At the 14th edition of the BusinessDay CEO Forum, policymakers and industry leaders reached a consensus that Nigeria’s economic focus must shift from stabilizing macroeconomic indicators to driving inclusive growth. CBN Governor Olayemi Cardoso reported a significant turnaround in the nation’s external position, with net foreign exchange reserves rising from roughly $3 billion to $40 billion, and gross reserves reaching $52 billion. Finance Minister Taiwo Oyedele highlighted a target of $100 billion in incremental economic value through an expanded credit economy as part of a $1 trillion GDP goal by 2030. However, a KPMG report presented at the event underscored ongoing structural challenges, noting that Nigeria lags behind emerging peers in most measures of inclusive prosperity, with household disposable income contracting. Energy sector executives from Aradel Holdings and Seplat Energy emphasized that scaling gas infrastructure is the critical missing link for Nigeria’s industrialization and long-term economic expansion.

At a recent UBA Business Series event in Lagos, investors and industry leaders identified financial inclusion, the creative economy, sports, and SMEs as the primary sectors for Africa’s next unicorns. The panel, themed “Building for Africa’s Realities,” emphasized that startups must prioritize local problem-solving over importing global business models. Experts, including Chowdeck CEO Femi Aluko and investor Ashim Egunjobi, highlighted that businesses leveraging consumer data and feedback to address specific local needs are best positioned for scalability and investor interest. The discussion also addressed the role of AI in empowering African creators to compete in the global digital economy.

At the 14th BusinessDay CEO Forum held in Lagos, key government officials and industry leaders gathered under the theme "From Stability to Shared Prosperity" to discuss the next phase of Nigeria’s economic reforms. Frank Aigbogun, publisher of BusinessDay Media, emphasized that while recent fiscal and monetary adjustments have restored macroeconomic credibility, the focus must now shift to driving inclusive growth, industrialisation, and job creation across the country. The event featured insights from Minister of Finance Taiwo Oyedele, Central Bank Governor Olayemi Cardoso, and African Development Bank country director Abdul B. Kamara, who collectively addressed strategies for improving the investment climate and navigating high inflation and financing costs. Top executives, including those from MTN Nigeria, Seplat Energy, and Lafarge, joined the dialogue to explore ways to transform current macroeconomic stability into tangible economic benefits for businesses and households.

KPMG Nigeria CEO, Tola Adeyemi, has warned that the country’s current 3.87% economic growth rate is insufficient to achieve shared prosperity. Speaking at the 14th BusinessDay Annual CEO Forum in Lagos, Adeyemi noted that to significantly improve living standards, Nigeria’s GDP must grow at a rate substantially higher than its 2.09% annual population increase, ideally aiming for at least 4.2%.

According to KPMG’s latest scorecard, Nigeria continues to trail behind its peers in critical areas such as multidimensional poverty, education, electricity access, and financial inclusion. While acknowledging recent macroeconomic stabilization efforts, including the removal of fuel subsidies and monetary policy adjustments, Adeyemi emphasized that reforms must translate into tangible benefits for the general population to be sustainable. He urged the government to accelerate reforms in the power and trade sectors, improve inter-governmental coordination, and enhance transparency to ensure economic growth is inclusive.

The Corporate Affairs Commission (CAC) has initiated the removal of 100,000 non-compliant entities from Nigeria’s corporate register as part of its "Batch 6" enforcement exercise. Under the Companies and Allied Matters Act (CAMA) 2020, these companies are flagged for failing to file annual returns and mandatory documentation. Affected firms have a 90-day grace period to regularize their status or face permanent de-registration. The list of flagged companies is available on the CAC website, and directors must submit evidence of compliance to the Commission to avoid being struck off. This move aims to sanitize the national corporate database and enhance transparency regarding beneficial ownership.

The Corporate Affairs Commission (CAC) has initiated procedures to strike 100,000 companies from its register due to failure to meet statutory filing requirements. Pursuant to Section 692 of the Companies and Allied Matters Act 2020, affected entities have 90 days to regularize their status by filing outstanding annual returns and submitting beneficial ownership information. Failure to comply within this period will result in immediate removal from the register without further notice. This exercise is part of the Commission’s ongoing mandate to maintain an accurate, credible, and transparent national companies database.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has announced a significant improvement in the country’s external position. Speaking at the BusinessDay CEO Forum in Lagos, Cardoso revealed that Nigeria’s net foreign exchange reserves have surged to approximately $40 billion, up from roughly $3 billion at the onset of the current administration’s economic reforms. Additionally, gross external reserves have reached about $52 billion. Cardoso cited these figures as proof of restored market confidence and stability, urging local business leaders to leverage the improved macroeconomic environment to drive further investment and economic growth.

The Federal Capital Territory High Court in Abuja has ordered the final forfeiture of assets valued at N8.9 billion, linked to businesswoman Aisha Achimugu, to the Federal Government.

Presided over by Justice Jude Onwugbuzie, the ruling grants an application by the Economic and Financial Crimes Commission (EFCC). The forfeited assets include jewellery valued at approximately N4.65 billion, 11 exotic vehicles worth N4.29 billion, and cash totaling $50,000 and N30 million. This action follows an ongoing investigation into Oceangate Engineering Oil & Gas Ltd, a firm associated with Achimugu, concerning allegations of money laundering and the use of proceeds from unlawful activities to acquire oil assets. Previously, the court had ordered the company to forfeit $13 million in connection with the same probe.

Shares of First HoldCo Plc hit a record high of N87.25 on the Nigerian Exchange (NGX) on Thursday, driving the bank’s market capitalization above N3.8 trillion for the first time. The stock has surged over 55% month-to-date, fueled by investor optimism regarding its recapitalization strategy and a strong earnings rebound in Q1 2026. The rally is further supported by consistent share accumulation from Chairman Femi Otedola, whose stake has now risen to 20.42%. Following a significant balance-sheet cleanup in 2025, the firm has already surpassed the Central Bank of Nigeria’s minimum capital requirement, signaling improved profitability and future dividend potential.

The Lagos Rail Mass Transit Blue Line has surpassed 8 million passengers over its first 1,000 days of commercial operations. Concurrently, construction has advanced on the project’s Phase II extension, with the installation of the first precast T-beam between Mile 2 and Okokomaiko. This milestone signals the transition of the elevated railway project from foundation works to superstructure construction. The project is being developed by the Lagos Metropolitan Area Transport Authority in partnership with China Civil Engineering Construction Corporation.

The Central Bank of Nigeria (CBN) has launched the FX BDC Purchase Tracker (FXBT), a centralized electronic platform designed to provide real-time oversight of Bureau De Change (BDC) foreign exchange transactions. Under the new framework, all BDC purchases of foreign exchange from authorized dealer banks must be processed through this platform, enabling the regulator to monitor compliance, enforce weekly purchase limits, and prevent market abuses such as speculative hoarding.

Key provisions of the new guidelines include mandatory Know-Your-Customer (KYC) and due diligence checks by banks before processing any FX requests, and a strict requirement for BDCs to resell any unutilized foreign exchange back to the Nigerian Foreign Exchange Market (NFEM) within 24 hours of the utilization period expiring. The regulator has also prohibited third-party transactions and exclusivity arrangements between banks and BDCs, warning that breaches will attract severe sanctions, including license revocation and referral to law enforcement. This initiative follows the CBN’s February policy allowing licensed BDCs access to the official market, aiming to further stabilize the retail segment and reduce reliance on informal channels.

The Central Bank of Nigeria (CBN) aims to increase monthly diaspora remittances to $1 billion by the end of 2026, marking a 67% growth from current levels of over $600 million. CBN Governor Olayemi Cardoso announced the target during the BusinessDay CEO Forum in Lagos, highlighting that collaborative strategies with commercial banks and improved engagement with Nigerians abroad are driving the surge. Additionally, Cardoso reported that Nigeria’s gross external reserves have risen by 63% to nearly $52 billion since September 2023, while net reserves have grown from $3 billion to over $40 billion, bolstered by ongoing foreign exchange market reforms.

The Securities and Exchange Commission (SEC) has initiated a nationwide campaign to recover approximately N270 billion in unclaimed dividends and dormant investor funds. Launched at a town hall meeting in Lagos, the initiative aims to educate the public on verification procedures, the recovery of unclaimed monies, and the legal processes for transmitting securities to heirs of deceased investors.

SEC Director-General Emomotimi Agama described the persistent accumulation of unclaimed funds as unacceptable, emphasizing that these assets must be returned to their rightful owners. The campaign, which will extend across all six geopolitical zones and the Federal Capital Territory, also addresses the complexities of probate and inheritance, providing guidance on how families can access inherited shares.

Under the current custodial framework established by the Finance Act 2020 and the Investments and Securities Act 2025, funds unclaimed for six years are transferred to the Unclaimed Funds Trust Fund (UFTF). The government serves as a custodian rather than an owner, ensuring shareholders retain the right to reclaim their funds at any time following proper verification. The commission also reiterated warnings against fraudulent investment schemes and Ponzi activities.

Nigeria’s fiscal and monetary authorities, including Finance Minister Taiwo Oyedele and Central Bank Governor Olayemi Cardoso, headlined the 14th BusinessDay CEO Forum in Lagos. Centered on the theme "From Stability to Shared Prosperity," the event served as a platform for government officials and private sector leaders to discuss the transition from recent macroeconomic reforms to sustainable economic growth. The forum brought together top executives from major corporations—including MTN Nigeria, Lafarge, and Seplat Energy—to address challenges such as high financing costs, weak consumer demand, and the urgent need for industrial expansion and job creation. BusinessDay CEO Frank Aigbogun emphasized that while policy reforms have restored a degree of macroeconomic discipline, the current focus must shift toward ensuring these foundational gains translate into inclusive prosperity for the broader population.

KPMG has cautioned that Nigeria’s current 3.87% GDP growth rate is insufficient to generate shared prosperity. Speaking at the 14th BusinessDay Annual CEO Forum, KPMG One Africa CEO, Tola Adeyemi, stated that for the economy to meaningfully improve living standards, it must grow at a rate of at least 4.2%, well above the current pace of population expansion.

While acknowledging that recent fiscal and monetary reforms have stabilized key macroeconomic indices, Adeyemi noted that Nigeria still lags behind benchmark comparator economies in critical areas such as multidimensional poverty reduction, access to credit, electricity, and education. He emphasized that for economic reforms to be sustainable, they must translate into broad-based benefits. To achieve this, Adeyemi called for accelerated government reforms in power and tax, improved coordination across tiers of government, and increased accountability through measurable targets.

The Police Service Commission (PSC) has announced the list of successful applicants for the recruitment of 50,000 police constables. Candidates can verify their status on the official recruitment portal starting Thursday, July 16, 2026. Successful applicants will receive email and SMS notifications and are expected to report to designated training institutions for medical screening and documentation. Failure to report within the stipulated time will be considered a declination of the offer, and applicants must pass a medical examination upon resumption to remain in the program. This recruitment drive, approved by President Bola Tinubu, is part of a broader initiative to bolster national security.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has announced a significant improvement in the country’s foreign exchange position. Speaking at the BusinessDay CEO Forum, Cardoso stated that Nigeria’s net foreign exchange reserves have surged to approximately $40 billion, up from roughly $3 billion at the onset of the current administration’s economic reforms. Additionally, gross external reserves have reached about $52 billion. Cardoso attributed this recovery to the success of recent monetary reforms in restoring market stability and investor confidence, asserting that this newfound stability provides a solid foundation for renewed economic growth and capital investment.

The Corporate Affairs Commission (CAC) has initiated a new enforcement exercise to strike off 100,000 non-compliant companies from its register. This move, designated as Batch 6, targets entities that have failed to file annual returns or disclose information on Persons with Significant Control (PSC) as required by the Companies and Allied Matters Act (CAMA) 2020. Affected companies have been granted a 90-day grace period to regularize their records by submitting all outstanding documents and evidence of compliance. Failure to meet this deadline will result in permanent removal from the corporate register without further notice. The Commission maintains that this cleanup is essential to ensure the accuracy of the register and to strengthen national corporate transparency standards.

The Federal Capital Territory (FCT) High Court in Abuja has ordered the final forfeiture of assets worth over N8.9 billion to the Federal Government, following an application by the Economic and Financial Crimes Commission (EFCC). The assets, linked to businesswoman Aisha Achimugu, include jewellery valued at N4.6 billion, eleven exotic cars worth N4.3 billion, and over N30 million in cash. This ruling follows a previous forfeiture order in March 2025 involving $13 million linked to her company, Oceangate Engineering Oil & Gas Ltd, which the EFCC alleges was involved in money laundering and unlawful financial activities.