Shell Plc has announced an agreement to sell its entire interest in Shell Nigeria Gas (SNG) to the Nigerian energy company Vaaris Energy. The divestment, for which financial terms were not disclosed, is part of Shell’s global strategy to simplify its portfolio and focus on deepwater and integrated gas operations. SNG, which has operated in Nigeria since 1998, manages approximately 170 kilometres of pipeline infrastructure supplying gas to industrial and commercial customers. The deal remains subject to regulatory approvals, and SNG will continue normal operations in the interim. Vaaris Energy is led by industry figures including Austin Avuru and Tein George.

The National Agency for Food and Drug Administration and Control (NAFDAC) has confiscated counterfeit alcoholic beverages valued at over N2 billion following a raid at the International Trade Fair Complex in Lagos. The operation, led by the agency’s Investigation and Enforcement Directorate, uncovered more than 20 illegal stores used to blend and revalidate expired drinks. Two suspects were arrested. This enforcement is part of a broader crackdown on the distribution and sale of prohibited alcoholic products across Nigeria.

The National Pension Commission (PenCom) is implementing an automated system to calculate and enforce penalties against employers who fail to remit pension contributions. Director-General Omolola Oloworaran announced the move in Abuja, stating that defaulting employers will be denied pension compliance certificates until all outstanding funds and penalties are settled. This initiative builds on previous enforcement efforts that have already led to the recovery of N36.6 billion in unremitted contributions. PenCom reiterated that failing to transfer employee deductions to Retirement Savings Accounts constitutes a serious violation of the Pension Reform Act.

The Central Bank of Nigeria has issued a correction regarding the country’s external reserves, clarifying that the figure stands at $55.07 billion as of October 9, 2026, rather than the previously reported $58 billion. The reserves have shown consistent growth throughout September and early October, rising from $53.90 billion at the start of September. This growth in external liquidity occurs alongside a shift in monetary policy, highlighted by the recent 350 basis point cut in the Monetary Policy Rate to 23%. Additionally, the World Bank has improved its economic growth forecast for Nigeria to 4.3% for 2026.

The Nigerian naira closed at N1,335.50 per dollar on October 13, 2026, marking its weakest level since August 31. This depreciation occurred despite a significant boost in Nigeria’s foreign exchange reserves, which hit a 17-year high of $58.81 billion as of October 12. Meanwhile, both the IMF and the World Bank have upwardly revised Nigeria’s economic growth forecasts for 2026, signaling continued expectations for stronger economic activity despite ongoing currency volatility.

The Central Bank of Nigeria, acting for the Debt Management Office, is conducting a primary market auction today, October 14, 2026, to offer 450 billion Naira in Treasury Bills. The auction includes 50 billion Naira each for 91-day and 182-day tenors, and 350 billion Naira for 364-day bills.

This exercise is part of the Federal Government’s fourth-quarter Treasury bill programme, which targets 5.4 trillion Naira in total gross issuance. The one-year instrument remains the government’s primary focus, accounting for approximately 76 percent of the planned offers for the quarter. Investors are closely watching the stop rates to see if the recent downward trend in yields continues, following the 15.85 percent rate recorded for the one-year bill at the previous auction on October 7. While the advertised offer is 450 billion Naira, actual allotments could vary based on market demand and liquidity conditions.

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has been appointed Chairman of the Africa Finance Corporation (AFC). Cardoso succeeds Ireti Samuel-Ogbu, who held the position since April 2025. This appointment maintains the tradition of Nigerian leadership at the helm of the Lagos-headquartered development finance institution, which focuses on infrastructure and industrial investment across the continent. AFC President and CEO Samaila Zubairu expressed confidence that Cardoso’s leadership will advance the organization’s strategic 2050 development goals.

Domestic gold prices in Nigeria are holding firm at N178,000 per gram, as institutional demand from the Central Bank of Nigeria’s (CBN) National Gold Purchase Program provides a structural price floor. This stability persists despite a strengthening naira and a hawkish US Federal Reserve, both of which would typically apply downward pressure on gold prices. Currently, the market is range-bound between N175,000 and N182,000 per gram, supported by continued interest from retail investors seeking asset protection. Meanwhile, the adoption of LBMA-compliant standards continues to enhance liquidity within the local gold market.

Finance Minister Taiwo Oyedele has stated that reducing Nigeria’s inflation to single digits could save the government over $10 billion by 2026. Speaking at the IMF meetings in Thailand, Oyedele emphasized the importance of improved coordination between monetary and fiscal authorities as the Central Bank of Nigeria shifts toward inflation targeting. He also attributed the recent stability and appreciation of the naira to the central bank’s improved management of the foreign exchange market. While the headline inflation rate has eased for three consecutive months, consumer sentiment remains challenged, with a recent central bank survey showing a significant rise in households perceiving inflation as high. Meanwhile, international bodies have improved their outlooks, with the IMF raising Nigeria’s 2026 growth forecast to 4.2%.

Elsewedy Electric, led by Egyptian billionaire Ahmed Elsewedy, has won a $2.2 billion contract in a consortium with China’s Sinohydro to expand the Rabigh 2 Independent Power Plant in Saudi Arabia. The project involves building a natural gas-fired facility with combined-cycle technology, set to add 2.3 gigawatts of capacity to the Saudi national grid by May 2029. The consortium will manage the end-to-end engineering, procurement, and construction of the plant, which has already surpassed 39% completion. This development aligns with Saudi Arabia’s Vision 2030 strategy to boost electricity infrastructure and diversify its energy mix.

The National Union of Food, Beverage and Tobacco Employees (NUFBTE) has formally petitioned the House of Representatives to reject the Customs, Excise Tariff, etc. (Consolidation) Act (Amendment) Bill, 2025.

The proposed legislation seeks to replace the current fixed excise duty of N10 per litre on sugar-sweetened beverages with a percentage-based levy linked to retail prices. Union President Garba Dankama warned that the shift would impose an unsustainable burden on manufacturers already grappling with high energy costs, FX constraints, and declining consumer purchasing power. He argued that the tax could trigger factory closures and widespread job losses across the manufacturing, agricultural, and retail value chains without delivering significant public health benefits. While government proponents cite the need to curb rising non-communicable diseases like diabetes and hypertension as the driver for the bill, industry stakeholders, including the Manufacturers Association of Nigeria and NECA, maintain that the policy will stifle investment and hurt consumer affordability.

Zenith Bank Plc has launched the inaugural edition of its Girl-Child Empowerment Programme, titled Banking on Her Tomorrow. The event, held in Lagos, brought together 300 schoolgirls for mentorship sessions covering finance, digital responsibility, and personal development. Championed by the bank’s GMD/CEO, Adaora Umeoji, the initiative aims to foster leadership and financial literacy among the younger generation, reinforcing the bank’s long-term commitment to advancing opportunities for women and girls.

Independent petroleum marketers have urged the Federal Government to extend its 30-day petrol discount initiative to 60 days and include independent retail outlets. The scheme, currently limited to NNPC retail stations, aims to lower fuel costs for public transporters. Representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN) argue that excluding independent marketers limits the program’s reach, as they control over 90% of the distribution network. Marketers have called for greater transparency and an inclusive pricing mechanism to ensure that cost-saving benefits reach consumers nationwide rather than being confined to urban NNPC outlets.

The Society for Corporate Governance Nigeria (SCGN) launched two new publications, Corporate Governance and Sustainability Reporting in Nigeria and the 30th edition of the Journal of Corporate Governance, at its 2026 Annual Corporate Governance Conference in Lagos. The event, themed on AI, power, and accountability, emphasized the necessity for African leaders to prioritize technological sovereignty and robust board-level oversight of artificial intelligence. Experts at the conference stressed that while directors need not be software engineers, they must establish clear accountability frameworks and ethical safeguards to navigate the risks associated with AI-driven enterprise transitions.

The Nigerian government has unveiled a portfolio of 65 investment projects at the IMF-World Bank Annual Meetings, seeking $78.5 billion in total capital. Presented by Finance Minister Taiwo Oyedele and CBN Governor Olayemi Cardoso, the initiatives span key sectors including oil and gas, power, transport, manufacturing, and agriculture. The government has established a dedicated deal room to facilitate investor access and address regulatory hurdles. Notable projects include the $1.7 billion oil evacuation infrastructure and the $1.29 billion Lagos Greenline Railway. Officials emphasized that these efforts are part of a broader strategy to achieve 7% economic growth by 2028, bolstered by ongoing fiscal and monetary reforms.

A Kenyan High Court has lifted a restriction on the development of Dangote Group’s proposed $16 billion oil refinery in the Lamu archipelago. The court decision on October 14, 2026, followed the identification of a procedural error in the land parcel description provided by local petitioners, allowing the project to proceed while the legal dispute over land ownership and environmental concerns continues. The 700,000-barrel-per-day facility is targeted for commissioning in 2030. Meanwhile, Dangote Petroleum Refinery and Petrochemicals reported a net profit of $4.73 billion for the nine months ended September 30, 2026.

Leadway Group is expanding its support for Nigerian Small and Medium-sized Enterprises (SMEs) through the upcoming 2026 edition of the Leadway Lifestyle Fair. Following the success of its inaugural event, the insurer is providing a platform for emerging businesses to showcase products and engage consumers directly without exhibition costs. The initiative, themed For the Love of the Naija Lifestyle, is scheduled for October 24 and 25 at Systemspecs Headquarters in Oniru, Lagos. This effort complements Leadway’s broader SME strategy, which includes the Media Dash platform, aimed at providing entrepreneurs with necessary visibility and market access beyond traditional financing.

FTN Cocoa Processors Plc reported a 310.5% surge in revenue to N5.65 billion for the 2025 financial year, up from N1.38 billion in 2024. Despite this top-line growth, the firm remained loss-making, recording a pre-tax loss of N273.40 million. While this is a significant improvement over the N10.62 billion loss in the previous year, the result was primarily bolstered by a N1.84 billion foreign exchange gain rather than core operational efficiency. The company continues to face challenges, including high production costs and low capacity utilization, which remained below 5%. Consequently, total equity dropped by 87.8% to N421.78 million, highlighting persistent pressure on the company’s balance sheet.

RMB Nigeria has been named Merchant Bank of the Year for the eighth time at the 2026 BusinessDay Bank and Other Financial Institutions (BAFI) Awards. The bank also received the Deal Advisory Excellence of the Year award, highlighting its expertise in complex corporate transactions. These accolades reflect the firm’s role in supporting institutional clients through investment banking and strategic advisory services within the Nigerian market.