The African Export-Import Bank (Afreximbank) has formally terminated its credit rating relationship with Fitch Ratings, escalating a long-running disagreement over the agency’s assessment of the bank’s creditworthiness. In a statement issued on Friday, Afreximbank said Fitch’s evaluation framework no longer reflects a proper understanding of the bank’s Establishment Agreement, mission, and mandate. The Pan-African lender maintained that its unique legal structure and treaty-backed protections have been mischaracterised under Fitch’s current rating model. The decision follows Fitch’s June 2025 downgrade of Afreximbank’s long-term rating from BBB to BBB-, with a negative outlook. Fitch had cited rising exposure to sovereign borrowers undergoing…
Author: Elvis Eromosele
Nigeria’s banking industry has renewed calls for a balanced approach between cash and digital transactions, as data shows a sharp 97 per cent rise in currency in circulation over the past five years. According to figures from the Central Bank of Nigeria (CBN), cash in circulation rose to ₦5.7 trillion in December 2025, up from ₦2.9 trillion in 2020. On a month-on-month basis, it increased by 8.9 per cent from ₦5.26 trillion in November 2025. Currency held outside the banking system also surged by 116.7 per cent to ₦5.4 trillion over the same period. The Committee of Heads of Bank…
The Food, Beverage and Tobacco Senior Staff Association, a union under the Trade Union Congress (TUC), has accused the Director General of NAFDAC National Agency for Food and Drug Administration, of a sinister Agenda to kill indigenous-owned industries producing wines and spirits. This statement was made by Comrade Solomon Adebosin, Executive Secretary of the Union, during a protest at the NAFDAC office, against the ban on alcohol in Sachet policy being enforced by the Agency. The Labour Union wondered why, despite the office of the secretary of the federation asking the ban to be put on hold, especially because of…
OneDosh, a fintech company focused on stablecoin-powered payments, has raised $3 million in pre-seed funding to develop infrastructure aimed at improving how individuals and businesses move money across borders. Founded in February 2025 by Jackson Ukuevo (Co-Founder & CEO), Godwin Okoye (Co-Founder), and Babatunde Osinowo (Co-Founder), OneDosh was shaped by the founders’ firsthand experiences navigating blocked cards, frozen accounts, delayed international transfers, and currency restrictions while living and travelling globally. These challenges highlighted a consistent gap between the demand for seamless global payments and the systems available to support them. Today, OneDosh operates in the United States and Nigeria, two active remittance…
The National Board for Technical Education (NBTE) has announced that polytechnics will soon be allowed to award National Diplomas (ND) and Bachelor of Technology (B.Tech) degrees in science, technology, and engineering programmes, while non-science courses will remain under the Higher National Diploma (HND) framework. The announcement was made by Prof. Idris Bugaje, NBTE’s Executive Secretary, during a retreat for governing council chairmen, commissioners of education, rectors, registrars, and bursars in Abuja. Bugaje explained that the change is enabled by the ongoing amendment of the Polytechnic Act, which has passed second reading in the House of Representatives. Under the proposed reform,…
The Federal Government has confirmed the payment of ₦152 billion to contractors for verified projects, even as indigenous contractors resumed protests in Abuja over alleged unpaid debts running into trillions of naira. The confirmation was contained in a statement issued on Thursday by the Federal Ministry of Finance and shared by presidential aide Dada Olusegun on X (formerly Twitter). According to the ministry, the payments followed due verification processes in line with existing financial regulations, stressing that funds are only released after thorough checks to ensure accountability and protect public resources. “This is to confirm that the FMF has paid…
Donald Trump used his speech at the World Economic Forum in Davos to restate his hard-line views on global security, alliances, and American power, while insisting he would pursue his most controversial goals without resorting to military force. In a wide-ranging and confrontational address, the US president defended his interest in Greenland, criticised European and Canadian leaders, commented on Venezuela and Ukraine, and questioned whether America’s allies still contribute enough. His remarks reinforced a foreign policy driven by leverage, pressure, and what he described as America’s disproportionate generosity. Here are six key takeaways from Trump’s speech: 1. No military force…
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), has warned that introducing a sugar-specific tax could harm Nigeria’s manufacturing sector and slow economic recovery. Yusuf described the proposal as “misplaced, economically risky, and weakly supported by evidence,” noting that Nigeria’s economy is still fragile. He said additional taxes could reverse recent industrial gains, weaken employment, and undermine manufacturing-friendly fiscal reforms. According to him, calls for sugar taxation in Nigeria are largely driven by external policy models that do not reflect the country’s structural and macroeconomic realities, including high inflation, weak purchasing power,…
The Federal Government has unveiled the Nigerian Industrial Policy (NIP), setting an ambitious target to raise the manufacturing sector’s contribution to 25 per cent of Nigeria’s Gross Domestic Product (GDP) by 2030. The policy was presented in Lagos during the soft launch at the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook for 2026, where the Minister of State for Industry, Senator John Enoh, described it as a decisive move to convert Nigeria’s industrial potential into measurable economic output, jobs, and productivity. Approved and validated in 2025, the NIP is designed to drive value addition, industrial expansion, and employment creation,…
The Nigerian Communications Commission (NCC) has approved six new Internet Service Providers (ISPs) to begin operations in Nigeria from January 1, 2026, further intensifying competition in the country’s broadband market. According to the NCC’s updated licensing database, the number of authorised ISPs has increased to 231, up from 225 as of December 2025. The newly licensed companies are Intellvision Technologies Limited, Granet Technologies Limited, Fibre Sonic Limited, Dasol Solution Services Ltd, Boost ISP Limited, and Amazon Kuiper Nigeria Limited. Five of the six operators are headquartered in Lagos, while Amazon Kuiper Nigeria Limited is based in Owerri, Imo State,…