Eko Power Limited has confirmed its position as the licensed electricity distribution company for southern Lagos State, following the formal devolution of power from the Nigerian Electricity Regulatory Commission (NERC) to the Lagos State Electricity Regulatory Commission (LASERC). This transition, initiated by the Electricity Act 2023 and the Lagos State Electricity Law 2024, concluded in June 2025. Consequently, Eko Power Limited now operates under a license issued by LASERC, adhering to the regulator’s specific tariff methodologies and service-level standards for the Lagos electricity market.

Nigeria’s external debt service payments for the first half of 2026 fell by 21.5% to $1.82 billion, down from $2.32 billion in the same period of 2025. According to the Debt Management Office (DMO), the decline was largely driven by a 50.7% reduction in principal repayments. However, interest costs rose by 12.2% to $1.11 billion, now accounting for 61.1% of total external debt servicing. Commercial creditors, primarily Eurobond investors, remained the largest beneficiaries, receiving $827.54 million, or 45.4% of total payments. Meanwhile, Nigeria’s total external debt stock increased to $54.52 billion as of June 2026, up from $46.98 billion in June 2025. The shift highlights a trend of rising interest burdens despite a temporary reduction in total debt-servicing outflows.

The Debt Management Office (DMO) has released its provisional issuance calendar for the fourth quarter of 2026, targeting N5.75 trillion through FGN bond auctions. The government plans to raise N1.75 trillion in October, followed by N2 trillion each in November and December. These offerings will focus on three maturities: February 2034, September 2036, and June 2038. This planned issuance follows a significant surge in borrowing throughout 2026, with bond allotments reaching N7.15 trillion in the first nine months of the year, more than double the N3.48 trillion recorded during the same period in 2025. Nigeria’s total public debt reached N166.79 trillion as of June 30, 2026.

A new report by cybersecurity firm esentry reveals that over N1 billion in fraud went undetected by automated security systems across West Africa during the first half of 2026. The study highlights that major incidents in Nigeria’s financial and fintech sectors bypassed security alerts, as attackers increasingly leveraged legitimate credentials and trusted access rather than technical vulnerabilities. Furthermore, the report notes that Nigerian organizations face an average of over 4,700 cyberattacks weekly, with 281,500 accounts breached in the first quarter alone. Esentry warned that poor authorization design and insufficient log retention remain critical gaps, recommending that firms shift toward continuous threat hunting and more rigorous backend verification.

The Nigerian government and the African Development Bank (AfDB) have initiated a comprehensive review of Nigeria’s $6.2 billion project portfolio, the largest in Africa, to address implementation hurdles and align existing operations with current federal priorities. Meeting on the sidelines of the IMF and World Bank Annual Meetings in Bangkok, Finance Minister Taiwo Oyedele and AfDB President Sidi Ould Tah discussed strategies to accelerate project delivery and improve development impact. Key focus areas included addressing the high cost of borrowing for African nations, with the AfDB revealing plans for a facility to support countries in their engagements with credit rating agencies to ensure fair assessments. Both parties also explored mechanisms to promote local currency transactions and reduce investment risks.

OPay Limited reported a profit of $90.87 million for the first half of 2026, a significant increase from $21.71 million in the same period last year. Revenue rose by 136.5% to $467.06 million, primarily driven by a surge in lending activities. Lending income now accounts for 50.6% of total revenue, outpacing the growth of the firm’s payment services. While the expansion into credit has boosted top-line growth, the company faces rising credit risks, with expected credit-loss expenses jumping 210.3% to $118.36 million. OPay, which is preparing for a US listing and a secondary listing in Nigeria, is currently adjusting its credit strategy to prioritize lower-risk merchant loans to manage these rising losses.

The Nigerian naira has maintained a stable trading range, closing at N1,332.99 per dollar on October 12, 2026. Data from the Central Bank of Nigeria (CBN) indicates the currency has fluctuated narrowly between N1,331 and N1,334 during early October. Despite sharp volatility in daily foreign exchange turnover, the market remains supported by a strengthening external reserve position, which reached $55.07 billion as of October 8. Governor Olayemi Cardoso continues to emphasize that improved reserve levels and market stability are key factors in bolstering investor confidence.

Ibom Air has appointed Mfon Udomah as Executive Director of Finance and Eno Udoma-Eniang as Executive Director of Legal and Corporate Affairs to support its next growth phase. Both appointees bring over 30 years of professional experience to the airline. Concurrently, the airline announced the retirement of Uko Udom from its board after five years of service. Separately, Ibom Air has dismissed allegations of monopoly at the Victor Attah International Airport in Uyo, stating that regulatory oversight remains solely with the Nigerian Civil Aviation Authority.

Kenyan parliamentary leaders have officially endorsed the Dangote East Africa Petroleum Refinery project in Lamu and pledged support for the Dangote Petroleum Refinery and Petrochemicals IPO. Led by Majority Leader Kimani Ichung’wah, the delegation visited the Lagos industrial complex to reaffirm regional commitment to the project, despite recent political opposition in Kenya. Meanwhile, the Securities and Exchange Commission has extended the closing date for the Dangote IPO from October 13 to October 27, 2026, to allow for broader investor participation across the continent. Aliko Dangote noted that subscription levels have already significantly exceeded original targets.

The Central Bank of Liberia has requested technical support from Nigeria’s National Insurance Commission (NAICOM) to reform its insurance regulatory framework. The partnership will focus on risk-based capital requirements, supervisory practices, and examination methodologies, drawing on Nigeria’s recent successful recapitalization exercise. Nigeria recently concluded a 12-month reform program under the Insurance Industry Reform Act 2025, which saw 50 insurance and reinsurance firms raise a combined N720 billion in new capital. NAICOM has pledged continued support for regional capacity building to strengthen insurance markets across Africa.

National Security Adviser Nuhu Ribadu has introduced a new security framework, the Standard Operating Procedure for the Nigerian Oil and Gas Industry-Wide Security Architecture, to combat crude oil theft and pipeline vandalism. The initiative aims to unify security procedures, clarify operational responsibilities, and improve coordination between government security agencies, regulators, and private surveillance contractors. This move is part of the Federal Government’s ongoing efforts to protect critical infrastructure, which have contributed to a gradual recovery in national crude oil production, recently averaging over 1.5 million barrels per day.

The Nigerian Exchange All-Share Index has retreated below the 250,000 psychological mark, settling at 247,736.24 points following heavy profit-taking. Monday’s session saw the index shed 627.31 points and market capitalization decline by N407.3 billion. Analysts attribute the downturn to institutional investors booking profits after a sustained rally and liquidating secondary holdings to free up cash for upcoming primary market activities, specifically the anticipated Dangote Petroleum Refinery IPO. Despite the pullback, the market maintains a year-to-date return of 59.20%. Technical indicators suggest a period of consolidation, with the index potentially testing the 240,000 support level before renewed bullish momentum can be established.

PanAfrican Capital Holdings (PAC Holdings) has hosted a corporate cocktail reception in Abuja to foster stronger business and investment ties between Brazil and Africa. The event, held in partnership with the Embassy of Brazil in Nigeria and the Brazil Africa Institute, served as a precursor to the upcoming Brazil Africa Forum 2026. PAC Holdings leadership, alongside diplomatic and business stakeholders, emphasized the role of capital in creating practical investment pathways across sectors including agriculture, energy, and financial services. PAC Research released a report noting a renewed phase of economic engagement between the regions, aimed at translating historical and cultural ties into sustainable economic outcomes.

Berkshire Asset Management Limited has launched a new N2 billion Money Market Fund, with subscriptions opening on October 12, 2026. The open-ended unit trust scheme is registered with the Securities and Exchange Commission (SEC) and allows both retail and institutional investors to participate with a minimum subscription of N10,000. Each unit is priced at N1, and the fund aims to provide capital preservation and liquidity by investing in short-term, investment-grade debt instruments. The fund is benchmarked against the average yield of 91-day Nigerian Treasury Bills. Key partners include CFG Africa Trustees Limited, Rand Merchant Bank Nigeria Limited, and Cordros Registrars Limited.

The Nigeria Inter-Bank Settlement System (NIBSS) has integrated Transactility’s jPOS-based payment technology to power its National Payment Stack (NPS). The NPS, a next-generation infrastructure designed to support Nigeria’s evolving digital payments, features a modular architecture that enables instant transfers, QR merchant payments, and bulk transaction processing. By utilizing the jPOS framework—which supports both ISO 8583 and the newer ISO 20022 messaging standards—NIBSS gains greater control over its system architecture and the flexibility to adapt to future market demands. NIBSS notes that this strategic adoption is part of its ongoing efforts to enhance the scale and reliability of the nation’s instant payment systems.

eTranzact International Plc has announced a major board reshuffle following the acquisition of a 56.18% controlling stake by Trademarks Global Concepts Limited. The stake, totaling over 5.16 billion shares, was acquired from previous shareholders including Access Bank Plc, Meristem Trustees Limited (for Accelerex Holdings), and eTranzact Global Limited.

In connection with this ownership change, five directors resigned from the board, including those representing the exiting shareholders and two independent non-executive directors. The company has appointed five new directors to replace them, including nominees of Trademarks Global Concepts and two independent non-executive directors. The Central Bank of Nigeria has approved these appointments, which the company states will strengthen its strategic oversight and support its long-term objectives in the digital payments sector.

Nigeria’s crude oil production rose to 1.53 million barrels per day (bpd) in September, up from 1.50 million bpd in August. According to the latest OPEC monthly market report, Nigeria has now maintained compliance with its assigned production quota for five consecutive months. While quarterly production averaged 1.51 million bpd in Q3 2026, stakeholders anticipate further gains, with some projections eyeing 1.72 million bpd by the final quarter of the year. This growth trend occurs as OPEC simultaneously downgrades its global oil demand growth forecast for 2026.

Entertainment Week Africa (EWA) has announced the launch of a new grant pool for its 2026 Deal Room, aiming to provide direct funding to standout creative businesses across the continent. Designed to support startups in transitioning from early-stage concepts to scalable enterprises, the initiative offers selected participants access to mentorship, investor connections, and financial support. This expansion builds on the success of previous Deal Room cohorts, which have facilitated international market entry and capital growth for various creative ventures. The grant winners will be selected by a jury and awarded during the EWA event, scheduled to take place in Lagos from November 17 to 22, 2026.

Dangote Petroleum Refinery and Petrochemicals has reported a strong financial turnaround for the nine months ended September 30, 2026, recording a net profit of $4.73 billion, a significant recovery from the $117.2 million loss reported in the same period last year. Revenue surged by 144.47% year-on-year to $22.48 billion, while EBITDA climbed to $5.52 billion from $627.6 million. The firm successfully transitioned to a net cash position of $650.8 million, bolstered by improved refining throughput and operational efficiency. Management indicated these results provide a strong foundation for the company’s upcoming IPO and ongoing Vision 2030 growth strategy.