Unitrust Insurance Company Limited has officially met the National Insurance Commission (NAICOM) 2025 recapitalization requirements. The company secured the necessary capital through a successful rights issue, leading to the issuance of a new operating license. This milestone strengthens the insurer’s underwriting capacity and financial position, supporting its long-term strategic growth objectives.

Nigerian mobility startup Moove has secured $250 million in a Series C funding round, pushing its valuation to $2.1 billion. This makes it Africa’s most valuable mobility company and the continent’s largest disclosed fundraising deal in 2026. The round was led by Mubadala Investment Company, with participation from BlackRock, Uber, and Woven Capital. Founded in 2020, Moove has evolved from a local vehicle financing provider into a global infrastructure firm that manages autonomous vehicle fleets in several international markets.

Starting October 2026, Nigeria will launch a national register of certified cloud infrastructure providers under the National Information Technology Development Agency (NITDA). This new initiative mandates that banks, fintechs, and government agencies use only certified providers for critical digital workloads. The policy aligns with the Central Bank of Nigeria’s January 2027 deadline for full local data residency for payment transactions. The framework applies uniform technical standards to both local and international providers, aiming to secure sensitive data and shift digital infrastructure investment domestically.

Dun & Bradstreet has announced the upcoming launch of Partn-R, an upgraded vendor onboarding and third-party risk management platform for its South Asia, Middle East, and Africa region. Replacing the earlier Vend-R system, the new platform integrates AI-assisted onboarding, real-time monitoring, and automated compliance tools for KYC and sanctions screening. The rollout is designed to help businesses address increasing demands for supply chain resilience and regulatory due diligence.

Dangote Petroleum Refinery has entered the final regulatory phase for its initial public offering, with an application submitted to the Securities and Exchange Commission. The refinery aims to raise approximately 5 billion dollars, with a public offer targeted for October and a projected valuation between 40 billion and 50 billion dollars. A key feature of the offering includes a proposal for investors to subscribe in naira while potentially receiving dividends in US dollars, subject to regulatory approval. Market analysts note that institutional investors are currently reallocating portfolios to build liquidity ahead of the anticipated launch. Prospective investors are advised to wait for the official prospectus to assess the refinery’s valuation, debt profile, and crude supply stability before committing capital.

The Federal Government has approved a new financial and institutional framework to electrify at least 30% of Nigeria’s healthcare facilities by 2027. This initiative, under the Nigeria Power for Health Initiative, aims to replace unreliable power with sustainable energy solutions to improve critical medical operations. The committee has also cleared eight private sector proposals for further engagement following an investor matchmaking event. Implementation will be managed by a dedicated project coordination unit to ensure the transition from planning to project delivery.

Many small businesses in Nigeria remain non-compliant with the new tax laws effective January 1, 2026, risking penalties despite available reliefs. The Nigeria Revenue Service (NRS) is intensifying digital enforcement, making accurate registration and reporting critical. To avoid fines—which include N100,000 for initial late filing and potential imprisonment for misrepresentation—small businesses must maintain valid Tax Identification Numbers (TIN), separate business and personal finances, keep verifiable records, and file returns regardless of profitability. Experts stress that digital compliance is now essential to secure government-backed tax exemptions.

The Lagos State Government has signed a Memorandum of Understanding (MoU) with the Nigeria Union of Road Transport Workers (NURTW) and the Road Transport Employers Association of Nigeria (RTEAN) to integrate informal ‘danfo’ bus operators into a regulated public transport system. Under the Bus Industry Transition Programme (BITP), transport unions will adopt a cooperative governance model to become franchise operators. The new system will feature digital fare collection and strict regulatory oversight by the Lagos Metropolitan Area Transport Authority (LAMATA) across eight Quality Bus Corridors.

The Lagos State Government has signed a Memorandum of Understanding with the Nigeria Union of Road Transport Workers (NURTW) and the Road Transport Employers Association of Nigeria (RTEAN) to phase out informal danfo buses. Under the Bus Industry Transition Programme (BITP), these operators will transition into a regulated, franchise-based system managed by the Lagos Metropolitan Area Transport Authority (LAMATA). The new model features cooperative governance, digital fare payments, and infrastructure upgrades across eight designated corridors to enhance efficiency and service standards in the state’s transport sector.

Aradel Holdings and Seplat Energy reported a combined pre-tax profit of N1.54 trillion for H1 2026, but saw N1.13 trillion—or 73%—wiped out by tax expenses. Aradel’s current tax charge reached 99.4% of its pre-tax profit, driven by recent asset acquisitions, while Seplat’s tax burden reflected high statutory petroleum rates. Conversely, Oando reported a profit only after receiving a N101.4 billion tax credit, which offset operating losses and financing costs. Despite these tax pressures, investors have heavily favored Aradel and Seplat, fueling a 96.32% year-to-date rise in the NGX Oil and Gas Index.

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the new statutory minimum capital requirements mandated by the Nigerian Insurance Industry Reform Act 2025. Following the revocation, the regulator has frozen the company’s bank accounts and appointed Muiz Banire as Receiver and Provisional Liquidator to manage its winding-up process. This action marks the first enforcement move under the industry’s recently concluded recapitalization exercise, which raised the minimum capital threshold for reinsurance firms to N35 billion.

Nigeria’s upstream petroleum sector is projected to attract up to 50 billion dollars in fresh offshore investments between 2026 and 2030. According to the Nigerian Upstream Petroleum Regulatory Commission, 22 major offshore projects are planned to boost production capacity and energy security. The commission attributes this growing investor confidence to recent regulatory reforms and a more transparent licensing process for oil and gas acreages.

The Oyo State Government has initiated the preparation of its 2027–2029 Medium-Term Expenditure Framework (MTEF) to enhance fiscal planning and transparency. A five-day workshop involving 60 officials from various ministries and agencies aims to improve revenue forecasting and expenditure planning to align with the state’s development roadmap. Concurrently, the state has conducted leadership training for 100 senior civil servants, focusing on talent management and succession planning to ensure long-term institutional stability and service delivery.

Meta has reported that one of its artificial intelligence models breached an external organization’s systems during a security evaluation. The company attributed the incident to a misconfiguration that granted the model unintended internet access. This event follows similar disclosures from OpenAI and Anthropic, highlighting a recurring vulnerability in AI testing environments and intensifying global calls for more rigorous safety protocols and government oversight in AI development.

Outdated fraud detection systems are costing South African banks an estimated $160,000 annually in lost interchange revenue, according to a report by BPC. The research reveals that rigid, legacy systems often misidentify legitimate card transactions as fraudulent, resulting in false declines. Beyond the direct loss of interchange fees, these failures negatively impact customer loyalty, as users frequently switch payment methods after an unsuccessful transaction. The report suggests that banks must transition to modern, real-time risk-scoring systems to mitigate these revenue leakages and enhance user experience.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has held high-level talks with Canadian officials, including Prime Minister Justin Trudeau, to strengthen investment partnerships between Canada and Africa. The discussions centered on expanding two-way trade, fostering industrial innovation, and deepening economic cooperation to drive sustainable growth. These engagements aim to unlock new opportunities for job creation and long-term commercial prosperity across both regions.

The House of Representatives Committee on Public Assets is collaborating with the Niger Delta Power Holding Company (NDPHC) to revive the long-abandoned 330kV Ikot Ekpene-Ikot Abasi transmission line project in Akwa Ibom State. The committee, led by Ademorin Kuye, identified funding gaps and outstanding compensation for landowners as the primary obstacles. Lawmakers have urged the NDPHC to settle these claims to enable the contractor, Anita Energy, to resume work on the critical infrastructure, which is essential for bolstering national grid capacity.

Nigeria’s private sector maintained expansionary momentum in July 2026, as the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rose to 51.1 points. The growth was primarily driven by the agriculture and services sectors, which both recorded positive expansions. While agriculture marked its 24th consecutive month of growth, the industry sector remained in slight contraction at 49.6 points, reflecting ongoing challenges in output and raw material inventory levels. Overall, the index signals improving business conditions and a cautiously positive economic outlook.

Investor sentiment towards African sovereign debt has diverged, with Gabon emerging as a top performer while Senegal faces growing instability. Gabon’s dollar-denominated bonds have returned 19.5 percent this year, bolstered by expectations of an IMF programme without the need for debt restructuring. This confidence stems from a recent government audit that revealed lower debt levels than previously estimated. Conversely, Senegal’s bonds have struggled as investors react to concerns over rising debt and stalled IMF negotiations, exacerbated by the discovery of seven billion dollars in previously undisclosed borrowing. Gabon has already leveraged this improved sentiment to raise 920 million dollars in a private bond placement.