The National Insurance Commission (NAICOM) has formally launched the Lagos State Building Insurance Scheme, a move aimed at enhancing disaster resilience and insurance penetration. NAICOM Commissioner Olusegun Omosehin emphasized that the commission will provide the necessary regulatory framework to ensure the scheme remains transparent, competitive, and accessible. The initiative aligns with the Nigerian Insurance Industry Reform Act of 2025, which mandates coverage for public buildings and construction projects to protect owners and third parties. NAICOM has committed to combating fake insurance certificates and unlicensed operators while urging industry players to prioritize the prompt settlement of claims to bolster public trust.

The Debt Management Office (DMO) has revised its Q3 2026 FGN Bond Issuance Calendar, reducing the total planned issuance to a range of N3.4 trillion to N4.6 trillion, down from the original N4.2 trillion to N5.1 trillion.

While the July auction remains largely unchanged, significant adjustments were made to the August and September schedules, including a reduction in total offer sizes. The DMO has also introduced a new 10-year benchmark bond, the FGN SEP 2036, which will debut in September. The 15.45% FGN JUN 2038 bond remains the quarter’s primary anchor security, signaling a strategic focus on longer-duration debt despite the overall volume cut. This adjustment follows a recent expansion of the Q2 Treasury Bills programme, suggesting a shift toward short-term financing instruments to meet immediate fiscal needs. The DMO noted that the calendar remains provisional and subject to change based on market conditions.

The Nigerian equities market has entered the third quarter of 2026 with strong momentum, as the NGX All-Share Index records a 60% year-to-date return. Market consensus from major research houses and strategists identifies the banking sector as the primary driver for Q3 performance, citing robust capital bases following recent recapitalization, resilient earnings, and attractive valuations. Secondary support is expected from the industrial goods, telecommunications, and consumer goods sectors. While analysts remain optimistic about the potential for the index to reach new highs, they warn that elevated Treasury yields may continue to compete with equities for investor capital throughout the second half of the year. Notable stocks frequently highlighted include Zenith Bank, UBA, Access Holdings, ETI, GTCO, MTN Nigeria, and major cement producers.

Member states of the African Telecommunications Union (ATU) have adopted the 2026 Abuja Declaration on Meaningful Connectivity, aiming to harmonize technology-neutral regulations across Africa. Concluded at the 7th Ordinary Session of the ATU Conference of Plenipotentiaries in Abuja, the agreement focuses on expanding infrastructure, enhancing cybersecurity, and boosting digital literacy. Additionally, the conference elected Kezias Kazuba Mwale as the new ATU Secretary General, while Nigeria assumed the Chairmanship of the conference. This policy push aligns with Nigeria’s recent domestic efforts to harmonize digital regulations and coordinate virtual asset oversight.

United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail and Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence. The awards recognized the bank for its significant strides in environmental and social governance, including the launch of a green financing facility and its support for women-owned businesses. Additionally, the bank’s retail sector saw substantial growth, with its customer base expanding to over 37 million and retail revenue quadrupling. The bank’s continued digital transformation, led by its AI chatbot LEO, was also highlighted as a key driver of its success.

The Federal Government has announced plans to overhaul Nigeria’s housing sector through a new National Housing and Built Environment Regulation Policy. The proposed reforms include mandatory licensing for property developers, the implementation of regulated escrow accounts to protect homebuyers’ funds, and stricter construction quality assurance. These measures aim to curb real estate fraud and restore investor confidence. Additionally, the government plans to increase mortgage loan ceilings to N85 million via the Federal Mortgage Bank of Nigeria and allow National Housing Fund contributors to utilize up to 25% of their Retirement Savings Accounts as home equity.

Sixteen Nigerian states have adopted a harmonised tax framework aimed at eliminating multiple taxation and fostering a more predictable business environment. The Joint Revenue Board has streamlined subnational tax heads to nine, while digital integration is being deployed to prevent duplicate assessments. This development is part of broader federal fiscal reforms, which include the upcoming launch of a Taxpayer Bill of Rights by the Office of the Tax Ombud to enhance transparency, accountability, and voluntary compliance.

The total value of outstanding corporate bonds on the FMDQ Exchange reached N2.30 trillion in June 2026, marking a marginal increase from N2.29 trillion in May. Despite a slowdown in new issuance activity during the month, corporate bonds remain the largest segment of admitted non-sovereign securities.

Meanwhile, the commercial paper (CP) segment continued a steady recovery, with outstanding values rising to N465.34 billion. Financing costs showed signs of improvement as the average discount rate for quoted commercial papers fell to 19.18% in June, down from 19.78% in May. Subnational bond values remained stagnant at N661.06 billion, reflecting a lack of new activity in that segment since February.

The Federal High Court in Abuja has granted Coscharis Motors Limited leave to appeal a judgment that previously ordered the Federal Competition and Consumer Protection Commission (FCCPC) to seal the automaker’s premises. The dispute originated from a case filed by Florence Ozor regarding a defective Range Rover purchased in 2024. Justice Emeka Nwite ruled that Coscharis established sufficient legal interest to challenge the decision, citing a violation of the company’s right to a fair hearing, as it was not joined as a party to the initial suit. While the FCCPC reports that a replacement vehicle has been provided, the court also scheduled a hearing for July 28, 2026, to address contempt proceedings against the Commission.

Nigeria’s currency in circulation dropped to 5.52 trillion Naira in June 2026, down from 5.69 trillion Naira in May. Data from the Central Bank of Nigeria (CBN) also shows that currency held outside the banking system decreased to 4.92 trillion Naira, indicating a move toward digital payment channels. Despite the monthly decline, the figure remains 10.30 percent higher than the 5.008 trillion Naira recorded in June 2025. These shifts align with the CBN’s ongoing efforts to promote a cash-lite economy and achieve 95 percent financial inclusion by 2028 under its Payment System Vision framework.

Champion Breweries Plc reported a 34.1% decline in profit before tax to N2.28 billion for the first half of 2026, despite a 124% surge in revenue to N35.73 billion. The bottom line was significantly pressured by soaring finance costs, which jumped to N3.90 billion from N403.7 million in the same period last year. While the brewer saw operational improvements, with operating profit climbing to N6.17 billion, the increased interest burden and rising production costs dampened overall profitability. Notably, the company strengthened its balance sheet, with total equity rising to N69.08 billion following share capital adjustments.

The Budget Office of the Federation has clarified that the N1.3 billion appropriated for the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council was never spent. Director-General Tanimu Yakubu emphasized that an appropriation acts only as legal authorization for spending, not as a cash release. The agency confirmed that essential financial and administrative processes, including personnel clearance and procurement approvals, were never completed, meaning no funds were ever drawn from the treasury. This clarification follows an ongoing investigation by the ICPC regarding alleged fraudulent activities linked to the council.

The Federal Government has commenced training for the first cohort of electricity meter installers under the Power Force programme in Abuja. This initiative, part of the Presidential Metering Initiative, aims to train 5,000 young Nigerians to bridge the national metering gap and facilitate the rollout of smart meters. With nearly 220,000 applications received, the three-week intensive programme seeks to address Nigeria’s estimated billing challenges while creating technical employment opportunities. The trainees are expected to support the government’s push to deploy seven million smart meters, despite ongoing legal disputes involving local manufacturers regarding international procurement.

The Nigerian Civil Aviation Authority (NCAA) has threatened to suspend the operating permit of Royal Air Maroc due to recurrent violations of consumer protection regulations. The regulator cites persistent passenger grievances, particularly regarding poor baggage handling, service quality, and failure to resolve complaints. NCAA officials allege that the airline has repeatedly disregarded regulatory summons and failed to implement previous directives, prompting threats of more severe enforcement action. Royal Air Maroc has yet to comment on the development.

Creator platform Patreon has announced it will lay off 20% of its workforce, impacting approximately 93 employees. CEO Jack Conte stated the decision aims to align the company’s cost structure with long-term strategic goals, noting that despite continued platform growth, the business must adapt to shifting market conditions. The restructuring includes flattening management layers to improve operational efficiency. Conte explicitly stated that the move is not a result of AI replacing human roles. Patreon previously conducted a 17% workforce reduction in September 2022.

The United States has imposed a 12.5% tariff on Nigerian exports, effective July 24, 2026. The measures, announced by the Office of the United States Trade Representative, target 38 nations over concerns regarding forced labour and unfair trade practices. While the tariffs are broad, the US has granted exemptions for specific categories, including oil and gas, fertilizers, and certain food items, which may mitigate the immediate impact on key Nigerian export sectors. This move follows previous trade tensions and aligns with the Trump administration’s updated Section 301 trade policy framework.

The Nigerian naira strengthened against the Euro on Friday, closing at 1,557 Naira per Euro, up from the previous session’s 1,570. The pair has traded within a narrow range throughout July, supported by the Central Bank of Nigeria’s tight monetary policy and elevated interest rates, which continue to encourage portfolio inflows. Meanwhile, the Euro remains pressured by global geopolitical tensions and uncertainty regarding the European Central Bank’s future monetary policy path.

Dangote Cement Plc has selected London for its planned secondary listing, citing a more efficient and practical regulatory process compared to Dubai. Executive Director Mariya Dangote stated that the firm aims to complete the listing by late 2026 or early 2027, depending on the timeline of the Dangote Refinery’s upcoming initial public offering. This move is part of the Dangote Group’s broader strategy to expand its international investor base and achieve its goal of 100 billion dollars in annual revenue by 2030.

Nigeria’s ambitious National Blockchain Policy, launched in 2023, remains largely unimplemented, stalling a vision designed to unlock $40 billion in economic value. While the federal government has recently intensified efforts to regulate cryptocurrencies—including President Bola Tinubu signing a new Virtual Assets Executive Order—industry experts argue this focus ignores the broader economic potential of blockchain infrastructure. Proponents emphasize that blockchain is foundational technology capable of transforming sectors like trade finance, land registry, and government services. Analysts warn that continued inaction risks losing out on a $2 trillion global economic opportunity and forces local startups to incorporate in more regulatory-friendly jurisdictions abroad. Critics urge the government to shift its focus from treating blockchain solely as a financial risk to developing it as essential digital infrastructure.