Business
Gambia Orders Nigerian Banks To Replace Foreign Staff by December 2026
Each bank is expected to identify suitably qualified Gambian nationals who can fill affected roles as the transition progresses.
The Central Bank of The Gambia has ordered commercial banks, including Access Bank, Guaranty Trust Bank (GTBank), FirstBank, Zenith Bank and Ecobank, to replace non-Gambian employees with suitably qualified Gambian nationals by December 31, 2026.
The directive came in a circular dated September 16 and signed by CBG Second Deputy Governor Dr Paul J. Mendy.
The order followed a meeting between the central bank and managing directors of commercial banks on August 27, as well as an industry-wide review of how banks employ foreign personnel.
The CBG said the review uncovered a “relatively high number” of non-Gambians working in banks beyond those covered by recognised expatriate arrangements.
The regulator said the situation violates The Gambia’s Labour Act 2023 and is inconsistent with Guideline 9, which governs how banks employ expatriate staff.
It directed all banks to adopt a phased approach to replacing existing non-Gambian staff with qualified Gambian nationals.
The CBG said: “Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations.
“Banks must also ensure that as positions are localised, the transition does not cause the loss of critical institutional knowledge or disrupt day-to-day banking services.
Each bank is expected to identify suitably qualified Gambian nationals who can fill affected roles as the transition progresses.
Credit: Abokiforex.com
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Business
Dangote Whets Investors Appetite Ahead 2028 Fertiliser IPO
Dangote Fertiliser currently operates a $2.5 billion fertiliser plant in Ibeju-Lekki, Lagos, with an annual urea production capacity of about three million tonnes.
[File photo] Aliko Dangote address investors and capital market regulators during the Dangote Refinery’s IPO opening on NGX, Monday, September 14, 2026.
President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has announced plans to take the group’s fertiliser business public in 2028.
Dangote, who disclosed this in an interview with Bloomberg’s Francine Lacqua at the Qatar Economic Forum UNGA Special Edition in New York, said the planned initial public offering (IPO) for the fertiliser will likely be quoted on the Nigerian Exchange Limited (NGX, in 2028.
He said the fertiliser business was being expanded significantly, with the group targeting 12 million tonnes of urea production, alongside investments in potash and phosphate mines and 2.2 million tonnes of diammonium phosphate (DAP) production.
“Yes, we will IPO it. It’s going to be the biggest fertiliser company on earth,” Dangote said when asked about plans to list the fertiliser business. Asked when the listing would take place, he replied: “Yes, it will be here in 2028.”
Dangote Fertiliser currently operates a $2.5 billion fertiliser plant in Ibeju-Lekki, Lagos, with an annual urea production capacity of about three million tonnes.
The group has been expanding its fertiliser operations as part of a broader strategy to build production capacity across Africa and reduce the continent’s dependence on imported agricultural inputs.
Business
CBN, MOF sign pact to align monetary, fiscal policies
When these policies work in harmony, their combined impact is far greater.
The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance have signed a Memorandum of Understanding (MOU) on Monetary-Fiscal Policy Coordination as part of efforts to strengthen economic stability.
The Governor of the CBN, Mr Olayemi Cardoso, signed on behalf of the apex bank, while the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, signed on behalf of the ministry in Abuja over the weekend
“Fiscal and monetary policies remain two important and complementary instruments for the management of a modern economy. While fiscal policy influences economic activity through government expenditure, taxation and borrowing decisions, monetary policy promotes price stability and financial system soundness through the management of liquidity, interest rates and monetary conditions. When these policies work in harmony, their combined impact is far greater.
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