The Central Bank of Nigeria (CBN) has announced new cash withdrawal limits that will take effect on January 1, 2026, formally ending the special authorisation that previously allowed individuals to withdraw up to N5 million and corporates N10 million once a month. The revised guidelines were issued on December 2, 2025, in a circular signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department. The CBN said the changes are part of efforts to streamline earlier cash policies, reduce the cost of cash management, enhance security, and limit money-laundering risks associated with heavy cash usage.…
Author: Elvis Eromosele
The Central Bank of Nigeria (CBN) has issued a major directive requiring banks and other financial institutions to refund victims of Authorised Push Payment (APP) fraud within 48 hours after completing investigations. The move marks one of the strongest steps yet by the apex bank to curb rising electronic fraud and rebuild public trust in Nigeria’s digital financial system. APP fraud occurs when customers are tricked, often through impersonation, deception or social engineering, into willingly transferring money to fraudsters. Unlike account-takeover fraud, the customer authorises the payment but under false pretences. The new directive, contained in a draft circular titled…
For the fourth consecutive year, the Consumers Value Awards (CVA) convened regulators, brand managers, and consumers to celebrate excellence at the 2025 edition held on 26th November at the Radisson Blu Hotel, Ikeja. The highlight of this year’s event was the unveiling of the Citizens Score Card (CSC), a new framework reflecting citizens’ perceptions of key government institutions. Speaking during the unveiling, Akonte Ekine, Chief Executive Officer of BrandXchange and Convener of the Consumers Value Awards, explained that the concept emerged organically during the nominations phase. “Consumers began listing government agencies alongside brands for consideration. This inspired us to examine…
By Elvis Eromosele After one month of strained wards, overstretched consultants and anxious patients, the Nigerian Association of Resident Doctors (NARD) has suspended its nationwide strike. The industrial action, which began on November 1, exposed once again the deep cracks in Nigeria’s healthcare system, from inadequate staffing to unpaid arrears and weak infrastructure. With NARD announcing the suspension on November 30 after signing a memorandum of understanding (MoU) with the federal government, attention now shifts to what the strike achieved, the disruption it caused, and what must change to avoid the next crisis. Resident doctors form the backbone of Nigeria’s…
By Elvis Eromosele I recently attended the 2025 Consumers Value Awards (CVA) in Lagos, an event that has steadily become the benchmark for brand credibility in Nigeria. This year’s edition was especially competitive, with over 15,000 consumer votes deciding the winners across 60 categories. From financial services to food staples, the CVA spotlighted brands Nigerians have come to trust, brands that deliver real value, day after day. In the consumer staples category, one name stood out unmistakably: Checkers Custard. The brand clinched the award for Top Custard & Pap (Ogi/Akamu) Alternative, affirming its rising influence in Nigerian kitchens and its…
Ecobank Nigeria Limited has announced a tender offer for the remaining US$150 million of its US$300 million 7.125 per cent Senior Note Participation Notes due February 16, 2026. The offer opened on Friday, November 28, 2025, allowing eligible investors to tender their notes ahead of the bond’s scheduled maturity. According to the bank, investors whose notes are accepted will receive US$1,000 for each US$1,000 principal, plus accrued and unpaid interest up to but excluding the settlement date. The transaction is expected to settle on or before December 31, 2025. Ecobank described the move as part of its proactive liability management…
MTN Nigeria is providing Africa’s early-stage startups with a significant boost through its 2025 Cloud Accelerator, offering a combination of infrastructure support, non-equity funding, and investor access to help founders scale more quickly. The programme culminated in a Demo Day in Lagos, where 20 high-growth startups pitched their solutions to investors, technology leaders and potential commercial partners. The participating ventures received enterprise cloud resources, technical mentorship and business development support, without giving up equity. The Demo Day marked the end of a 12-week accelerator programme designed to fast-track early-stage innovation across fintech, health, agriculture, artificial intelligence and e-commerce. Applications opened…
Russia and Nigeria have renewed their commitment to deepen economic, political and security cooperation, with both countries setting a new target to lift bilateral trade beyond the current level of less than $1 billion. The pledge was made in Abuja on Friday as both nations marked the 65th anniversary of diplomatic relations, a ceremony attended by senior government officials, diplomats and partners. Speaking at the event, Andrey Podelyshev, Russian Ambassador to Nigeria, described the anniversary as “a celebration of trust,” recalling that diplomatic ties were formally established on November 25, 1960, barely weeks after Nigeria’s independence. He noted that the…
By Elvis Eromosele In a world increasingly defined by digital transactions, algorithm-driven choices, and fast-paced commerce, it is astonishing, almost refreshing, to return to symbols that speak to authenticity, heritage, and human connection. The unveiling of the innovative awards plaque titled “The Hand and the Cowry” at the 2025 Consumers Value Awards (CVA) did more than introduce a new design; it told a story. A story of trust. A story of the marketplace. A story of Africa. At this point in history, consumers are calling for greater accountability for brands, more transparency for institutions, and more sincerity from the marketplace.…
Nigeria’s Minister of Finance, Wale Edun, says trade between Arab and African nations is on track to grow by more than $37 billion over the next three years. Edun made the projection in Abuja at the Agribusiness Matchmaking Forum, held ahead of the AATB Board of Governors Meeting. He stressed that deeper agribusiness and industrial collaboration is crucial to unlocking shared prosperity across both regions. He urged regional partners to shift away from exporting raw commodities and instead prioritise value addition. “Partners should prioritise value addition rather than raw commodity exports,” Edun said. Push for Stronger Regional Partnerships The…