Business

The Nigeria Inter-Bank Settlement Systems said the most common fraud technique in the Nigerian banking sector and digital payment system is social engineering. Managing Director of NIBSS, Premier Oiwoh, disclosed this on Wednesday at an event in Lagos, noting that digital payment declined by 51 percent in Nigeria to N25.85 billion in 2025 from a high of N52.26 billion in 2024. Oiwoh noted that within the category of fraud, insider abuses or involvement have been the greatest threat. According to him, by channel, fraud remains most prevalent in e-commerce and internet banking, followed by point of sale, mobile, and web platforms within the Nigerian banking and fintech sector. He further said incidents such as SIM swap fraud, account compromise, and phishing continue to evolve in...

Traders affected by the recent fire that destroyed a commercial storey building at Computer Village in Ikeja, Lagos State, have appealed to Governor Babajide Sanwo-Olu for financial assistance to mitigate their losses. DAILY POST reports that goods worth millions of naira were destroyed when the blaze broke out in the early hours of Tuesday at Somoye Street, Ikeja. The building, a hub for dealers in computers and accessories, was completely gutted on its upper floor. Preliminary investigations suggest the fire was triggered by an electrical surge following the restoration of power. Fortunately, no casualties were recorded. When DAILY POST visited the site on Wednesday, scavengers were seen searching through debris while affected shop owners looked on helplessly. Traders said they ...

The Nigerian Export Promotion Council (NEPC) is currently engulfed in internal turmoil following allegations of financial misconduct linked to a controversial nationwide staff redeployment exercise estimated to cost ₦72 million. Multiple senior officials within the Council told SaharaReporters that the ₦72 million represents the total transfer allowances expected to be paid to officers affected by the mass redeployments across state and zonal offices. Sources clarified that the figure was not directly disbursed by the Executive Director, Mrs. Nonye Ayeni. However, insiders insist that the expenditure was neither budgeted for in NEPC’s 2025 financial provisions nor captured in its approved procurement plan, raising serious concerns about compliance with public financial regulations. ...

Here is the latest update on the dollar to naira exchange rate in the black market, also known as the parallel market (Aboki FX). Dollar to Naira Black Market Rate For those looking to exchange dollars for naira, traders at the Lagos parallel market quoted the following rates on Wednesday, January 21: Selling rate: ₦1,490 per dollar Buying rate: ₦1,480 per dollar These figures were obtained from sources at Bureau De Change (BDC) outlets. It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions conducted in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to carry out transactions through authorized banks. Exchange Rate Summary Dollar to Naira (USD/NGN) – Black Mark...

The Federal Competition and Consumer Protection Commission, FCCPC, has commenced a phased implementation of enforcement measures in respect of Digital Money Lending, DML, operators. A statement released on Wednesday by its spokesperson, Ondaje Ijagwu, said the enforcement is targeted at those who did not regularise their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). The Commission had fixed Monday, 5 January 2026, as the deadline for compliance. Speaking on the commencement of enforcement measures, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, stated that the actions were necessary to give effect to the regulations and to maintain regulatory certainty in ...

Senegal has revoked offshore oil exploration rights previously granted to Atlas Oranto Petroleum, the privately held oil and gas company founded by Nigerian billionaire Arthur Eze, signaling a tougher regulatory approach toward inactive petroleum licenses. According to Business Insider, the move aligns with Senegal’s broader effort to tighten oversight of its energy sector and fast-track the commercial development of its hydrocarbon resources. The decision followed Atlas Oranto’s failure to meet key financial and operational conditions tied to the license. Authorities withdrew the Cayar Offshore Shallow exploration permit after determining that the company did not submit the required bank guarantees and conducted only minimal exploration activities since the block was awarded in 2008...

When President Bola Ahmed Tinubu assented to four major tax reform bills on June 26, 2025, the decision was met with widespread public backlash. Many Nigerians feared the new laws would deepen the financial strain on individuals and businesses already struggling under tough economic conditions. The Nigeria Labour Congress (NLC) strongly criticised the reforms, arguing that labour unions were not consulted during the drafting process and that no proper briefing followed their passage and presidential assent. According to the NLC, implementing the reforms without transparency and stakeholder engagement could worsen hardship, hurt small businesses, and slow economic activity. Concerns intensified in December 2025 when Rep. Abdussamad Dasuki, who represents the Kebbe/Tambuwal Federal Con...

The Federal Government has unveiled plans to raise up to ₦900 billion from the domestic debt market through its January 2026 bond auction, effectively doubling the ₦450 billion target set for the same period last year. Details contained in offer documents released by the Debt Management Office (DMO) show that the January 2026 auction will involve the reopening of three Federal Government of Nigeria (FGN) bonds with a total offer size of ₦900 billion. This represents a 100 per cent year-on-year increase compared to the January 2025 issuance. The strategy reflects mounting fiscal pressure and increasing refinancing demands, as the government turns more aggressively to the local bond market to meet its funding needs. By comparison, the January 2025 bond auction indicated a more cauti...

The National Youth Service Corps has issued a travel and safety advisory to prospective corps members of the 2026 Batch A Stream I, urging them to prioritise their safety while travelling to their orientation camps. According to a post on NYSC NDHQ’s X handle on Tuesday, NYSC advised, “corps members must undertake their journeys only during the daytime, warning against night travel due to increased security and road safety risks.” According to the advisory, “prospective corps members are encouraged to use registered transport companies and approved motor parks to reduce exposure to unsafe travel conditions.” The NYSC also urged travellers to share their live location with family members or trusted contacts throughout their journey, noting that this could be helpful in emergencies....