OPay has officially refuted social media rumors suggesting the company would cease operations in Nigeria. During a town hall in Lagos, Chief Operating Officer Dotun Adekunle confirmed that the fintech firm remains fully operational and has no plans to exit the market. OPay has engaged the DSS and the Police to investigate the source of the misinformation and is pursuing legal action against those responsible for circulating the false reports. Additionally, the company reaffirmed its commitment to the Nigerian market, highlighting its ongoing 1.2 billion Naira education scholarship program. The Central Bank of Nigeria has also dismissed the shutdown claims as fake news.

A new study by Enovate Lab and Dangote Business School reveals that while 94 percent of Nigerian MSMEs use mobile tools, their digital adoption remains lopsided. While businesses frequently leverage technology for outward-facing activities like marketing and customer communication, core internal operations such as finance and inventory management are still heavily reliant on inefficient manual processes. Experts urge entrepreneurs to move beyond basic mobile usage by implementing strategic digital roadmaps to improve internal efficiency, transparency, and long-term productivity.

The Nigerian Exchange (NGX) Exchange-Traded Fund (ETF) segment experienced a sharp correction in August 2026, with ten of the twelve tracked funds recording losses. The SIAML Pension ETF 40 led the decline, plummeting 43.86%, while the Stanbic IBTC ETF 30 followed with a 41.07% drop. Only the Vetiva Banking ETF and the Vetiva Griffin 30 ETF closed the month with gains, each rising 2.83%. Overall, total trading volume for the month fell 23% to 9.81 million units, with transaction value declining 12.3% to N2.10 billion. Analysts note that thin liquidity in some ETFs often causes price swings that may deviate from underlying asset values.

PZ Cussons Nigeria has reported a significant turnaround for the 2026 financial year, posting a 349% surge in profit after tax to N45.17 billion and proposing a dividend of N2.50 per share. Revenue grew 22% to N260.46 billion, while the company’s shareholders’ equity shifted from a negative N17.34 billion to a positive N66.64 billion. However, the results were heavily bolstered by N38.67 billion in non-recurring gains from asset disposals. While the underlying business showed strong growth—with pre-tax profit excluding unusual items rising 132%—investors are now focused on whether core operations can sustain this momentum and dividend payouts in 2027 without the aid of one-off asset sales.

A new report by BudgIT highlights a stark disparity in Nigeria’s subnational fiscal performance, revealing that Lagos State generated 44.5%—or N1.845 trillion—of the total N4.15 trillion Internally Generated Revenue (IGR) recorded by reporting states in 2025. While aggregate IGR rose significantly from N1.565 trillion in 2022, the concentration of revenue in a few commercial hubs underscores a systemic reliance on federal allocations for many states. Experts urge underperforming states to prioritize tax base expansion, digitize collection to plug leakages, and improve the local business environment to attract private investment.

The Dangote Petroleum Refinery is set to open its initial public offering on September 14, targeting a raise of approximately 1.5 billion dollars. The refinery plans to issue 4.1 billion shares at a price of 525 Naira per share, with an additional 15 percent over-allotment option. Proceeds from the offering will fund the expansion of the facility’s capacity from 700,000 to 1.4 million barrels per day. The SEC has confirmed receipt of the filing, and the listing is expected to significantly increase the total market capitalization of the Nigerian Exchange. Additionally, Aliko Dangote announced plans for a secondary listing of Dangote Cement on the London Stock Exchange in October and the launch of a new refinery project in Kenya on September 30.

The Federal Ministry of Works has announced a two-week closure of the First Niger Bridge in Onitsha, effective from Monday, September 7, 2026, to Monday, September 21, 2026. This emergency maintenance follows reports of vandalism, including the theft of critical bolts and iron rods. Motorists are directed to use the Second Niger Bridge during this period. The scope of work includes resurfacing, structural repairs, and the installation of solar lighting and CCTV to deter future vandalism.

The Federal Ministry of Works has announced a two-week closure of the First Niger Bridge for emergency repairs, effective from Monday, September 7, to Monday, September 21, 2026. The closure addresses significant deterioration, including damage to the carriageway surface and infrastructure theft. Motorists traveling between Anambra and Delta States are advised to utilize the Second Niger Bridge via the Obosi route. Traffic control measures and diversion signs will be deployed to ensure safety throughout the maintenance period.

The Federal Government has launched the second cohort of its Student Venture Capital Grant, offering up to N50 million each to 50 student-led ventures. The initiative targets STEM-focused businesses and provides equity-free funding to winners, alongside a six-month mentorship programme. Interested students can apply until September 30, 2026, with the government planning a nationwide campus roadshow to promote the opportunity.

Nigeria is increasingly looking beyond crude oil to bolster its foreign exchange earnings, with five key exports identified as having the potential to rival oil revenues over the next decade. Urea production has already surged, reaching N1.3 trillion in the first quarter of 2026, driven by global supply disruptions. Other commodities—specifically cocoa, lithium, sesame seeds, and cashew nuts—are also seeing significant demand. Analysts emphasize that while these sectors show promise, maximizing their economic impact requires transitioning from raw material exports to domestic value-added processing and improved infrastructure.

The Nigerian naira is on track for its strongest annual performance since 2018, supported by increased dollar liquidity, robust remittance inflows, and higher oil prices. Analysts project the currency to trade between 1,200 and 1,350 per dollar by year-end, following an 8% gain year-to-date. Official foreign exchange turnover recently surged, while Nigeria’s external reserves have reached an 18-year high of $53.99 billion. Formal remittances hit a record $947 million in July, nearing the Central Bank of Nigeria’s $1 billion monthly target. Despite this growth, a widening premium persists between the official rate and the parallel market, currently estimated at over 6%.

Nigeria’s new associate membership with the International Energy Agency (IEA) is expected to catalyze a doubling of energy sector investments within five years. Fatih Birol, IEA executive director, stated that the agency will support Nigeria through policy advice, technical capacity building, and by connecting the country with a broader network of global investors. The partnership focuses on improving energy data transparency, expanding natural gas and solar projects, and enhancing electricity access. Birol emphasized that maintaining policy predictability and transparency remains essential to converting this international backing into tangible, long-term capital inflows for the nation’s energy infrastructure.

Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC), has urged Nigeria to raise its economic target to $2 trillion, arguing that the federal government’s current $1 trillion goal is insufficient given the country’s rapid population growth. Speaking at the Africa’s Greatest Investment Opportunity forum in Lagos, Zubairu emphasized that economic stabilization reforms are only a foundation for growth. He identified technology, the creative economy, mining, and oil and gas as the four primary sectors to drive this industrial transformation, stressing that Nigeria must prioritize value-added processing and infrastructure development to fully leverage its natural resources and demographic potential.

Nineteen states have now domesticated the Model Taxes and Levies Act, a key step in the Federal Government’s plan to harmonise tax administration and reduce the number of tax and levy heads to nine. Olusegun Philip Adesokan, Executive Secretary of the Joint Revenue Board, confirmed the framework aims to eliminate multiple taxation, prohibit cash collections, and ban illegal roadside levies to reduce the cost of doing business. Meanwhile, Kaduna State reported significant growth in internally generated revenue, attributed to the digitalisation of its tax portal and a focus on high-yield taxpayers.

BlockchainFUL, a tech community founded in Kogi State in 2021 by Raji Rufai, has expanded into a network of over 2,000 members, training young Nigerians in blockchain, artificial intelligence, and digital skills. By hosting conferences and workshops, the organisation is decentralising Nigeria’s technology ecosystem, proving that digital talent development can thrive outside traditional hubs like Lagos and Abuja. The group is now scaling its leadership team and continental ambitions to better connect North-Central Nigeria’s talent to broader African opportunities.

The Covenant University Alumni Association (CUALA) is set to host its 2026 Career Fair in Lagos on September 5, focusing on AI and technology-driven workplace skills. The event aims to bridge the gap between job seekers and over 25 employers, including the Nigerian Exchange Group (NGX), Moniepoint, and Olam Agri. By emphasizing AI literacy, the initiative seeks to help Nigerian professionals remain competitive in an evolving labour market where digital capabilities are becoming essential for employability.

The Akwa Ibom State government has launched an initiative to institutionalise quarterly financial disclosure and public project reviews. This fiscal strategy, championed by Governor Umo Eno, aims to improve transparency by providing stakeholders with access to data on revenue and expenditure, while reinforcing the administration’s pledge to avoid new debt. The government asserts that periodic expenditure variances do not signify borrowing, but are managed through existing fiscal buffers and savings. This move follows recent public scrutiny regarding the state’s first-quarter fiscal performance, with the administration now inviting civil society and the media to monitor project delivery and budget implementation.

LG Electronics has unveiled its new AI Home ecosystem at IFA 2026, featuring a conversational artificial intelligence agent called ThinQ Claw. The system is designed to understand user context and intent to coordinate smart appliances, energy management, and entertainment services, shifting away from standard automated rules. LG is also leveraging its 2024 acquisition of the Homey platform to ensure interoperability across various manufacturers and is expanding these capabilities into multi-family and commercial buildings via its ThinQ Pro solution.

Nigeria’s revenue climbed by 49% to N21.6 trillion in the first half of 2026, driven by ongoing national tax and revenue administration reforms. Kaduna State Governor Uba Sani announced these figures at the 160th Joint Revenue Board meeting, noting that improved mobilization reflects the impact of simplified tax structures and digital integration. The reforms aim to reduce multiple taxation, minimize leakages through e-invoicing, and foster voluntary tax compliance. Additionally, Sani highlighted Kaduna State’s own revenue growth, citing the successful deployment of technology-driven collection strategies under the state’s revenue service.