Business

Takeaways From CIBN 19th Annual Banking and Finance Conference

The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.

Published

3 weeks ago

September 9, 2026

OCHEFA

139 Views

By Ochefa

The Chartered Institute of Bankers of Nigeria (CIBN) held its 19th Annual Banking and Finance Conference in Abuja, yesterday.

Themed , “Building a Resilient Economy in an Era of Disruptions: Strategic Imperatives for the Banking and Financial Services Industry,” the conference brought together stakeholders from the banking industry, the World Bank, government officials including economists , business leaders and policy makers.

” The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians.”

Here are the key points from the discussions:

Dr. Dele Alabi, President and Chairman of Council of CIBN:
•The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians. Nigeria’s improving macroeconomic indicators will amount to little if they failed to translate into lower living costs, more jobs, higher incomes and better living standards for citizens.
“Macroeconomic progress must, therefore, be felt at the micro level in households, small businesses and the daily lives of ordinary Nigerians. Our task is to build systems that learn, adapt and emerge stronger.”

• Lead Private Sector Development Specialist at the World Bank’s Nigeria Office, Ms Bertine Kamphuis:
Credit to Nigeria’s private sector remain inadequate. She urged banks to channel more financing to sectors with the greatest potential to create jobs, particularly agriculture, manufacturing and MSMEs. According to her, with between three and four million young Nigerians entering the labour market every year, expanding access to productive credit has become imperative.”

• Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele:
“Strong bank profits alone are no longer sufficient; financial institutions must contribute more directly to economic growth and the welfare of Nigerians.
“For years, we have measured financial institutions by balance-sheet growth, profitability and shareholder returns. These remain important. But we must increasingly ask: what is the financial system doing for the real economy?
A resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit, manufacturers struggle to finance expansion, and millions of productive MSMEs remain outside the formal financial system.”

•Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso:
” The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.
Represented by the Deputy Governor in charge of Policy, Mr. Philip Ikeazor, the CBN governor challenged operators in the industry to take advantage of the large capital now available to them to fund the real sectors of the economy, with a view to achieving the rapid growth that would impact on better living standards of Nigerians.
He urged state governments to collaborate with the CBN and the fiscal authorities at the federal level to effectively tame inflation, pledging that with the cooperation of all stakeholders, a single digit inflation was achievable.”

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Court orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa

Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.

Published

44 minutes ago

October 1, 2026

OCHEFA

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A Federal High Court in Abuja has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing fuel import licences and related permits to Matrix Energy, AA Rano and AYM Shafa.

In a ruling this week, Judge Inyang Ekwo of the Federal High Court in Abuja said non-compliance with the PIA and relevant laws would make any regulatory action on import licences legally ineffective.

“The consequences of non-compliance with the PIA and relevant laws make any exercise by the Authority in respect to import licences null and void,” Ekwo said.

Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.

The three marketers told the court they had invested more than $20 billion in infrastructure, logistics and retail networks to support their licensed fuel distribution businesses across Nigeria.

Business

Naira To Dollar, Pound, Euro… Rates Friday, October 1

Published

55 minutes ago

October 1, 2026

OCHEFA

6 Views

BLACK MARKET RATES

₦1375 DOLLAR (USD)

₦1845 POUND (GBP)

₦1550EURO (EUR)

₦1000 CANADIAN DOLLAR (CAD)

₦370 UAE DIRHAM

₦190 CHINESE YUAN (CNY

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)SELL₦2300

₦850AUSSIE (AUD)

CBN OFFICIAL RATES

DOLLAR (USD)₦1329.16

POUND (GBP)₦1766.59

EURO (EUR)₦1510.06

SWISS FRANC (CHF)₦1593.91

JAPANESE YEN (JPN)₦8.47

CFA FRANC (XOF)₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1807.23

CHINESE YUAN (CNY)₦198.25

SAUDI RIYAL (SAR)₦353.97

SOUTH AFRICAN RAND (ZAR) ₦81.18

Business

ON-GOING: Dangote $16 billion refinery groundbreaking holds in Kenya (Images)

Published

19 hours ago

September 30, 2026

Charles Flames

19 Views

Africa’s richest man, Aliko Dangote, and Kenyan President William Ruto are currently breaking ground on a landmark $16 billion oil refinery in Lamu, on Kenya’s northern coast.

The ceremony, held on Wednesday, September 30, 2026, formally launches construction of the 700,000-barrel-per-day facility, which is set to become the largest refinery in East Africa and the second-largest on the continent after Dangote’s plant in Lekki, Nigeria. The project aims to replicate the success of the Nigerian refinery by processing crude for regional markets, reducing East Africa’s long-standing dependence on imported refined petroleum products, lowering fuel costs, and conserving scarce foreign exchange.

Several African leaders are attending the groundbreaking, including the presidents of Uganda and Ethiopia, along with other regional heads of state and former Nigerian President Olusegun Obasanjo. The event underscores growing continental efforts to process raw materials locally rather than exporting crude and importing finished fuels.

Once completed around 2030, the Lamu refinery is expected to supply Kenya and neighbouring countries such as Uganda, South Sudan, Rwanda, and others. Officials project it will create between 50,000 and 60,000 jobs and stimulate related industries, including petrochemicals and bitumen production. The complex will also feature a 1,000-megawatt power plant, with plans to sell a portion of the electricity to the Kenyan government.

Dangote has offered East African governments a combined 30% equity stake in the project. Financing is structured with roughly 70% debt and 30% equity. The facility is located near Lamu’s deep-water port, chosen for its strategic advantages in handling large-scale industrial operations.

While the project has faced some local land-related protests and a court order maintaining the status quo pending a hearing, the groundbreaking is proceeding as planned. Dangote has dismissed the challenges and reaffirmed that construction will move forward, with the plant targeted for completion in under four years.

The development is being hailed as one of Kenya’s biggest infrastructure investments since independence and a major step toward regional energy security and industrialisation.