Business
PoS agents, operators worrying over new CBN policy
Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.
The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.
The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.
Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.
The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.
The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.
Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.
He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently
He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.
“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.
“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.
This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.
”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.
Business
Dangote Refinery’s IPO Ends Tomorrow
“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.
[File photo] Opening ceremony of Dangote Refinery’s IPO on the NGX, September 14,2026
Dangote Petroleum Refinery & Petrochemicals has confirmed that its Initial Public Offering (IPO) will close on Tuesday, 27 October 2026 as scheduled, with no extension.
In a statement, the management said that the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.
“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.
The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.
“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.
Business
Dangote Visit London Stock Exchange Ahead of November Cement Listing
Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.
Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc prepares a proposed $1 billion share sale and a secondary listing in the United Kingdom.
The company is reportedly targeting November 2026 for the listing, subject to market conditions and regulatory approval.
A video circulating on social media captured the visit, with exchange officials and attendees welcoming Africa’s richest man.
The trip is part of efforts to pull international investment into his business empire.
The proposed deal could see Dangote Cement offer about 10% of its equity to international investors, potentially raising roughly $1 billion.
The final timetable is not fixed and remains subject to market conditions and regulatory requirements.
Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.
That could raise the company’s visibility with international institutional investors, including pension funds, asset managers and other investment firms.
The share sale has not been completed. Its final structure, valuation and pricing are still subject to confirmation.
Business
Olagunju to head JPMorgan’s Proposed Nigerian Merchant Bank
The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.
The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria.
The regulator also approved Adedapo Adedayo Olagunju as Managing Director of the proposed JPMorgan Merchant Bank Nigeria Limited.
The approval came on Friday, October 23, 2026. The bank has not received its final operating licence.
Olagunju has led JPMorgan’s West African operations since 2018.
He is an Oxford-trained banker with more than two decades of experience in treasury management, financial markets, institutional banking and structured finance.
His appointment puts him in line to head the American bank’s proposed Nigerian merchant bank once final licensing is completed.
The CBN also approved four non-executive directors and three independent non-executive directors for the proposed institution.
The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.
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