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CBN receives locally sourced LBMA-Standard Gold into foreign reserves

…As Cardoso advocates reforms to unlock Nigeria’s mineral potential
 The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves.
This brings the CBN’s total gold holdings to $3.5 billion, marking a significant step in its reserve diversification strategy.
The gold, sourced in Nigeria, was aggregated by the Solid Minerals Development Fund (SMDF) through the National Gold Purchase Programme (NGPP).
 The programme involves local miners and operates within a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidelines and the World Gold Council’s London Principles.
Speaking at the one-day Workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria on Friday, February 27, 2026, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, disclosed that the CBN acquired the monetary-grade gold in Naira at pricing linked to LBMA benchmarks, a structure designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves. By purchasing domestically refined gold without deploying foreign currency, he said, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives.
Mr. Cardoso also highlighted major shifts in global reserve management strategies, noting their increasing importance amid rising global economic uncertainties. He described the event as a reflection of Nigeria’s shared commitment to responsible and strategic management of its mineral resources. He emphasised that the workshop underscores the nation’s readiness to adapt to the realities of an evolving global economy, where resilience, diversification, and prudent governance have become increasingly vital.
He further explained that the session, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, was designed to create a structured platform for engagement with key players in the gold sector and to deepen understanding of the industry’s current landscape, opportunities, and challenges across its value chain.
The Governor noted that central banks around the world are prioritising economic resilience amid persistent geopolitical and market uncertainties. Gold, he said, has regained importance as a hedge against inflation and volatility, while other critical minerals are increasingly shaping global supply chains and advanced industrial development.
Mr Cardoso emphasised that Nigeria’s immense natural and human resource potential can only be fully realised through prudence, strategic coordination, and long-term planning. He highlighted the need for strict adherence to internationally recognised standards, stressing that institutional credibility depends on strong governance frameworks.
The Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, highlighted that the successful delivery of LBMAstandard gold demonstrates the strength of the organisation’s formalisation framework and supply chain duediligence processes. The World Gold Council’s Director of Central Banks and Public Policy, Ms Kurtulus Taskale Diamondopoulos, commended both the CBN and SMDF for designing the Nigerian Gold Purchase Programme (NGPP) in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing. She noted that the partnership between the CBN as sole off-taker and the SMDF as fiscal and supplychain manager offers a strong model for other countries seeking to strengthen similar programmes.
The President and CEO of the Africa Finance Corporation (AFC), Mr. Samaila Zubairu, reaffirmed AFC’s commitment to financing and formalising Nigeria’s mineral sector, stressing the importance of accurate data and mineral processing infrastructure to attract investment, improve gold recovery, reduce environmental impact and support central bank purchases. Also speaking, the Executive Vice Chairman of Kian Smith Gold Company, Ms. Nere Emiko, underscored the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges, noting the country’s low reserve levels relative to peers and calling for greater investment in exploration and transparency.
The Domestic Gold Purchase Programme forms part of the Central Bank’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.
admin by — March 5, 2026 in Business 0
Nigeria’s Manufacturing Sector Loses Foreign Investment Appeal as Capital Inflows Plummet 54% in 2025

Lagos, Nigeria – March 2026 – Nigeria’s manufacturing sector suffered a sharp decline in foreign investment in 2025, even as total capital inflows into the country more than doubled, raising concerns about industrial growth and economic diversification.

According to the National Bureau of Statistics (NBS), total capital importation surged by 131.96% year-on-year, reaching $16.78 billion between January and September 2025, up from $7.23 billion in the same period of 2024. However, foreign investment in manufacturing plummeted by 54.11%, dropping to just $463.52 million—a mere 2.76% of total inflows.

Quarterly Volatility Highlights Investor Caution

The data reveals erratic trends:

Q1 2025: $129.92 million

Q2 2025: $261.35 million (brief rebound)

Q3 2025: $72.25 million (steep decline)

Meanwhile, overall capital inflows remained strong, rising from $6.01 billion (Q1) to $6.24 billion (Q2) before moderating to $4.53 billion (Q3).

Why Are Investors Avoiding Manufacturing?

Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), blamed structural bottlenecks, inflation, FX volatility, and poor infrastructure for the sector’s declining appeal.

“Foreign investors are wary of long-term manufacturing projects due to high operational risks,” he said. “Unstable power, costly logistics, port inefficiencies, and policy uncertainty make Nigeria less competitive compared to sectors with quicker returns.”

Economic Diversification at Risk

Analysts warn that Nigeria’s reliance on short-term portfolio flows (rather than productive FDI) threatens job creation and industrialization. Manufacturing is crucial for economic diversification, but dwindling investment could:

Stall expansion plans

Reduce capacity utilization

Weaken job growth

What Needs to Change?

Industry leaders urge urgent reforms:

Stabilize FX & Curb Inflation – Restore investor confidence with predictable policies.

Fix Infrastructure Gaps – Reliable power, transport, and port efficiency are critical.

Ensure Policy Consistency – Clear regulations and incentives for value-added production.

Lower Financing Costs – Affordable credit is essential for local and foreign-backed ventures.

The Bottom Line

While Nigeria attracts record capital inflows, the real challenge is channeling funds into factories—not just financial markets. Without decisive action, the manufacturing slump could deepen unemployment and stall economic transformation.

admin by — March 5, 2026 in Business 0
ZENITH BANK SET TO HOST 2026 INTERNATIONAL WOMEN'S DAY SEMINAR IN LAGOS


Zenith Bank Plc will commemorate the 2026 International Women’s Day with a renewed call to
purposeful action and leadership. As part of preparations to celebrate this significant occasion, the
Bank is set to hold its annual International Women’s Day Seminar on Monday, March 9, 2026, at
The Civic Centre, Victoria Island, Lagos.
Aligned with the global theme ‘Give to Gain” which underscores the principle that sustainable
progress is achieved when individuals and institutions invest intentionally in women, Zenith Bank’s
2026 IWD seminar is themed “Take It, You Own It.” The theme reflects the Bank’s belief that while
institutions must give through enabling environments and equitable systems, women must also
step forward to claim space, own their value, and lead with confidence. It is both an affirmation and
a challenge: embrace opportunity, empower yourself and others, and take ownership of your
growth journey.
Building on the success of previous seminars, including the 2025 edition themed “Winning On All
Fronts”, Zenith Bank’s 2026 programme is designed to deepen meaningful engagement around
women’s empowerment, leadership, and sustainable impact. Over the years, the Bank’s
International Women’s Day initiatives have brought together women leaders, professionals,
entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around
gender equity, professional growth, and inclusive opportunity.
More than a commemorative gathering, the 2026 seminar is designed as a convergence of
influence, insight, and inspiration, bringing together accomplished women and progressive leaders
across business, governance, creative industries, technology, and social impact.
Speaking ahead of the Seminar, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji,
OON, who will deliver the welcome address, said “The International Women’s Day is a reminder
that progress requires intentionality. ‘Give to Gain’ speaks to the responsibility institutions have to
create real opportunities, while our theme ‘Take It, You Own It’ challenges women to step forward
boldly and lead. At Zenith Bank, we are deliberate about building environments where women are
supported to grow, thrive, and shape outcomes, not only within our institution but across the
communities and industries we serve.”
The seminar will include segments focused on leadership insight, professional empowerment,
wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought
leadership and practical strategies for advancing equity.
With a carefully curated programme spanning keynote addresses, panel conversations, Q&A
sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar
promises to be a catalyst for meaningful action.

Through its alignment with “Give to Gain” and its bold seminar theme, “Take It, You Own It,” Zenith
Bank reaffirms its belief that when institutions give intentionally and women lead confidently, entire
ecosystems rise. As conversations around inclusion continue to shape the future of business and
society, the Bank remains resolute in its mission to foster platforms where women’s potential is
recognised, amplified, and fully owned.

admin by — March 4, 2026 in Business 0
NAFDAC warns against underage drinking of sachet, small-bottle alcohol

The National Agency for Food and Drug Administration and Control, NAFDAC, has highlighted the risks of underage drinking and minors consuming alcoholic beverages sold in small sachets and small PET bottle packaging.

NAFDAC explained that underage drinking can lead to violence and injuries, noting that alcohol is a significant contributor to youth suicides, murders, and car crashes or accidents.

The agency said alcohol also plays a major role in kidnappings, banditry, terrorism, and other harmful activities occurring daily in the country.

It listed the associated dangers, insisting that there is no justification to reverse the ban on the production, sale, and use of sachet alcohol and small PET bottle packs.

During a press briefing in Abuja on Tuesday, the Director-General of NAFDAC, Prof. Mojisola Christianah Adeyeye, stated that alcohol is one of the most commonly used substances by young people and is becoming an increasingly serious public health issue in Nigeria.

She said that easy availability and accessibility of alcohol have contributed to more teenagers drinking.

Prof. Adeyeye cited findings showing that 54.3% of minors and underage individuals obtain alcohol on their own from various sources, while 49.9% purchase it from stores selling drinks in sachets and PET bottles.

She noted that smaller percentages of underage individuals obtain alcohol from liquor stores (15.4%), restaurants (12.6%), and supermarkets (7.9%). The results also show that young people under the legal drinking age acquire alcohol from friends and family (49.9%) and at parties or social events (45.9%).

Among those who purchase alcohol for themselves, 47.2% of minors and 48.8% of underage individuals buy drinks in sachets, 41.2% of minors and 47.2% of underage individuals buy drinks in plastic bottles, and 27.6% of underage individuals buy alcohol in glass bottles.

She added that the purchase of drinks in sachets and PET bottles was most commonly reported in Rivers (68.0% and 64.5%), Lagos (52.3% and 47.7%), and Kaduna (38.6% and 28.4%) states, compared to other states.

“The percentage of drinks bought in sachets is higher among males (51.4%) than females (41.5%), and more common in rural areas (50.1%) than in urban areas (45.3%),” she added.

Prof. Adeyeye also said that most young people and underage individuals (54.3%) buy alcohol on their own, 49.9% get it from friends or family, 45.9% get it at social events, and 21.7% obtain it from their parents’ homes.

She emphasized: “Of the minors and underage individuals who get alcohol for themselves, 47.2% of minors and 48.8% of underage people get it in sachets, 41.2% of minors and 47.2% of underage people get it in PET bottles, and 27.6% of underage people get it in glass bottles.”

She explained that “drinking alcohol before the age of 21 can harm health and may damage parts of the brain, such as the hippocampus, responsible for memory, and the prefrontal cortex, which helps with thinking and impulse control.

“This can lead to long-term problems with learning, memory, and decision-making. Early drinking can also damage the liver and kidneys, cause high blood pressure, disrupt hormone levels and growth, and increase the risk of cancer later in life. It also raises the likelihood of depression, anxiety, and low self-esteem. Youth who start drinking before age 15 are 41% more likely to develop alcohol dependence.

“Alcohol contributes significantly to youth suicides, violent deaths, and road accidents. It is also closely associated with unprotected sex, leading to unintended pregnancies and sexually transmitted infections. Drinking frequently affects academic performance, causing lower grades, absenteeism, and impaired cognitive function.”

NAFDAC stated that the Senate has directed it not to grant any further extensions to the current moratorium and to strictly enforce the ban on sachet alcohol and alcohol in small (<200 ml) PET bottles. The agency also urged the Federal Ministry of Health and Social Welfare to support enforcement of the ban.

“They also urge the Federal Ministry of Health and Social Welfare to release the National Alcohol Policy, which includes a ban on alcohol in sachets and small-volume (<200 ml) packaging,” the DG added.

“The Senate further urged the National Orientation Agency and NAFDAC to work together to increase nationwide awareness about the dangers of drinking alcohol from sachets and small bottles. Banning small pack sizes, like sachets and bottles under 200 ml, could help reduce underage drinking.”

admin by — March 4, 2026 in News 0
Fuel price spike triggers fresh naira-for-crude supply calls

Petrol prices rose to N937 per litre on Tuesday amid escalating tensions in the Middle East, prompting oil marketers and refinery operators to urge the Federal Government to provide more crude oil to the Dangote Petroleum Refinery in naira to help stabilise domestic fuel prices.

The PUNCH reported on Monday that the Dangote refinery increased its gantry price from N774 to N874. The adjustment followed a jump in oil prices to $84 per barrel, up from below $70 days before the airstrikes involving the United States, Iran, Israel, and other countries.

“The new gantry price is now N874 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” an official of the Dangote refinery said.

Following the increment, filling stations on Tuesday raised their pump prices to N937 or N935, depending on the location. A survey by our correspondents confirmed that an MRS filling station in Obalende, Lagos, sold petrol at N937 on Tuesday.

The MRS and Petrocam stations in Mowe, Ogun State, dispensed petrol at N935, while Heyden offered N930. Similarly, SAO, SGR, and AP sold the product at N925. Matrix also dispensed the fuel at N937.

Before the Middle East crisis, some filling stations had already been selling premium motor spirit at prices ranging between N812 and N839, depending on the location. However, the crisis over the weekend disrupted the global fuel market, affecting Nigeria and other countries.

Reacting in a statement on Tuesday, the Petroleum Products Retail Outlet Owners Association of Nigeria emphasised the urgent need to consolidate and strengthen Nigeria’s domestic refineries, particularly the Dangote refinery, through the provision of adequate and consistent crude oil supply in naira.

According to PETROAN’s spokesperson, Joseph Obele, this “proactive approach” is essential to minimising the impact of external geopolitical shocks on the nation’s petroleum market.

The National President of PETROAN, Billy Gillis-Harry, expressed deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations, and its far-reaching implications for the global energy industry, particularly Nigeria’s petroleum sector.

According to him, recent geopolitical tensions have significantly disrupted global energy markets and supply chains.

PETROAN noted that hostilities in the Middle East, especially around the strategic Strait of Hormuz, through which approximately 20 per cent of the world’s crude oil supply passes daily, have triggered sharp volatility in international oil prices and heightened uncertainty regarding supply continuity.

It added that as the conflict intensified, global crude oil benchmarks had surged, with analysts projecting that prices could exceed $100 per barrel if disruptions persist, noting that the upward trend reflected growing concerns over potential supply shortages should shipping activities through the Strait of Hormuz remain restricted.

PETROAN stated that any sustained increase in crude oil prices would inevitably be reflected at petroleum retail outlets across Nigeria. “If the crisis continues, the impact will extend beyond pump prices to affect foreign exchange stability, domestic fuel pricing structures, and overall inflation levels within the country,” Gillis-Harry warned.

The association urged the Federal Government to encourage and prioritise local refineries by ensuring a steady crude oil supply in naira, particularly to the Dangote refinery, and by creating enabling policies that support optimal operations.

PETROAN also called on the government to sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilise domestic fuel pricing.

“In view of these developments, PETROAN calls for urgent and strategic actions to safeguard Nigeria’s energy security: encourage and prioritise local refineries by ensuring a steady crude oil supply in naira, particularly to the Dangote refinery, and create enabling policies that support optimal operations. Sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilise domestic fuel pricing.

“Urgently revamp the four government-owned refineries to restore them to full operational capacity and reduce dependence on imported petroleum products. Monitor global market developments and respond proactively to emerging risks. Advocate policies that strengthen domestic refining capacity and reduce reliance on imports. Support measures aimed at shielding consumers from excessive fuel price shocks,” the statement stated.

admin by — March 4, 2026 in Business 0
SAHCO procures equipment to boost aircraft handling

Skyway Aviation Handling Company Plc has strengthened its operational capacity with the acquisition of new ultra-modern Ground Support Equipment aimed at improving aircraft handling efficiency across Nigerian airports.

The company’s Public Relations Officer, Mrs Adetola Uansohia, said the investment underscores its commitment to safety, faster turnaround times, and world-class service delivery to airline partners operating within and outside the country.

As part of the upgrade, SAHCO said it took delivery of a high-tech Goldhofer F300 pushback tractor, manufactured by Goldhofer, a globally recognised German ground support equipment producer.

The Goldhofer F300, powered by a heavy-duty diesel engine, is designed to handle most wide-body aircraft and is built with rugged materials suited to Nigeria’s operating terrain and already deployed to one of SAHCO’s hub stations to bolster ramp operations.

In addition, the ground-handling firm also announced the procurement of five Ground Power Units manufactured in France by Guinault, a respected global aviation equipment manufacturer. Each unit delivers 45kVA at 115 volts and 28V DC output, providing stable electrical power to aircraft systems while on the ground.

The official explained, “The GPUs are powered by fuel-efficient gasoline engines and engineered for durability, portability, and optimal ramp performance.

“This investment reflects our unwavering commitment to operational excellence. The new equipment will significantly enhance safety standards, reduce aircraft turnaround time, and improve service reliability for our airline partners”.

She further explained that the advanced GPUs are capable of supporting most Class A aircraft and selected Class B aircraft, making them suitable for high-traffic airport environments. “Their compact design reduces fuel consumption while the rugged build guarantees long-term reliability and flexibility, especially in demanding operational conditions,” the official added.

SAHCO noted that the acquisition forms part of its broader strategy of continuous investment in cutting-edge technology to maintain leadership in Nigeria’s aviation ground handling sector. “We are intentional about staying ahead through equipment upgrades, technological advancement, and service innovation. Our goal is to consistently deliver world-class support to every airline we serve,” the company stated.

As the only aviation ground-handling company with an operational presence across all commercially operated airports in Nigeria, SAHCO said it remains focused on raising industry benchmarks through innovation and customer-focused solutions.

admin by — March 4, 2026 in Business 0
SanlamAllianz Nigeria Pays Over ₦77 Billion Claims In 2025 Reinforces Financial Strength, Customer Trust

SanlamAllianz Nigeria, comprising SanlamAllianz Life Insurance and its subsidiary, SanlamAllianz General Insurance, has announced total claims payments of ₦77 billion across its Life and General Insurance businesses for the 2025 financial year, reaffirming its financial strength and commitment to policyholders amid sustained macroeconomic pressures.
A statement by Group Head, Strategy, Marketing and Customer Relations, Chris Ekwonwa, stated that the performance underscores the company’s role as a reliable risk partner and reflects the strength of the Sanlam Allianz joint venture, which combines African market leadership with global insurance expertise.
The Company’s unaudited figures showed that the Life business recorded Net Claims Incurred of ₦57.06 billion in FY 2025, compared to ₦51.04 billion in FY 2024, representing an 11.8% year-on-year increase.
The increase reflects elevated claims costs driven by Nigeria’s 2025 macroeconomic environment, including inflationary pressures impacting benefit payouts and medical-related claims across the industry.
Despite this, the Life business delivered strong top-line growth, with Gross Written Premium (GWP) rising to ₦81.39 billion in 2025, up from ₦60.86 billion in 2024, a significant 33.7% year-on-year increase.
Commenting on the results, Tunde Mimiko, Chief Executive Officer, Life Business, said: “Our unaudited 2025 results reflect disciplined growth and an unwavering commitment to our policyholders. In a year defined by economic pressure, we honoured our obligations promptly and responsibly. The strong premium growth demonstrates increasing trust in our Life solutions and confidence in the SanlamAllianz value proposition. Our focus remains on protecting families and businesses so they can truly live with confidence.”
The General Insurance business, on the other hand, according to its unaudited results, paid ₦20.9 billion in claims in 2025, compared to ₦13.97 billion in 2024, marking a 47.6% year-on-year increase in claims settlement.
Gross Written Premium for the General business stood at ₦47.05 billion in 2025, reflecting sustained underwriting capacity and expansion across corporate and retail portfolios.
Jacqueline Agweh, Chief Executive Officer, General Insurance Business, stated: “The true measure of an insurance company is its ability to pay claims efficiently and transparently. Our unaudited 2025 performance demonstrates operational strength and financial resilience. As part of the SanlamAllianz joint venture, we leverage global underwriting standards, strong capital backing, and deep local expertise to ensure individuals and businesses remain protected against uncertainty.”
SanlamAllianz Nigeria operates under a strategic joint venture between Sanlam, Africa’s largest non-banking financial services group, and Allianz, one of the world’s leading global insurers. The alliance combines global risk management expertise, strong capital and governance frameworks, advanced technical underwriting capabilities, and deep local market understanding.
The company’s claims record reinforces its brand promise, “Live with Confidence.” By honouring over ₦77 billion in claims in 2025 alone, SanlamAllianz continues to provide financial security, stability, and peace of mind to individuals, families, and businesses across Nigeria.
Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recognizable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has  become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate. Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign which saw it dominate headlines to the delight of industry watchers.
admin by — March 4, 2026 in Business 0
DSS nabs teacher claiming responsibility for Obi’s attack

The Department of State Services has arrested a 26-year-old man, Udeme Stephen, for allegedly claiming responsibility for the recent attack on the 2023 presidential candidate of the Labour Party, Peter Obi.

Stephen was apprehended following a threat he posted on his X account, @stevetom788, shortly after armed men fired gunshots at the African Democratic Congress secretariat and Chief John Odigie-Oyegun’s residence in Benin, Edo State.

Present at the event were Obi, Odigie-Oyegun, former President of the Nigeria Bar Association, Olumide Akpata and some ADC leaders.

In his post, Stephen claimed responsibility for the incident and issued further threats against Obi.

He wrote that Obi was fortunate to have survived the Benin attack and warned that he would not be “that lucky next time,” alleging that his associates would target the former presidential candidate during a planned visit to Rivers State.

“We warned Obi against his entrance into Edo State, but he mistook our resolve for his Obidiots online noise.

“Thank his stars he (Obi) survived this one… I learnt he’s going to my Rivers State… Na my men go handle that one and dem no dey miss target…

“Speak no peace to a bastard and wish him no long life, for he’s destined to die,” Udeme posted.

Speaking on Monday, a top security source disclosed that the DSS immediately launched a covert investigation after the threat was issued.

The source added that operatives deployed forensic analysis to track the suspect.

He identified Stephen as a teacher at Jessica High School in Eliozu, located in the Umuehere Community of Obio-Akpor Local Government Area of Rivers State.

“No sooner had Stephen issued the threat than DSS operatives began a covert investigation, deploying forensic analysis to track and arrest him.

“The suspect is 26 years old, called Udeme Monday Stephen, and teaches at Jessica High School in Eliozu, Rivers State, at Umuehere Community, in Obio-Akpor LGA of the state.

“I strongly believe that the outcome of the agency’s forensic investigations implicated the suspect.

admin by — March 3, 2026 in News 0
United Capital grows revenue 35% to N58.55bn

UNITED CapitalUnited Capital Plc recorded a 35 per cent year-on-year increase in revenue, rising from N43.43bn at the end of 2024 to N58.55bn in 2025.

This was indicated in the Audited Financial Results for the year ended 31 December 2025, filed with the Nigerian Exchange Limited on Monday.

The Group said the performance reflects its execution capability, diversified revenue base and resilience across its business lines. Growth was largely driven by a 176 per cent year-on-year surge in net trading income and a 59 per cent increase in fee and commission income.

Profitability also improved during the period. Profit before tax rose 37 per cent year-on-year to N41.18bn, while profit after tax increased 17 per cent to N28.15bn. Total comprehensive income for the year stood at N30.97bn.

The company stated that the result affirms its ability to sustain its historic growth trajectory and enhance shareholders’ wealth despite a volatile operating environment.

In line with its commitment to shareholders, the Board approved a final cash dividend of N0.70 per ordinary share, amounting to N12.6bn. This brings the total dividend for the 2025 financial year to N1.00 per share, valued at N18bn, representing a 25 per cent increase from the N14.4bn payout in 2024.

United Capital said the improved distribution reflects its strong cash flow position and continued focus on delivering solid earnings performance while enhancing shareholder value.

Commenting on United Capital Group’s FY-2025 audited financials, the Board Chairman, Mr Uche Ike, said, “I am immensely proud of the leadership and the entire United Capital team for the stellar performance delivered in the 2025 financial year. I applaud our people for approaching every challenge with diligence, discipline, and an unwavering commitment to excellence.

“This level of excellence continues to set United Capital apart as a leader in the investment banking and financial services industry. I extend my sincere appreciation to our clients, partners, and shareholders for their enduring trust and to our teams across the Group whose passion and professionalism make performances like this possible.”

On the performance, the Group Chief Executive Officer, Mr Peter Ashade, added, “I am delighted to inform all our stakeholders that United Capital Group ended the year on an impressive note as Profit before Tax rose 37 per cent year-on-year despite the challenging operating environment. This remarkable business performance was driven by growth in core business operations, a resilient business model and strong execution of our strategic initiatives.

“As we proceed into the 2026 financial year, I remain excited about the opportunities ahead. Our robust risk management framework, technical expertise, operational scale, focused team and strategic clarity provide us a strong platform to effectively harness the opportunities inherent in our operating environment.”

admin by — March 3, 2026 in Business 0
NCC proposes 14-day notice before SIM deactivation

The Executive Vice Chairman of the Nigerian Communications Commission, Aminu Maida.The Nigerian Communications Commission has proposed that telecom operators must give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn.

The proposal is contained in a consultation paper titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 2026 and published on the Commission’s website.

Under the proposed amendments to the Quality-of-Service Business Rules, the NCC stated that “prior to churning of a post-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line.”

It added, “This notification shall be sent at least 14 days before the final date for the churn of the number.

A similar provision was proposed for prepaid subscribers. The commission said, “prior to churning of a pre-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line,” stressing again that the notice “shall be sent at least 14 days before the final date for the churn of the number.”

Currently, under Section 2.3.1 of the QoS Business Rules, a subscriber line may be deactivated if it has not been used within six months for a Revenue Generating Event, and if inactivity persists for another six months, the subscriber may lose the number, except in cases of network-related faults.

The commission also proposed that operators must submit churn data to the new Telecoms Identity Risk Management System. According to the document, “An Operator shall submit details of all churn numbers to the Telecoms Identity Risks Management System (TIRMS) within seven days of completion of the churn process.

The proposed changes form part of a broader regulatory review tied to the rollout of the Telecoms Identity Risk Management System, a cross-sector platform designed to curb fraud linked to recycled, swapped, and barred mobile numbers.

In the background section of the paper, the NCC explained that the TIRMS “is a secure, regulatory-backed Platform that helps prevent fraud stemming from churned, swapped, barred Mobile Station International Subscriber Directory Number in Nigeria.”

It added that the platform “will provide a uniform approach for all sectors in relation to the integrity and utilisation of registered MSISDNs on the Nigerian Communications network.”

The consultation process, which the commission said is in line with Section 58 of the Nigerian Communications Act 2003, is open for 21 days from the date of publication. Stakeholders are expected to submit comments on or before March 20, 2026.

The document was dated February 26, 2026, and signed by the Executive Vice Chairman and Chief Executive Officer of the Commission, Dr Aminu Maida.

admin by — March 3, 2026 in Business 0