Seven months after the government launched a portal for the $700 million Cabotage Vessel Financing Fund (CVFF), no disbursements have been made to Nigerian shipowners. Designed to reduce reliance on foreign vessels, the scheme requires applicants to provide 15 percent equity, with NIMASA providing 50 percent and designated banks covering the remaining 35 percent. Banks are responsible for all credit risk and are reportedly applying strict standards, requiring proof of secured commercial contracts before approving funding. While officials cite the need for rigorous credit vetting and multiple approval layers as reasons for the delay, stakeholders highlight that the promised 90-day turnaround has long passed. Despite the challenges, some banks have begun processing applications for the oil and gas sector.

Nigeria’s top audit firms reported over N175 billion in combined revenue for the 2025 financial year, according to Financial Reporting Council of Nigeria transparency reports. KPMG Nigeria led the revenue rankings with N67 billion, despite having fewer clients than PricewaterhouseCoopers (PwC). PwC, which topped the market by client count with 295 entities, recorded N55.36 billion in revenue, followed by Ernst & Young (EY) at N42.27 billion. The data highlights a significant shift in the professional services sector, where advisory, tax, and consulting services increasingly drive revenue growth over traditional statutory audit engagements. Deloitte, BDO, Grant Thornton, and Forvis Mazars also maintained substantial market influence, though Deloitte did not disclose specific revenue figures.

Banking stocks on the Nigerian Exchange are recording significant gains, with the Banking Index posting a 68 percent year-to-date return as of August 3, 2026. Heavyweight lenders including First HoldCo, Zenith Bank, GTCO, and Jaiz Bank are leading the rally, driven by investor confidence in strong earnings, the banking recapitalisation programme, and attractive dividend policies. First HoldCo, in particular, has seen a 180 percent surge this year, supported by high trading liquidity and a new commitment to distribute at least 60 percent of profits as dividends. While tier-one banks dominate, mid-tier lenders such as Wema Bank and Fidelity Bank are also seeing increased investor interest.

Twelve Nigerian Exchange (NGX) listed companies have paid a cumulative N287.14 million in penalties to NGX Regulation Limited (NGX RegCo) for failing to meet mandatory financial filing deadlines. These sanctions, part of a broader enforcement action involving 49 companies, represent a significant impact on corporate coffers and shareholder value. Mutual Benefits Assurance Plc leads the list with N67.44 million in penalties, followed by International Energy Insurance Plc and Universal Insurance Plc. The penalties underscore the regulatory push for timely disclosures as a pillar of market transparency.

The Nigerian equities market closed marginally lower on July 16, 2026, as a sharp decline in heavyweight industrial stocks offset gains in the banking sector. The NGX All-Share Index (ASI) fell 0.09% to 242,145.61 points, resulting in a N32.16 billion loss in market capitalisation, which settled at N156.21 trillion.

BUA Cement was the primary drag on the index, plummeting 9.99% and pulling the Industrial Goods sector down by 2.85%. Despite this, market breadth remained positive with 27 gainers against 23 losers, bolstered by a strong rally in banking stocks. First HoldCo reached a record high, climbing 9.96% to N87.25, while UBA and JAIZBANK also posted significant gains. SEPLAT dominated trading activity, accounting for 37.82% of the total value traded. The divergent performance suggests that while investor sentiment remains largely constructive, profit-taking in blue-chip industrial names is driving short-term volatility ahead of the half-year earnings season.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.

President Bola Tinubu has appointed Muhammad Hadi Mutallab as the Chairman of the Nigerian Export Processing Zones Authority (NEPZA) and Eyitope Kola-Oyeneyin as the Chairperson of the Nigerian Investment Promotion Commission (NIPC). Announced by the Federal Ministry of Industry, Trade and Investment on July 13, 2026, the appointments aim to strengthen governance within these critical economic institutions through private-sector expertise.

Mutallab, a non-executive director at Jaiz Bank, brings extensive experience in investment management and logistics to NEPZA. Kola-Oyeneyin, an independent non-executive director at MTN Nigeria and former McKinsey partner, brings over 25 years of experience in financial services and digital transformation to NIPC. Both leaders are expected to spearhead government efforts to attract foreign investment, bolster industrial activity, and accelerate the growth of Nigeria’s non-oil export sector.