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BREAKING: Bank Of Ghana Suspends Forex Licences of GT Bank, FBN Bank

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The Bank of Ghana (BoG) has taken the decision to suspend the forex licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited, two Nigerian affiliated banks as announced in an official statement.

The Central Bank has stated that the suspension is a result of various breaches of the foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which have been brought to their attention.

According to a statement released by the Bank of Ghana on Monday 4th March, the one-month suspension will be effective from 18 March. The suspension, in accordance with section 11(2) of the Foreign Exchange Act 2006, (Act 723), aims to enforce stricter adherence to the regulations governing the foreign exchange market.

The Bank of Ghana has made it clear that the licences of both Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) will be restored at the end of the one-month suspension period on the condition that they have implemented effective controls to ensure strict compliance with the foreign exchange market regulations.

Foreign exchange market regulations play a critical role in maintaining the stability and integrity of the financial system.

The Bank of Ghana is responsible for overseeing and enforcing compliance with these regulations to protect the interests of the public and the integrity of the financial sector as a whole.

The suspension of these two banks’ forex licences serves as a stern warning to the industry and emphasizes the importance of adhering to the regulations set forth by the Bank of Ghana.

The central bank’s action shows its commitment to maintaining transparency, accountability, and fairness in the forex market.

The affected banks will be closely monitored during the suspension period to ensure that they make the necessary changes to rectify the breaches that led to the suspension.

The restoration of their licences will be contingent on their ability to demonstrate compliance with the foreign exchange market regulations.

The Bank of Ghana remains committed to promoting a conducive environment for transparent and efficient forex operations, and will continue to take appropriate action against any institution found to be in violation of the regulations.

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Business

Investors Rush For Airtel Money IPO on LSE

Airtel Money is proving popular among retail investors ahead of full admission next week.

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Airtel Money began conditional trading on the London Stock Exchange this morning in a £5.3 billion market debut, dubbed Africa’s Revolut.

Shares, which were open only to investors allocated stock in the offer, were trading flat at around 194p.

But armchair investors are rushing to sign up to the City’s largest IPO in five years ahead of full admission on October 14.

It is the ninth most popular initial public offering on AJ Bell’s investment platform based on the number of customers applying to take part in the offer, it said.

Airtel Money is proving popular among retail investors ahead of full admission next week

Airtel Money, a subsidiary of Airtel Africa, which offers mobile payment services in 13 countries across Africa, is a subsidiary of FTSE 100 telecoms group Airtel Africa, whose shares have trebled in less than two years.

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JUST IN: NNPC Clarifies Petrol Discount: Relief Initiative, Not Subsidy Restoration

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that its ongoing petrol discount is a temporary customer relief measure and does not amount to a restoration of the petroleum subsidy abolished in 2023.

In a statement issued on Friday by Chief Corporate Communications Officer Andy Odeh, the company said the N66-per-litre sales discount, first introduced on 1 October 2026 to mark Nigeria’s 66th Independence Anniversary, will continue until 31 October 2026 at NNPC Retail stations nationwide.

NNPC stressed that the initiative is designed to ease the burden of rising fuel prices linked to elevated global crude oil costs and the Middle East conflict. It applies only to NNPC Retail outlets and does not set a uniform national pump price or change the market-based pricing framework for petroleum products.

“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” the statement said. The company urged the public to disregard any interpretation of the measure as a return to the subsidy regime.

The clarification followed comments by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, who explained that the discount is funded solely from NNPC Retail’s own profit margin and involves no public funds from the federal budget or Federation Account.

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Manufacturers sitting on N40trn untapped opportunities, says report

The Nigerian Manufacturing Opportunity Report 2026 provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

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SEID, a marketing communications and market intelligence firm in Lagos, has estimated that the Manufacturing industries in Nigeria is sitting on more than N40 trillion in untapped manufacturing opportunities.

The Managing Partner at SEID, Tubosun Akeju, disclosed this in a report -The Nigerian Manufacturing Opportunity Report 2026 launched by the during the 54th Annual General Meeting of the Manufacturers Association of Nigeria, held at the Oriental Hotel.

Akeju emphasised that the report provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

“The opportunity is to understand where those strengths exist, deepen them, and build the competitiveness required to capture more value locally and compete beyond our borders,” he said .

The report examines manufacturing opportunities across Nigeria’s subsectors, states, value chains and industrial clusters, while identifying areas where existing strengths can be deepened and competitiveness improved.

It said that Nigeria’s manufacturing landscape was shaped by distinct areas of industrial strength, with different states, regions and value chains demonstrating varying levels of scale, specialisation and competitiveness.

The report noted that this created an opportunity to build on existing capabilities rather than adopt a one-size-fits-all approach to industrial development.

Manufacturing activity is spread across states with different levels of scale, specialisation and growth.

The South-West remains the country’s largest manufacturing zone, while other regions are developing strengths in areas ranging from food and agro-processing to textiles, chemicals, pharmaceuticals, cement, steel and light manufacturing.

The report maps these differences to show where investment and industrial development can build on existing capabilities.

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