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Central Bank of Nigeria
Business

CBN Threatens Sanctions Against Businesses Rejecting Standard ₦100 Notes

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria (CBN) has warned individuals, businesses, financial institutions, and other economic agents rejecting the standard ₦100 banknote that they risk enforcement action.

The apex bank said it would not hesitate to apply appropriate measures against any person or organisation found violating provisions of the CBN Act by refusing to accept the currency.

The warning followed reports that some members of the public and businesses had declined the standard ₦100 note over doubts about its validity as legal tender.

In a statement, the CBN clarified that both the commemorative ₦100 banknote and the standard ₦100 banknote remain valid legal tender and must be accepted for all transactions nationwide.

The bank explained that the commemorative ₦100 note, introduced in 2014 to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 note.

The CBN urged Nigerians to disregard claims suggesting that the standard ₦100 banknote was no longer acceptable, stressing that all duly issued banknotes remain valid until officially withdrawn.

“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement read.

The apex bank added that it remained committed to protecting the integrity of the naira, ensuring confidence in all legally issued banknotes, and promoting smooth currency circulation across the country.

It advised members of the public seeking further clarification to contact the CBN through its official communication channels.

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Business

US cooling firm enters Nigeria, targets $2.5bn AC market

by Folarin Kehinde
written by Folarin Kehinde

A United States-based cooling solutions manufacturer, Unico Incorporated, has officially entered the Nigerian market, citing the country’s growing construction sector and rising demand for air conditioning systems as major factors behind the move.

Speaking at the launch of Unico Cooling Systems in Abuja on Thursday, the Owner and Director of Unico System, Scott Intagliata, said Nigeria presents significant opportunities for the company due to its rapidly expanding air conditioning market.

“We think Nigeria is a great market for us. It is one of the fastest-growing construction markets in the world and one of the fastest-growing air conditioning markets globally,” Intagliata said.

According to him, air conditioning products worth about $2.5bn are expected to be sold in Nigeria within the next year.

The company manufactures small-duct, high-velocity central cooling systems, which Intagliata said offer advantages over conventional split air conditioners widely used in the country.

“Our product replaces traditional wall-mounted units with a central system that delivers conditioned air through small outlets. It is quieter, more energy-efficient, removes more moisture from the air, and provides greater comfort in humid environments,” he said.

He added that the system records less than two per cent thermal loss compared to conventional ducted systems, which can lose between 10 and 20 per cent of cooled air.

On affordability, Intagliata said the company had conducted extensive market analysis and would offer its products at prices comparable to existing premium brands in Nigeria.

“We are prepared to bring our products into the market at a price comparable to what other leading brands are offering,” he stated.

He also said the company was establishing a warehouse in Lagos to support operations, with two containers of equipment expected to arrive from the United States in the coming months.

Speaking at the event, the Business Development Manager of WorldProNet Nigeria, Florence Osuji, described the Unico cooling system as durable and energy-efficient.

She said the company was seeking distributors, marketers and promoters to support the expansion of the product across Nigeria.

“We need distribution channels for this product and are inviting interested partners to work with us,” Osuji said.

Also speaking, the Country Manager for Western Africa, Ikechukwu Nkpozi, said Nigeria would serve as the company’s gateway into the African market.

He disclosed that distributors had already been engaged in Lagos and Abuja, while efforts were ongoing to recruit additional partners.

“Unico has been in business for over 30 years in the United States, and many of its installations are still functioning today. We are bringing that same quality and durability to Nigeria,” Nkpozi said.

He added that although the brand is considered a premium product globally, the company had adjusted its pricing strategy to align with prevailing market realities in Nigeria.

“We have done our price analysis and will match prices with comparable brands already operating in the market to ensure seamless penetration,” he said.

The company said it plans to expand from Nigeria into other African countries as part of its broader growth strategy for the continent.

 

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Business

Tatum Bank Marks First Year, Reports Solid Growth, Innovation Drive

by Folarin Kehinde
written by Folarin Kehinde

Tatum Bank on Tuesday marked its first anniversary, highlighting strong performance, rapid digital innovation, and a positive outlook for future growth.

The bank, which commenced operations a year ago, said its journey has been defined by a bold market entry, a solid operational foundation, and a clear trajectory towards sustainable growth and industry leadership.

Tatum Bank noted that within its first year, it demonstrated resilience and strategic focus, despite significant pre-operational investments, while building a growing presence in Nigeria’s banking sector.

The bank also disclosed that it successfully met the recapitalisation requirements set by the Central Bank of Nigeria, a move it said reinforces its financial strength and long-term commitment to the Nigerian financial system.

As part of its digital-first strategy, the bank rolled out a range of innovative solutions aimed at improving access and convenience for customers. These include a mobile banking application, debit cards, corporate internet banking, and an expanding point-of-sale network designed to serve individuals, small and medium enterprises, corporates, and institutions.

Further underscoring its investment in technology, Tatum Bank was named a finalist at the Infosys Finacle Innovation Awards 2026 in the “Transformation Excellence – Core Banking Transformation” category.

Speaking on the milestone, the Managing Director, Niyi Adeseun, said the bank’s first year reflected both challenges and achievements.

“Our first year has been both challenging and rewarding. Despite significant pre-operational investments, we achieved a Profit Before Tax of ₦1.7 billion in 2025, a testament to the strength of our strategy, the dedication of our team, and the trust of our customers. We have built not just a bank, but a platform for growth, innovation, and inclusion.”

He added that the bank would continue to prioritise secure and seamless banking services while expanding its digital capabilities and deepening financial inclusion.

“Tatum Bank is committed to remaining a safe haven for our customers by continuously delivering secure, seamless, and innovative banking solutions. As we look ahead, our focus remains on scaling our digital capabilities, deepening financial inclusion, and creating sustained value for all stakeholders.”. Adeseun added.

The bank stated that within one year of operations, it has built a market presence anchored on strong corporate governance, technology-driven operations, and customer-focused service delivery.

It expressed optimism about its future, noting that it would continue to expand its footprint, empower customers, support businesses, and contribute to economic growth as it enters its second year of operations.

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World Bank
Business

World Bank Deletes Nigeria Development Report Three Days After Release

by Folarin Kehinde
written by Folarin Kehinde

The World Bank has deleted its Nigeria Development Update (NDU) report from its website.

The removal comes three days after the global body published the report.

The report, titled ‘Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development’, was initially released on April 7, but the link to the document is no longer accessible on the bank’s website.

In the report, the World Bank said Nigeria’s economy grew by 4 percent in 2025, with inflation easing to 15.1 percent in February 2026 from 26.3 percent a year earlier, supported by tighter monetary policy and improved food supply.

 

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Business

REA, NDDC partner to boost electricity in Niger Delta

by Folarin Kehinde
written by Folarin Kehinde

The Rural Electrification Agency (REA) and the Niger Delta Development Commission (NDDC) have partnered to boost electricity in the Niger Delta region.

REA Managing Director/Chief Executive Officer (MD/CEO), Dr. Abba Aliyu, made the announcement on Wednesday via a post on his official X account, saying that “partnership is powerful but partnership backed by action is transformational”.

“Yesterday, the Rural Electrification Agency and the Niger Delta Development Commission formalised our collaboration with the signing of an MoU (Memorandum of Understanding), an important step toward closing the electricity access gap across the Niger Delta,” Aliyu said.

He stated that this is more than a document, calling the MoU a clear statement of readiness from the NDDC to move decisively in delivering reliable and sustainable power to communities that have waited too long for stable electricity.

According to him, the Niger Delta is central to Nigeria’s economic story, and its development must be supported by infrastructure that enables productivity, enterprise, and dignity.

Aliyu seized the opportunity to thank the Managing Director of NDDC, Chief Dr. Samuel Ogbuku, for his strong leadership and commitment in bringing this collaboration to life.

“His resolve to ensure that this partnership translates into real impact on the ground is commendable,” Aliyu said.

“This marks the beginning of sustained, coordinated action. Together, we will align resources, planning, and execution to ensure that communities in the Niger Delta are not just connected but empowered.”

 

 

 

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Business

NDDC, Ibom Air Seal Pact to Boost Regional Aviation Hub Prospects

by Folarin Kehinde
written by Folarin Kehinde

Partnership between the Niger Delta Development Commission (NDDC) and the Ibom Air of Akwa Ibom State may lead to emergence of a regional aviation power in the Niger Delta.

It could help to boost the aircraft fleet in Ibom Air and maybe other emerging airlines in the oil region and help air patronage in travel and hire services, thus creating a strong hub in aviation in the region like in Lagos.

This as Samuel Ogbuku, managing director of the NDDC, has urged fleeing businesses and investments to head back to the oil region. He has also called on indigenes of the region to think of investing in the region first, regretting that the trend on ground is investing outside the region.

On collaboration, the NDDC re-emphasised the importance of strategic collaborations through the Public-Private Partnerships (PPP) arrangement to drive sustainable development in the Niger Delta region.

Ogbuku stated this during a meeting with the management of Ibom Air led by George Uriesi, the Chief Executive Officer, at their headquarters in Uyo, Akwa Ibom State.

Ogbuku led a delegation that included Victor Antai, the Executive Director (Projects), Ifedayo Abegunde, Executive Director (Corporate Services), Abasiandikan Nkono, the Akwa Ibom State Representative on the NDDC board, and other directors of the Commission.

The NDDC boss observed that the engagement was part of the Commission’s ongoing commitment to strengthening PPPs that pave the way for landmark infrastructure projects and boost investor confidence.

He stressed that collaboration would expedite the growth and development of the Niger Delta region, noting that the NDDC was partnering with the Delta State Government and Chevron Nigeria Limited on the 70.75 km Omadino-Okerenkoko-Escravos Road and bridges in the Warri North Local Government Area of Delta State.

Ogbuku recalled that the partnership between the Shell Petroleum Development Company of Nigeria Limited and the NDDC facilitated the construction of the 25.7 km Ogbia-Nembe Road.

He added that the Commission was currently collaborating with the Nigeria Liquefied Natural Gas (NLNG) on the construction of the Okrika-Borikiri Road and bridges project, the Kaa-Ataba Road and Bridge, and the Bonny Ring Road

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CBN
Business

CBN directs banks to block loan defaulters from accessing credit facilities

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria (CBN) has asked commercial banks to restrict loan defaulters, specifically large-ticket obligors, from accessing credit facilities.

A large ticket obligor is a borrower (an individual or company) that owes a very large amount of money to a bank.

The latest instruction comes almost a week after the CBN asked financial institutions to stress test.

It is uncertain if the two directives are connected or what may have triggered the loan-related instruction, but the apex bank said it furthers its mandate to protect Nigeria’s financial system.

“In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial system, from accessing specified banking services,” the circular reads in part.

On strengthening collateral coverage, the CBN asked financial institutions to obtain additional realisable collateral from such obligors to adequately secure existing exposures.

The CBN said large ticket obligors are borrowers whose exposures are as defined under Clause 3.2 (d) of the prudential guidelines for deposit money banks in Nigeria 2010, or a customer with a combined exposure across banks, as shown in the credit risk management system (CRMS), and/or as shown in the reports of a licensed private credit bureau, “that exceed the Single Obligor Limit (SOL), which materially affect a bank’s Capital Adequacy Ratio (CAR) or otherwise pose a systemic risk to the financial system”.

“This directive reinforces earlier measures, particularly the circular titled “Prohibition of Loan Defaulters from Further Access to Credit Facilities in the Banking System” issued on June 30, 2014 (Ref: BSD/DIR/GEN/LAB/07/015). This is to ensure consistency and effectiveness in curbing credit abuse by large-ticket obligors,” the circular further reads.

 

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Business

Tatum Bank Meets CBN’s New Recapitalization, within 10 Months of Operation

by Folarin Kehinde
written by Folarin Kehinde

Tatum Bank has announced that it has met the capitalisation requirement set by the Central Bank of Nigeria for financial institutions operating in the country.

The bank disclosed this in a statement on Monday, noting that the milestone strengthens its financial base and positions it to expand its role in Nigeria’s financial services sector.

According to the statement, the achievement also reinforces the bank’s commitment to providing a secure and dependable financial platform for its growing customer base.

The Managing Director of Tatum Bank, Niyi Adeseun, said the development reflects the institution’s strong foundation and readiness for sustainable growth.

“This milestone is a strong affirmation of the solid foundation upon which Tatum Bank was built.

Our vision has always been to create a safe financial haven where customers can confidently pursue their financial goals,” he said.

Adeseun added that the bank would continue to strengthen its commitment to delivering seamless and reliable banking services to customers.

Also commenting, the Chairman of the bank, Samuel Ologunorisa (SAN), said the institution would continue to leverage digital banking solutions to expand access to financial services across the country.

“Our strategy is firmly anchored on leveraging digital banking solutions to drive financial inclusion while supporting the growth of businesses and large corporations,” he said.

Ologunorisa noted that the bank’s operations are guided by strong corporate governance principles, responsible environmental, social and governance practices, and a robust enterprise risk management framework.

He added that these principles would continue to guide the bank in building a resilient and transparent financial institution within Nigeria’s evolving financial landscape.

The bank stated that it achieved the capitalisation milestone less than a year after commencing full banking operations in May 2025.

It added that the strengthened capital base would support its commitment to innovation, operational excellence and improved banking experiences for customers.

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Business

Bag of cement jumps to N11,000

by Folarin Kehinde
written by Folarin Kehinde

Consumers and builders across several states are groaning under the weight of fresh increases in cement prices, with a bag now selling between N10,500 and N11,000 in many parts of the country.

Market surveys conducted in Kwara, Abuja, Kano, Kaduna, Jigawa and other northern states indicate that the upward review has become widespread, cutting across major brands and leaving household builders, block makers and contractors struggling to adjust their budgets.

In Ilorin and other parts of Kwara State, cement that previously sold for around N9,300 to N9,700 per bag last month now averages between N10,500 and N10,700 depending on the brand and location.

At major building material hubs in the state capital, a bag of Dangote Cement which earlier sold for about N9,500 now goes for between N10,500 and N10,600.

Similarly, BUA Cement has risen from roughly N9,500–N9,600 to about N10,600–N10,700.

Lafarge Africa products are also being sold within the same N10,600 to N10,700 range, while Mangal Cement, which was the most affordable at about N9,300–N9,400, now sells for between N10,500 and N10,600.

Traders attribute the development to what they describe as rising supply chain costs and increased production expenses.

 

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Business

Investment Platform Allegedly Linked to Jim Ovia Promises High Returns

by Folarin Kehinde
written by Folarin Kehinde

A new investment platform reportedly linked to businessman Jim Ovia has generated widespread attention across Nigeria following claims of guaranteed multi-million naira returns for participants.

At a recent presentation, promoters of the project stated that every Nigerian who joins the platform is assured of an income of ₦2 million, describing the initiative as a technology-driven financial solution built by “some of the world’s best financial experts.”

According to the presentation, the platform was designed with inclusivity in mind, setting an entry point of ₦380,000 to enable participation by traders, teachers and commercial drivers across the country.

“We deliberately structured this project so that the trader in Oshodi market, the teacher in Enugu and the driver in Abuja can all participate and change their story,” the speaker said, adding that the platform allegedly enjoys full government backing and guarantees from the Central Bank of Nigeria (CBN).

Another promoter, Emmanuel Nwodo, expressed confidence in the project, claiming to have personally tested the platform.

“The only thing we can feel is gratitude,” Nwodo said. “I personally tested the platform and I can confirm that it works. Registration is simple, and consultants guide users step by step.”

He further claimed that the project had been under development for two years and was already providing additional income to thousands of Nigerians.

Promoters insist the platform does not promise instant wealth but can deliver earnings of up to ₦300,000 daily, translating to ₦2 million weekly and ₦8 million monthly, powered by artificial intelligence said to predict market trends and automate trading decisions.

“This has nothing to do with pyramid schemes or shady deals.

The algorithm does all the work,” Nwodo stated, expressing confidence that participants’ income could surpass their current salaries within 30 days.

Some users have also shared testimonials online. One participant claimed to have doubled an initial investment within two days, while another said investing over ₦2 million had yielded “serious money.”

However, financial analysts have urged caution, noting that promises of guaranteed returns and claims of regulatory backing should be independently verified.

Experts warn that Nigerians should conduct due diligence and seek confirmation from relevant authorities before committing funds to any investment opportunity.

As of the time of filing this report, there has been no official confirmation from the Central Bank of Nigeria regarding its alleged involvement or guarantee of the platform.

 

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