Daily Business Reporter

Federal High Court Orders Deregistration of ADC, Four Other Political Parties

News /

The Federal High Court in Abuja has ordered the deregistration of five political parties, including the African Democratic Congress (ADC), after ruling that they failed to meet constitutional requirements relating to electoral performance in the last general elections. In a judgment delivered on Monday, Justice Peter Lifu directed the Independent National Electoral Commission (INEC) to […]

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CBN Withdraws N6.88 Trillion in Two Weeks as Liquidity Surge Threatens Inflation Outlook

Economy /

The Central Bank of Nigeria (CBN) has intensified efforts to contain excess liquidity in the financial system, withdrawing approximately N6.88 trillion through Open Market Operations (OMO) auctions within the first two weeks of June 2026. Analysis of the apex bank’s financial market activities shows that the liquidity mop-up accounts for about 63% of the N10.90

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Nigeria’s Inflation Climbs to 15.93% in May as Consumer Prices Remain Elevated

Economy /

Nigeria’s inflation rate rose marginally in May 2026, highlighting the continued pressure of rising consumer prices on households and businesses despite signs that the pace of price increases may be moderating. According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), headline inflation increased to 15.93% in May

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Draft Fixed-Income Brokerage Framework Sparks Debate in Nigeria’s OTC Market

Economy /

    A draft framework currently circulating within Nigeria’s fixed-income market has sparked discussions among market participants over the future role of over-the-counter (OTC) fixed-income brokers. The document, which has not been formally issued by either the Central Bank of Nigeria or the Financial Markets Dealers Association, proposes significant changes to the operating model of

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Federal Government Raises N4.68 Billion from June 2026 FGN Savings Bond

Economy /

  Overview The Federal Government of Nigeria has raised N4.678 billion through its June 2026 FGN Savings Bond issuance, reflecting increased participation by retail investors in government-backed fixed-income securities. According to allotment results released by the Debt Management Office (DMO), the amount raised exceeded the N4.074 billion recorded in the May 2026 issuance, indicating growing

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Federal Government Declares June 12 Public Holiday for Democracy Day 2026

Corporate, Life & Work, News /

Overview The Federal Government has declared Friday, June 12, 2026, a public holiday to commemorate Nigeria’s annual Democracy Day celebration. The announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, through an official statement issued on behalf of the government. Key Details June 12 has been designated as a public holiday to mark Nigeria’s

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Senate Extends 2025 Capital Budget Implementation Deadline to September 2026

Economy /

The Nigerian Senate has approved a three-month extension for the implementation of the capital component of the 2025 Appropriation Act, shifting the deadline from June 30, 2026, to September 30, 2026. The decision was adopted during plenary on Thursday, June 11, as lawmakers moved to improve budget execution and prevent the abandonment of ongoing government

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How Banks Create Money in Nigeria: Understanding the Process Behind Modern Banking

Economy, Editors Pick /

  Money creation in modern economies, including Nigeria, is primarily driven by commercial banks through the lending process, while the Central Bank of Nigeria (CBN) provides the reserve infrastructure that supports the banking system. Key Highlights • Commercial banks create most of the money in circulation through lending. • New money is created when banks

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LAPO MFB SPV Raises N4.46 Billion in Debut Bond Offer, Six Investors Take 81% Allocation

Economy /

  LAPO Microfinance Bank Limited, through its wholly owned special purpose vehicle, LAPO MFB SPV Plc, has successfully raised N4.46 billion from its inaugural Series 1 Senior Unsecured Fixed Rate Bond, with a small group of large investors accounting for the majority of subscriptions. According to formal allotment data cleared by the Securities and Exchange

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MAX Begins Electric Vehicle Rollout in Ibadan, Expands Clean Mobility Push

Economy, Life & Work /

  Africa’s leading electric mobility company, MAX, has announced the first phase of its electric vehicle (EV) deployment in Ibadan, marking the city’s first large-scale introduction of electric mobility within its public transportation ecosystem. The move represents a significant milestone in MAX’s broader strategy to transform transportation across Africa through cleaner, more affordable, and technology-driven

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