The Nation Newspaper

Category: Business

  • Customs raked in N7.28tr last year

    Customs raked in N7.28tr last year

    •Revenue target tose by 10 %

    The Nigeria Customs Service (NCS) yesterday said its revenue collection hit N7.281 trillion in 2025, exceeding its N6.584 trillion target by 10 per cent.

    The collection surpassed the target with N697billion, according to the Comptroller -General, Bashir Adewale Adeniyi who broke the news during the International Customs Day 2026 in Abuja.

    The theme of the event is “Customs Protecting Society through Vigilance and Commitment.”

    According to him, the revenue collection grew by 10 per cent over the target.

    He also said the revenue increased by 19 per cent from the N6.1 trillion collected in 2024.

    He insisted the organization must sustain the financial health of the state as it protects the society and reform procedures.

    “I am pleased to report that in 2025, the Nigeria Customs Service collected a total of N7.281 trillion, exceeding the target of N6.584 trillion with a positive variance of N697 billion representing a growth of over 10 percent against target.

    “Compared to 2024 collections, total revenue rose from N6.1 trillion to N7.28 trillion, an increase of approximately N1.18 trillion, or about 19 percent yearon-year,” Adeniyi said.

    On the theme of the event, the NCS boss recalled that last year showed very clearly what “protecting society” looks like in the real world.

    He said at the Apapa, NCS uncovered 16 containers of prohibited goods valued at over ₦10 billion — a single operation that combined narcotics, expired pharmaceuticals, and concealed firearms.

    At the airports, according to him, officers intercepted over 1,600 exotic birds being trafficked without CITES permits, stopping a wildlife crime operation that would have harmed both biodiversity and Nigeria’s international obligations.

    Adeniyi said the Service recorded over 2500 seizure, with an aggregate value of more than ₦59 billion in prohibited and harmful goods removed from circulation nationwide. These seizures, according to him, cut across narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles, and substandard consumer goods.

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    In his virtual message, the World Customs Organization (WCO), Secretary-General, Ian Saunders said  on January 26 each year, Customs administrations around the world celebrate International Customs Day.

    He also noted that the Day is also an opportunity for the WCO, as a voice of the global Customs community, to highlight a specific are of this its community can take to demonstrate it’s collective action.

    “This year, we are elevating the profile of Customs as a protector of society and to demonstrate our dedication to safety and security through the WCO’s theme for 2026: “ Customs Protecting Society through Vigilance and Commitment,” he said.

    Meanwhile, the Minister of State for Finance, Dr. Doris Uzoka- Anite said the Federal Government under the leadership of President Bola Tinubu remains steadfast to fostering an environment that supports transparent and competitive international trade.

  • New tax laws boosts workers’ January pay, says Oyedele

    New tax laws boosts workers’ January pay, says Oyedele

    Many Nigerian workers who received their January 2026 salaries are already seeing a difference in their pay, as deductions under the Pay As You Earn (PAYE) tax system have gone down, leaving them with more money to take home.

    This information was shared by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in a statement he posted on his WhatsApp platform. According to him, feedback from employees across different sectors shows that the new tax laws are beginning to ease the tax burden on workers.

    “To make sure that the people responsible for applying these changes in their organisations fully understand what to do, the committee is organising an implementation session in partnership with the Joint Revenue Board,” Oyedele said.

    He explained that the meeting is aimed at senior staff who handle salaries and taxes in companies, including Human Resources directors, payroll managers, chief financial officers, tax managers and other top executives who oversee staff pay and tax compliance.

    Oyedele also addressed concerns that have been circulating among members of the public about possible new charges on electronic transfers and money kept in bank accounts. He said clearly that the tax reforms did not introduce any new tax or levy on bank transfers or funds in people’s accounts.

    “The new laws did not create any tax on electronic transfers or money in your bank account. In fact, many businesses can now claim back input VAT on bank charges,” he said.

    To ensure that banks and other financial institutions understand how to apply the new rules, Oyedele said a separate engagement session was recently held. The meeting brought together the Nigeria Revenue Service, the Joint Revenue Board, the Central Bank of Nigeria and the Presidential Fiscal Policy and Tax Reforms Committee.

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    He noted that the session included officials such as risk and compliance officers, legal advisers, chief financial officers and regulatory affairs executives from fintech companies, commercial and microfinance banks, pension fund operators, asset managers, investment and securities firms, and other financial institutions.

    During the discussions, participants focused on making sure customers are not wrongly charged, especially in the area of taxes linked to bank services. They also talked about the need for a Tax Identification Number for bank accounts used for business or income purposes, a rule that has been in place since January 13, 2020.

    Other areas covered included giving customers clear guidance on how to file their tax returns and claim lawful deductions, as well as the removal of Tax Clearance Certificates as a requirement for foreign exchange transactions to make it easier for people and businesses to operate.

    Oyedele added that the meeting also explained the proper process tax authorities must follow when using their powers to recover unpaid taxes, and the extra protections now available to taxpayers through the Office of the Tax Ombud.

    He said the overall goal of the tax reforms is to bring more people and businesses into the formal economy, reduce confusion caused by different tax rules, and improve access to financial services, while building trust and making the financial system work better for everyone.

  • Additional 146,000b/d underway as NNPCL hails Chevron Nigeria on Awodi-07 completion

    Additional 146,000b/d underway as NNPCL hails Chevron Nigeria on Awodi-07 completion

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has congratulated Chevron Nigeria Limited (CNL), operator of the NNPC Ltd/CNL Joint Venture, on the successful completion of the 146,000 barrels per day Awodi-07 appraisal and exploration well located in the shallow offshore western Niger Delta.

    The Awodi-07 well was drilled as part of the Joint Venture’s ongoing efforts to further delineate and unlock hydrocarbon potential within its asset portfolio.

     Drilling operations commenced in late November 2025 and were concluded in mid-December 2025, with all activities executed safely, efficiently, and in strict compliance with approved operational and regulatory standards.

    Following the completion of comprehensive testing, logging, and data acquisition, the well was safely secured, bringing the programme to a successful close.

    This was contained in the press statement the NNPCL Chief Corporate Communications Officer Andy Odeh issued yesterday.

    According to him, results from the well are highly encouraging, confirming a significant presence of hydrocarbons across multiple reservoir zones.

    This outcome represents a notable milestone for the NNPC Ltd/CNL Joint Venture, on strengthening confidence in the underlying asset and reinforcing the prospectivity of the area. The success of Awodi-07 further highlights the effectiveness of disciplined exploration, sound technical evaluation, and the strong operational collaboration between NNPC Ltd and its Joint Venture partner.

    Commenting on the achievement, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, commended Chevron Nigeria Limited for its operational excellence, technical competence, and consistent delivery of value.

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    He stated: “The success of the Awodi-07 well further reinforces the strength of the NNPC Ltd/CNL Joint Venture and our shared commitment to responsibly growing Nigeria’s hydrocarbon reserves. This achievement aligns squarely with our strategic priorities of increasing production, enhancing national energy security, and delivering sustainable value for the Nigerian people.”

    Also speaking on the milestone, the Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, described the Awodi-07 results as a clear demonstration of the value of sustained collaboration, technical rigour, and a stable, enabling operating environment.

    According to him: “This discovery underscores the importance of disciplined exploration programmes, strong partnerships, and the positive impact of the reforms introduced under the Petroleum Industry Act. We look forward to working closely with Chevron Nigeria Limited to mature this opportunity and progress it towards timely development and monetisation.”

    NNPC Limited and Chevron Nigeria Ltd work together under a joint venture agreement to operate several oil and gas fields in Nigeria’s Niger Delta. In this partnership, Chevron owns 40 per cent of the assets, while NNPC Limited holds the remaining share. The arrangement allows both companies to combine resources, expertise, and investment to develop Nigeria’s oil and gas resources more effectively.

    Through this collaboration, the partners aim to increase oil production to about 146,000 barrels per day, which would support government revenue, create jobs, and contribute to the country’s energy supply.

  • AMCON collects N577.8b from CBN, banks to settle obligations

    AMCON collects N577.8b from CBN, banks to settle obligations

    The Asset Management Corporation of Nigeria (AMCON) received a whopping N577.84 billion from 15 commercial banks and the Central Bank of Nigeria (CBN) to settle its outstanding obligations on issued securities.

    In a CBN report for the first half of last year, the apex bank said the collections into the Banking Sector Resolution Cost Fund (BSRCF) in the review period amounted to N577.84 billion.

    It said the funds were contributed by the CBN and 15 banks.

     “AMCON utilised the funds to settle its obligations on issued securities,” the financial sector regulator said in its financial stability report posted on its website.

    It said AMCON’s total cash recoveries during the review period increased by 27.87 per cent to N66.12 billion from N51.71 billion at end-December 2024.

     “Furthermore, investment income from treasury operations rose by 2.08 per cent to N15.22 billion from N14.91 billion over the preceding half,” it said.

    CBN further disclosed that cumulatively, the total recoveries rose by 4.42 per cent to N2.42 trillion from N2.32 trillion during the preceding period, made up of cash N984.52 billion, other collections (property sale, share sales, rental income, dividend income, sale of bridge banks and re-investment income) N1,291.95 billion and asset forfeiture of N149.90 billion.

    The apex bank added that the stronger recovery performance contributed to a reduction in AMCON’s liabilities, even as cumulative recoveries climbed to N2.43 trillion, reflecting sustained efforts to strengthen the Corporation’s balance sheet.

    It was the rising Non-Performing Loans (NPLs), and the need to save the financial sector from imminent collapse that prompted the Federal Government to set up the Asset Management Corporation of Nigeria (AMCON) in 2010.

    AMCON is an institution created for the purchase and resolution of NPLs from the banks. It is also an instrument created by the Federal Government by which the government bolsters ailing banks through the injection of capital in consideration for equity.

    AMCON’s creation or intervention was in response to the global economic crisis of 2008/2009; coupled with poor corporate governance practice in the Nigerian banking sector at the time, which had a severe adverse effect on the banking system.

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    Prior to the establishment of AMCON in 2010, the banking sector was assailed by a myriad of problems, the greatest of which were an all-time high NPLs ratio of more than 40 per cent at that time, poor corporate governance practices, poor risk management, low liquidity as well as insufficient capital adequacy ratio just to mention a few.

    Before the global financial crisis of 2008-2009, there was no special insolvency regime for managing bank distress, and banks either failed or were bailed out with no hybrid scheme of restructuring their assets, which AMCON intervention provided.

    Accordingly, the utilization of AMCON to manage the toxic assets on banks’ balance sheets was one of the tools available under the post-financial crisis resolution framework.

    AMCON Managing Director/CEO, Gbenga Alade, disclosed that the corporation at inception bought bad loans worth N5.4 trillion from banks and moved quickly to recover the loans.

    He said that with inevitable sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate.

    Alade until the enactment of the Companies and Allied Matters Act 2020 (CAMA 2020), the Nigerian corporate insolvency law lagged behind the bank resolution regime.

    He said that systemic bank distress can be likened to an epidemic in the health sector.

     “It requires special rules to deal with it based on a robust structure of an insolvency regime of regulation or business rescue, liquidation, priorities, secure creditors’ rights and limitations, and transnational cooperation amongst others. Just like in the health sector, the   financial system will return to normal after overcoming the financial epidemic,” he said at one of his meetings with judges.

  • UBA unveils simplified instant account opening platform

    UBA unveils simplified instant account opening platform

    United Bank for Africa (UBA) Plc has launched a simplified instant account opening digital platform designed to make banking faster, more accessible, and truly borderless for customers across Africa and in the diaspora.

    The new platform enables prospective customers to begin and complete their account opening journey fully online, eliminating the traditional barriers of paperwork and initial branch visits. With this innovation, UBA continues to strengthen its leadership in digital banking and financial inclusion across the continent.

    Through the new platform, customers can start their onboarding journey via the web by simply selecting their preferred language and country. The process is accessible on computers, tablets, and smartphones, ensuring a consistent and user-friendly experience across devices.

    The platform supports both Naira and Diaspora account openings, offering multi-language options that reflect UBA’s diverse customer base and pan-African footprint.

    In line with UBA’s commitment to global best practices, the Instant Account Opening platform is fully aligned with applicable privacy and data protection regulations, including the Nigeria Data Protection Act (NDPA) and the General Data Protection Regulation (GDPR). This ensures strong data privacy, enhanced customer confidence, and a robust legal framework for international and diaspora customers.

    Unlike traditional commercial bank onboarding processes, which often require physical branch visits, paper documentation, and in-person biometric capture, UBA’s new platform allows customers to initiate and complete onboarding digitally. Customers can upload required documents, complete digital KYC, and enroll in UBA’s digital channels immediately.

    At the same time, the platform matches the speed and convenience customers have come to expect from fintechs, while retaining the strength, security, and regulatory depth of a leading African bank.

    Opening an account on the platform is simple and intuitive, and requires a visit aop.ubagroup.com, clicking open a Savings Account and selecting Get Started and entering your BVN and complete facial verification among others.

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    Group Head, Retail and Digital Banking, Shamsideen Fashola, noted  that with this launch, UBA reinforces its mission to leverage technology to democratize access to financial services, combining convenience, compliance, speed, and accessibility in one seamless platform.

     “At UBA, we are committed to redefining the customer experience through innovation and simplicity. Our new Instant Account Opening platform reflects this commitment by removing traditional barriers and making it easy for anyone — whether on the continent or in the diaspora — to open an account in minutes. This fully digital solution underscores our belief that banking should be accessible, secure, and truly borderless,” Shamsideen said

    Alero Ladipo, Group Head, Brand, Marketing and Corporate Communication said: “We understand that today’s customers expect speed, convenience, and compliance without compromise. With this platform, we have blended industry-leading digital onboarding with robust privacy and regulatory standards, ensuring that our retail customers enjoy a seamless account opening experience that matches global best practices.”

  • Origin Tech to build modern, digitally empowered farmers

    Origin Tech to build modern, digitally empowered farmers

    Origin Automobile Works (OAW) has outlined its vision to help build a new generation of modern, digitally empowered Nigerian farmers, placing science, technology, innovation and digital transformation at the centre of agricultural and rural development.

    The Executive Chairman, Origin Tech Group, Prince Samuel Joseph Samuel, said the adoption of technology-driven solutions must be treated as a breakthrough strategy for removing long-standing bottlenecks in agriculture, increasing value addition and improving the quality and competitiveness of agricultural products.

    He said the future of Nigerian agriculture lies with a new breed of farmers defined by knowledge, creativity, digital capability, resilience and a pioneering spirit.

    According to him, these farmers will be critical to building a prosperous agricultural sector, strengthening Nigeria’s food systems and positioning locally produced agricultural goods more competitively on the global market, while also contributing to a more modern and sustainable rural economy.

    Prince Samuel stressed that agriculture, farmers and rural communities must remain central to national development planning at every stage, adding that mechanisation, innovation and digital tools would play a decisive role in unlocking productivity and long-term growth across the sector.

    The OAW Board of Directors reaffirmed this position during its recent three-day strategic retreat held at Lakowe Lakes Golf and Country Estate Resort, Lagos. The retreat, themed “Building Institutional Strength to Accelerate Growth,” brought together board members and executive leadership to review the organisation’s performance, strengthen governance structures and set strategic priorities for the years ahead.

    Discussions during the session went beyond routine board matters, focusing on long-term sustainability, risk management and improved operational efficiency. The board reviewed achievements recorded under the OAW five-year Strategic Plan covering 2020 to 2025 and laid the foundation for a new strategic framework to guide the organisation from 2026 to 2030.

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    Recognising the need for a more dynamic approach to consolidating its contributions to agricultural mechanisation and Nigeria’s food systems, the board also considered measures to refine OAW’s mission and values in line with sustainable development goals. The outcome of the retreat was a clear and actionable roadmap aimed at scaling the impact already achieved across the agricultural and food systems value chain, while ensuring long-term institutional sustainability.

    Describing the retreat as a turning point for the organisation, Prince Samuel said the board’s alignment with the evolving needs of the sector had reinforced OAW’s commitment to improving productivity in agro-mechanisation and food systems, alongside the introduction of new technologies. He said the organisation was leaving the retreat with renewed energy and a concrete plan to drive growth for both OAW and its customers.

    Also speaking, the Executive Director, Corporate Services, Mr Olusesan Ayeni, said key outcomes from the retreat included the approval of a strategic plan focused on accelerating growth in Nigeria’s agricultural and food systems space, deeper collaboration between the board and executive management, and the launch of new capital investment and funding initiatives.

    He noted that the level of engagement and dedication shown by board members reflected a strong resolve to position OAW to address emerging challenges and seize new opportunities within the sector.

  • Experts seek citizens’ partnership to tackle pollution, urban growth

    Experts seek citizens’ partnership to tackle pollution, urban growth

    Environmental experts and government officials have called for stronger collaboration between government and residents to address rising environmental challenges linked to pollution, rapid urbanisation and population growth across the state.

    The call was made at the 2026 Annual Retreat of the Environmental Assessment Department of the Lagos State Ministry of the Environment and Water Resources, with the theme: “Reflect, Review, Refocus and Recommit to Strengthening Environmental Governance for a Sustainable Future in Lagos State.”

    In her address, the Permanent Secretary of the ministry, Dr Gaji Omobolaji Tajudeen, described the gathering as a critical moment for reflection, renewal and strategic planning.

     “A retreat is a time to look back at the journey, identify gaps and deliberately plan for the future. Success is not accidental; it is a product of deliberate planning and teamwork,” she said, urging staff at all levels to see environmental governance as a collective responsibility.

    He noted that the ministry’s work is a “marathon, not a sprint,” adding that innovation and collaboration were no longer optional but necessary to meet Lagos’ growing environmental challenges.

    From the department of geography, university of Lagos, Dr Feyi Oni, in his lecture, commended the state for the depth of its environmental data assessment, describing it as comparable to international standards.

    “Very few states have achieved this level of competence in environmental assessment. Lagos has presented a comprehensive 2025 State of the Environment report covering air, water, noise pollution and environmental impact assessments,” he said.

    According to Dr Oni, findings revealed pollution hotspots in some areas, including high noise levels in parts of Ojuelegba and Oshodi, as well as concerns about water and air quality.

    He said the data provided a strong scientific basis for future policy interventions.

    “This is pure scientific analysis. The next stage is to develop policies, laws and prescriptions that will improve environmental quality,” he added.

    Dr Oni stressed that the most important takeaway from the retreat was the state’s increasing focus on human-centric environmental governance.

     “The people are carried along. Communities are consulted, traditional rulers are involved, and local residents monitor activities. This has improved compliance significantly over the years,” he said.

    He added that awareness campaigns, enforcement and certainty of sanctions had contributed to reduced water pollution, as residents are now more conscious of the consequences of dumping waste into lagoons and drainage channels.

    He noted that rapid urbanisation, population growth and climate change continue to place enormous pressure on Lagos’ environment, making strong enforcement and citizen participation more critical than ever.

    The Director of Environmental Assessment, Mr Sojinu Olasunkanmi, said the retreat was organised to review the department’s 2025 performance and refocus for improved service delivery in 2026.

    “Our performance last year was good, but we want to do better. We are not satisfied with being good; we want to be excellent,” he said.

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    He disclosed that recent assessments showed high levels of certain air pollutants, including sulphur oxides and particulate matter, as well as water pollution linked to human activities in some locations.

     “The data has been collected and assessed. The next step is stakeholder engagement, policy formulation and targeted enforcement,” Olasunkanmi said, adding that public awareness must precede enforcement to achieve lasting behavioural change.

    He also revealed ongoing studies on groundwater contamination near public cemeteries and reiterated the need for long-term solutions such as improved public water supply to reduce reliance on boreholes.

    Resource persons at the retreat emphasised that traditional approaches could no longer deliver current reform objectives, especially in a complex and fast-growing megacity like Lagos.

    They stressed the need to move beyond creativity to innovation, defined as the execution of ideas that deliver measurable outcomes.

     “Innovation is judged by results, not intentions,” one of the speakers noted, adding that delays in service delivery often reflect leadership and coordination gaps within institutions.

    Participants at the retreat ended with a renewed commitment by the ministry to strengthen innovation, accountability and people-focused service delivery in pursuit of a cleaner, healthier and more sustainable Lagos.

  • NASENI, varsity partner on innovation, research commercialisation

    NASENI, varsity partner on innovation, research commercialisation

    The National Agency for Science and Engineering Infrastructure (NASENI) and the African University of Science and Technology (AUST), Abuja, have formalised a partnership to advance innovation, technology development and the commercialisation of research outputs.

    The collaboration was sealed with the signing of a Memorandum of Understanding (MoU) in Abuja by the Executive Vice Chairman/Chief Executive Officer of the Agency, Mr. Khalil Suleiman Halilu, and the management of AUST.

    Speaking at the signing ceremony, Halilu described the agreement as a significant step toward strengthening institutional collaboration with measurable impact, noting that NASENI is committed to ensuring that research translates into practical solutions.

    “NASENI is focused on innovation that targets the right audience and produces tangible outcomes. Our Innovation Hub was established to ensure that promising ideas are nurtured, supported, and scaled into usable technologies that contribute to national development,” he said.

    He further reiterated the Agency’s readiness to work closely with universities and research institutions, stressing that sustained collaboration is key to bridging the gap between academia and industry. “This is your home, and we look forward to doing a lot of collaborations together,” Halilu added.

    In his remarks, the President of AUST, Prof. Peter Azikiwe Onwualu, highlighted the long-standing relationship between both institutions, recalling past collaborations, postgraduate training programmes and joint initiatives that have benefitted NASENI staff and researchers.

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    The AUST delegation emphasised the need to renew and expand cooperation in line with emerging innovation priorities. Prof. Onwualu explained that the AUST Inspire Innovation Hub was established to tackle the persistent challenge of limited research commercialisation.

    “We are changing the narrative from research done solely for academic promotion to research that ends in products, innovation, and real value,” he stated, referencing ongoing agro-waste conversion projects supported under NASENI’s Delta-2 programme.

    Both institutions agreed to strengthen cooperation in innovation, technology transfer and human capital development. AUST also invited NASENI to participate in its international conference on innovation scheduled for April, where the Agency’s leadership is expected to be recognised for its contributions to advancing research commercialisation and innovation in Nigeria.

  • inDrive okays N75million relief to demolitions victims

    inDrive okays N75million relief to demolitions victims

    inDrive has provided over N75 million in relief to Lagos residents displaced by recent demolitions. The initiative, delivered in partnership with humanitarian organisation, Tolu Aniwura Welfare Foundation (GenerousMe) took place at St. Paul Catholic Church, Ebute-Metta, and supports families and individuals affected by the community displacement.

    The intervention reaches more than 2,000 beneficiaries, providing essential food items, clothing, bedding, baby care products, and school supplies.

    This support also extends to individuals who had previously benefited from inDrive-backed social impact programmes, reflecting the company’s continued commitment to empowering vulnerable communities across Nigeria.

    The relief packages included essential dry food items such as rice, beans, garri, noodles, spaghetti, cooking oil, tomato paste, seasoning cubes, and salt. Beneficiaries also received clothing, blankets, sleeping mats, mosquito nets, rechargeable lamps, power banks, and baby care items, as well as school packs containing bags, exercise books, and writing materials for children.

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    Speaking on the intervention, Country Representative, inDriveNigeria, Timothy Oladimeji, explained that the initiative reflects the company’s people-first approach and its commitment to responding directly to urgent community challenges while maintaining a focus on long-term empowerment across its markets.

    “At inDrive, we believe that our responsibility goes beyond providing mobility services; it extends to standing with communities during moments of need. The recent demolitions left many families vulnerable, and through our partnership with GenerousMe, we were able to respond quickly and responsibly. This intervention reflects our commitment to fairness, empathy, and ensuring that people remain at the centre of everything we do,” Oladimeji said.

    In his remarks, Partnerships Lead, GenerousMe AdetolaAlade,  added “Partnering with inDrive enabled the timely and coordinated delivery of aid. We prioritize speed and collaboration in responding to urgent humanitarian needs, and working with inDrive on this project was a great experience.”

    inDrive continues to strengthen its footprint in Nigeria by combining technology-driven mobility solutions with initiatives that support vulnerable communities and promote inclusive growth.

  • CBN okays nationwide operations for Opay, Moniepoint, others

    CBN okays nationwide operations for Opay, Moniepoint, others

    By Akintunde Olamide

    The Central Bank of Nigeria (CBN) has granted national operational approval to several financial technology companies and microfinance banks, allowing them to operate across all states in the country.

    The approval applies to major digital payment platforms such as Opay and Moniepoint, alongside other licensed fintech firms and microfinance banks that previously operated under state or regional licences.

    The development marks a notable shift in Nigeria’s financial services landscape, as the regulator broadens the reach of digital banking solutions nationwide.

    Sources familiar with the decision said the approval followed comprehensive regulatory reviews and operational assessments by the CBN to ensure that the affected institutions meet the required benchmarks in capital adequacy, corporate governance and risk management.

    With the upgraded status, the institutions are now authorised to expand beyond their former geographic boundaries, establish physical outlets, deploy agent networks and offer financial services across the country.

    The CBN said the move is expected to accelerate financial inclusion, particularly in rural and underserved areas where access to traditional banking infrastructure remains limited. Fintech companies such as Opay and Moniepoint have built extensive agent networks that support payments, fund transfers, bill payments and banking services for small businesses.

    Analysts say the decision reflects the regulator’s recognition of the growing importance of fintechs in Nigeria’s financial ecosystem and their role in complementing conventional banks.

    The national licence is expected to enable the firms to scale operations more rapidly, improve service delivery and compete more effectively with commercial banks, especially in retail banking and small-business financing.

    For consumers, the expansion could lead to wider access to digital financial services, faster transaction processing and increased competition, potentially resulting in lower transaction costs.

    Despite the upgrade, the CBN emphasised that the affected institutions will remain subject to strict regulatory oversight. The apex bank noted that compliance with anti-money laundering regulations, consumer protection rules, data security standards and capital requirements remains mandatory.

    Beneficiaries of the approval are required to maintain strong internal controls and submit periodic reports to the regulator. Any breach of regulatory guidelines could attract penalties, including suspension or withdrawal of operating licences.

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    The decision has been welcomed across Nigeria’s technology and financial sectors. Fintech operators described the approval as a validation of sustained investments in infrastructure, regulatory compliance and customer trust.

    Small and medium-sized business owners, many of whom rely on mobile money agents and digital payment platforms, have also reacted positively, expressing optimism that nationwide operations will improve service reach and reliability.

    However, some industry observers have advised the CBN to continue close monitoring of fintech expansion to minimise systemic risks, especially as digital platforms play an increasingly central role in daily financial transactions.

    The approval comes at a time when Nigeria’s fintech sector continues to attract significant local and international investment, strengthening the country’s position as a leading digital finance hub in Africa. As Opay, Moniepoint and other approved institutions commence nationwide expansion, attention will be focused on how effectively they maintain service quality while scaling operations across Nigeria’s diverse markets.