electricity access, blended finance, and business education as the three pillars necessary to make agriculture a viable career for Africa’s youth.

Elumelu, who joined IFAD President Alvaro Lario on a panel at an event attended by 500 global leaders, including ministers, UN officials, and development experts, said: “We believe that increased collaboration and cooperation between government and the private sector, especially in Africa, are vital to catalyse more transformation in rural economies and agriculture, increasing food production. Food security is fundamental to societal development. We must work together to make rural economies more attractive. We need to make agriculture appealing and exciting. The youth seem eager to embrace it, but they require more support from all of us.”

Highlighting the success of the Tony Elumelu Foundation, he noted that 21 per cent of its 24,000 empowered entrepreneurs are in agribusiness, a sector where women lead 55 per cent of the ventures.

“Empowering women is akin to empowering entire communities and nations, leading to success,” he said. “These ventures have generated approximately 480,000 jobs across the continent.”

Elumelu emphasised that while seed capital is vital, “energy poverty” remains a massive barrier to the digital innovation required for modern food security, saying, “Access to electricity is essential for economic development and transformation. We cannot discuss AI without improving electricity supplies. Poor electricity access and energy poverty limit how much these young people can embrace technology.”

He urged governments to dismantle stifling regulations and high collateral requirements that currently hinder SME growth.

“In some countries, regulated environments…can be quite stifling. We need to engage governments…what benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and we must ensure youth engagement,” he affirmed.

Dangote Petroleum Refinery has reduced its Premium Motor Spirit (petrol) gantry price by N25 per litre, lowering the ex-depot rate from N799 to N774 per litre in what industry analysts describe as a strategic recalibration amid evolving market dynamics in 2026.

The refinery communicated the price adjustment to marketers on Tuesday, as it also announced plans for a new business investment in Burundi. The refinery stated that the new PMS price takes immediate effect.

In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE stated, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”

Checks by The PUNCH on petroleumprice.ng confirmed that the revised price had already been reflected on industry pricing platforms.

The refinery also informed marketers that its PMS lifting incentive had ended. “Additionally, please note that the PMS lifting bonus ended at 12:00 a.m. on 10th February 2026. The corresponding credit for volumes loaded from 2nd to 10th February 2026, within the stipulated volume thresholds earlier communicated, will be posted to your account statement. Thank you for your continued partnership,” the notice read.

Industry analysts say the closure of the bonus window, alongside the price cut, signals a shift from volume-driven incentives to a more stable pricing regime as the refinery consolidates its domestic market presence.

The latest reduction comes against a backdrop of volatile PMS pricing in 2025, following the full deregulation of the downstream sector and the removal of petrol subsidies.

Prices fluctuated sharply due to exchange rate pressures, global crude oil movements, and reliance on imported fuel, with ex-depot rates ranging between N700 and over N800 per litre. The commencement of large-scale domestic supply from the Dangote refinery late in the year helped moderate prices, particularly along coastal and southern supply corridors.

In early 2026, Dangote’s PMS gantry price had increased to N799 per litre after selling to Nigerians at N699 during the festive period. The latest N25 cut to N774 per litre suggests easing cost pressures, improving operational efficiency, and growing competition from alternative supply channels, including imported cargoes and expected output from modular refineries.

Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is Africa’s largest single-train refinery and a cornerstone of Nigeria’s drive to reduce fuel imports and conserve foreign exchange. Since commencing PMS supply to the domestic market, the refinery has increasingly shaped downstream pricing dynamics, often acting as a reference point for ex-depot rates.

In a separate development, the President of the Dangote Group, Aliko Dangote, is planning a new business investment in Burundi. He visited the East African country with former President Olusegun Obasanjo to explore investment opportunities and cement plans for expanding the group’s presence across the continent.

In a statement, the Dangote Group said the visit included high-level talks with Burundian President Evariste Ndayishimiye at the presidential palace. Dangote described the mission as both diplomatic and economic in scope, noting that two dedicated technical teams—one representing Burundi and the other the Dangote Group—have been constituted to identify priority sectors and develop viable investment projects.

“Our focus really is investing heavily in the African continent, not anywhere else, and so Burundi is part and parcel of that African region,” Dangote reportedly said. He highlighted strong potential in solid minerals, power generation, agriculture, cement production, and infrastructure development, emphasising the goal of building a mutually beneficial partnership that drives shared prosperity.

The statement added that discussions centred on strategic cooperation in infrastructure, logistics, industrialisation, and energy—areas that Burundi considers essential to its long-term economic transformation. The engagement aligns with the country’s broader ambition to attract large-scale private sector investment and strengthen ties with leading African industrial players.

Observers widely view the engagement as a landmark moment, positioning Burundi as a credible destination for African mega-investors and integrating the country more firmly into Dangote’s continental expansion strategy.

Together, the PMS price reduction and the Burundi investment initiative illustrate Dangote’s dual focus: consolidating domestic market influence while actively pursuing strategic continental growth opportunities.

The Central Bank of Nigeria has approved the participation of licensed Bureau De Change operators in the Nigerian Foreign Exchange Market, allowing each BDC to purchase up to $150,000 weekly, according to a circular issued by the apex bank on Tuesday.

The directive, dated February 10, 2026, was contained in a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, and addressed to authorised dealer banks and the general public.

This move is expected to narrow the gap between official and parallel market rates, which widened by over N90 for the first time in three years.

In the circular, the Central Bank of Nigeria said the move was aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users.

“To ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users, this is to inform market participants that all BDCs that are duly licensed by the CBN are allowed to access foreign exchange from the NFEM through any Authorised Dealer of their choice, at the prevailing exchange rate,” the bank stated.

The apex bank added that authorised dealer banks must carry out full Know-Your-Customer and due diligence checks on BDC clients before selling foreign exchange to them.

“Authorised dealers are required to complete the necessary KYC and due diligence for their BDC clients in line with applicable regulations and the internal risk management framework,” the circular read.

It explained that upon completion of these requirements, foreign exchange could be sold to BDCs strictly in line with existing operational rules, but subject to a weekly limit.

“Upon completion of these requirements, foreign exchange may be sold to BDCs for utilisation in line with the existing BDC Guidelines, subject to a maximum of USD150,000 per week for each BDC,” the CBN said.

The bank also imposed strict reporting and transparency requirements, directing that “all licensed BDCs shall ensure the timely and accurate submission of returns to the Central Bank electronically, and in accordance with extant regulations.”

To prevent hoarding and speculative positions, the CBN warned that BDCs must not retain unutilised foreign exchange purchased from the market.

“Any unutilised balances are expected to be sold back to the market within 24 hours,” the circular stated, adding that “BDCs are not permitted to keep funds purchased from NFEM in their positions.”

The apex bank further tightened settlement rules, mandating that all foreign exchange transactions by BDCs be routed through settlement accounts with licensed financial institutions.

“Settlement of foreign exchange transactions by BDCs with Authorised Dealers and/or with end user customers shall be conducted exclusively through settlement accounts held with licensed financial institutions,” it said.

It also barred third-party transactions and limited cash settlement, noting that “third-party transactions are prohibited, and settlement of foreign exchange sales in cash is limited to a maximum of 25 per cent of each transaction amount.”

The CBN stressed that existing BDC guidelines would continue to apply to all transactions, signalling a blend of wider market access and strict regulatory oversight as it seeks to stabilise and deepen the foreign exchange market.

Earlier in October 2025, The PUNCH reported that the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, raised concerns about the hardship that BDC operators face in accessing dollars for their operations.

In a chat with PUNCH Online, Gwadebe said that following the CBN’s suspension of dollar sales to BDCs, operators have to rely on walk-in customers to obtain dollars.

Earlier in 2025, PUNCH Online also reported that the CBN issued new guidelines restricting Bureau de Change operators to purchasing a maximum of $25,000 per week from a single authorised dealer bank as part of efforts to regulate the retail foreign exchange market and enhance transparency. However, with the suspension, they have not been able to source dollars from banks.

Start-ups in Africa raised a total of $174m in January 2026 through deals valued at $100,000 and above, including equity, debt and grants, excluding exits, even as the number of deals dropped significantly.

This was disclosed by Africa: The Big Deal, a platform that monitors activities in the continental start-up ecosystem.

According to Africa: The Big Deal, the figure is significantly lower than the $276m raised in January 2025 and below the monthly average of $263m recorded over the previous 12 months. However, it is higher than the totals recorded in January 2023 ($106m) and January 2024 ($85m).

“What is more concerning, however, is the fact that only 26 start-ups announced at least $100k in funding in January. That is very low: just above half of the monthly average over the previous 12 months and of January 2024. As a matter of fact, on this specific metric, this is the lowest monthly tally on record since at least 2020,” the report indicated.

On the month-on-month dip between December and January, Max Giacomelli, who authored the piece, said that the trend is not new to the ecosystem, having occurred in 2023, 2024 and 2025. He maintained that a relatively slow start to the year does not necessarily signal a downward trend.

Among the biggest fundraisers was Nigerian mobility financing start-up MAX, which secured $24m in a mix of equity and asset-backed debt. The raise positions MAX as one of the continent’s top recipients of capital in January and reinforces investor appetite for asset-backed mobility and transport financing models in key African markets.

Egyptian fintech valU led the continent overall with a $64m debt facility from the National Bank. Four additional companies raised equity rounds exceeding $10m: NowPay (Egypt, $20m); Yakeey (Morocco, $15m Series A); Terra Industries (defence, $12m); and the Ivory Coast’s fintech Cauridor.

The sectoral distribution shows fintech continuing to dominate large-ticket funding, with mobility, property technology and defence also attracting significant investor interest.

Although not included in the funding totals, January also saw notable exit activity. Flutterwave acquired Nigerian fintech infrastructure start-up Mono in an all-stock transaction valued at approximately $30m, signalling continued consolidation in the payments and API infrastructure space. Tech talent platform Savannah was acquired by Commit, while Izili Group completed the acquisition of off-grid solar provider Qotto.

The combination of reduced deal flow and ongoing consolidation suggests a maturing funding environment, with capital increasingly flowing to established players and strategic mergers reshaping segments of the ecosystem.

For now, January’s figures may reflect seasonal moderation rather than structural decline. However, the historically low number of funded start-ups could indicate a tougher capital-raising climate ahead, particularly for early-stage ventures seeking their first institutional cheques.

Buying interest in Dangote Cement (+8.81 per cent), Aradel (+2.78 per cent), Nigerian Breweries (+2.66 per cent), International Breweries (+2.00 per cent) and Lafarge Africa (+1.74 per cent) drove the market performance on Monday on the Nigerian Exchange Limited.

The extension of the bullish trend on the local bourse resulted in a 1.29 per cent increase in both the All-Share Index, which rose to 173,946.22, and the market capitalisation, which stood at N111.66tn at the close of trading.

Investor sentiment remained bullish, with 59 gainers emerging compared to 26 laggards. Overall, CAP (+10.00 per cent), MAYBAKER (+10.00 per cent), and DAARCOMM (+10.00 per cent) jointly led the gainers’ log, while EUNISELL (-9.98 per cent), Tripple Gee (-8.90 per cent), and Abbey Mortgage Bank Plc (-8.03 per cent) topped the laggards.

However, trading activity moderated as total volume and value traded fell 18.72 per cent and 35.21 per cent, respectively, to 775.2 million units and N27.9bn, compared to the previous session, whereas deal count increased 29.32 per cent to 65,960 transactions.

Banking stocks topped the volume and value charts, as Access Corp led the volume log with 67.1 million units (8.66 per cent of total volume) traded, while Zenith Bank topped the value log with N3.4bn (12.29 per cent of total value).

Sectoral performance was broadly positive. The Industrial Goods sector rose 4.76 per cent, largely due to a price increase in DANGCEM (+8.81 per cent). The Consumer Goods sector climbed 0.74 per cent, driven by gains in NB (+2.66 per cent). Additionally, ARADEL’s rise (+2.78 per cent) helped boost the Oil & Gas sector1.29 per cent and the Commodity Index 0.65 per cent.

On the other hand, the Banking (-0.04 per cent) and Insurance (-0.03 per cent) indices trended lower, pressured by losses in ETI (-5.01 per cent) and AIICO (-4.44 per cent), respectively.

The PUNCH reported that in the past week, the Oil & Gas index drove the NGX to a historic high, with the All-Share Index reaching an unprecedented 171,727.49 points and the market capitalisation boosted to N110.23tn.

Analysts attribute this bullish streak to a “fragile but positive” stabilisation of macroeconomic indicators and a shift toward productivity-led growth. Looking forward, the bullish performance is expected to be sustained in the near term, supported by improving investor sentiment and the continued release of corporate earnings results, though some profit-taking may emerge following the recent rally.

On their outlook for this week, the analysts at Afrinvest said that they expect the “bullish performance to be sustained, supported by improving investor sentiment and the continued release of earnings results”.

The experts at AIICO Capital echoed similar sentiments, saying, “We expect the market to sustain its positive sentiment in mid- to high-cap stocks in relation to released earnings and the bid for dividend season.”

The Central Bank of Nigeria and the Nigerian Communications Commission have proposed that customers must receive refunds within 30 seconds for failed airtime and data purchases to curb persistent billing complaints in the telecommunications sector.

This was indicated in the Exposure Draft of the Joint CBN–NCC Framework for Resolution of Failed Airtime and Data Purchase Transactions, which was published on the website of the CBN on Monday.

The landmark exposure draft, dated 5 February 2026, seeks to “institutionalise clear accountability” and establish a “coordinated approach to consumer redress” across the financial and telecommunications sectors.

The most significant shift in the proposed framework is the introduction of standardised, automated timelines for resolving failed transactions. Currently, Nigerians often face long delays when airtime purchases fail at the bank, aggregator, or Mobile Network Operator level.

To solve this, the regulators have proposed a 30-second window for automated reversals. Section 6.0 (ii) of the draft exposure, which dwelt on failed transactions, especially as it relates to unfulfilled airtime/data delivery, proposes a time to refund the purchaser of 30 seconds “if the transaction failed at the bank level… Failed transaction delivery from NCC Authorised Licensees… Failed transaction delivery from MNO to the NCC Authorised Licensee.”

The draft emphasised that stakeholders must “automate reversal processes across all stakeholders” to ensure that refunds require no human intervention from the customer. The draft exposure also stated that “all parties involved in airtime and data transactions shall take the following actions to ease usage and facilitate consumer satisfaction: a. Stakeholders must immediately connect ONLY to relevant authorised licensees of the NCC and CBN. b. MNOs and banks must only connect to NCC Authorised Licensees/MNO digital channel partners for airtime and data vending… Notifications of failure create final settlement obligations between MNO and NCC-authorised licensees… The NCC and CBN will audit stakeholder compliance jointly or individually at quarterly or other intervals as may be determined.”

From a business and oversight perspective, the regulators are proposing a Central Monitoring Dashboard to be hosted jointly by the CBN and NCC, which will track reversals, Service Level Agreement breaches, and customer complaints in real-time.

“There shall be a Central Monitoring Dashboard hosted by CBN/NCC for tracking reversals, SLA breaches, and customer complaints. This will facilitate the establishment of a real-time national ‘Failed Transactions Dashboard’ with a uniform error code with end-to-end visibility across the value chain’, read the draft exposure.

This is designed to eliminate the “unclear ownership of liability” that often occurs when banks and telcos blame each other for failed recharges. To support this, banks and MNOs will be required to maintain and share daily reports of successful and failed cases.

The proposed framework also addresses the common problem of “lost” money when customers recharge ported phone numbers. The draft mandates that MNOs must validate a phone number against the ported number database before processing any recharge. If the system identifies a number as ported out or invalid, it must “proactively stop recharges” and send a failure code back to the bank to ensure the customer is not debited.

For erroneous recharges sent to the wrong person, the framework sets clear protocols: below N20,000, MNOs will request the recipient’s consent before a reversal, and when it is above N20,000, an affidavit of indemnity or notarised letter is required to process the recovery.

The CBN and NCC in the exposure draft signalled they will take a firm stance on compliance. Both agencies will conduct joint quarterly audits of all stakeholders, including banks, payment service providers, and MNOs, to verify compliance with the new rules. The regulators have warned they will “impose penalties for any breach” of the framework’s provisions.

Banks and other financial institutions have until 10 February 2026 to submit their inputs on the draft before it is finalised. Once implemented, the framework is expected to significantly restore “subscriber trust” in Nigeria’s digital financial ecosystem.