The Banker’s latest rankings show African banks are outperforming global peers in profit and capital growth, despite holding less than 1% of global banking capital. Four Nigerian banks have been named among the continent’s ten fastest-growing by Tier 1 capital, driven by ongoing recapitalization and regional expansion. Meanwhile, central banks across the continent are pivoting back to interest rate hikes to combat rising inflation. In corporate developments, Access Holdings has reduced its stake in its Ghanaian subsidiary by 7.44%, while the Central African banking bloc (BEAC) has joined the Pan-African Payment and Settlement System (PAPSS) to facilitate cheaper cross-border trade.

Fidelity Bank Plc has disclosed the allocation of 30.33 million units of its shares, valued at approximately N661.24 million, to twelve staff members under its executive compensation framework. A significant concentration of these awards went to three Executive Directors—Stanley Amuchie, Ibrahim Sufiyanu Garba, and Pamela Shodipo—who received 29.45 million units, accounting for roughly 97% of the total value. The remaining nine staff members shared the balance of 877,554 units. This equity-based incentive, which vested on June 30, aims to align management interests with long-term shareholder value, though the distribution has highlighted a notable disparity between executive leadership and operational staff rewards. The bank recently reported a decline in Q1 2026 profit after tax to N74.47 billion, down 18.25% from the previous year.

A presidential aide, Daniel Bwala, has alleged that inter-service rivalry between the Nigerian Army and the Air Force during the Buhari administration severely hampered frontline military operations. According to Bwala, senior military leadership disputes often resulted in ground troops being denied critical air support. Bwala stated that the current administration under President Bola Tinubu has rectified these coordination failures, fostering improved inter-agency cooperation. Addressing concerns regarding the infiltration of security agencies by terrorist groups, Bwala described such occurrences as isolated cases of individual compromise rather than systemic sabotage, noting that the government is actively working to identify and address security breaches.

The Nigeria Revenue Service (NRS) has issued a final warning to large corporations with an annual turnover of ₦5 billion or more, mandating full integration with its electronic invoicing and fiscal system by July 31, 2026. Failure to comply by this deadline will result in immediate enforcement actions under existing tax laws.

To achieve compliance, affected entities must register on the Merchant Buyer Solution (MBS) portal, integrate their internal Enterprise Resource Planning (ERP) systems through authorized service providers, and begin transmitting live invoice data. While the NRS reports that over 1,000 large taxpayers have already transitioned, the agency is now monitoring system implementation closely. Companies are advised to prioritize the validation of customer records and system testing to avoid operational disruptions and potential penalties.

Severe flooding has paralysed parts of Lagos and several other states in 2026, repeating the devastating patterns seen during the 2025 flood season. Reports indicate that recent heavy rainfall, compounded by urbanisation and infrastructure challenges, has submerged homes and roads, and disrupted commercial activities. Residents and engineering experts have raised concerns that the ongoing construction of the Lagos-Calabar coastal highway may be acting as a barrier to natural drainage, though the Federal Ministry of Works maintains that the flooding is primarily due to the failure to implement regional master plans. With the 2026 flood intensity threatening to surpass previous records, the disruption to economic life in key commercial hubs like Victoria Island and Lekki remains a significant concern.

The Presidential Enabling Business Environment Council (PEBEC) has received public praise for its role in resolving a significant administrative delay involving the Nigerian Immigration Service. An applicant, whose passport renewal had stalled for several months due to a communication gap, successfully secured her document after reporting the grievance to PEBEC and the Federal Competition and Consumer Protection Commission (FCCPC). This incident highlights PEBEC’s ongoing efforts to enhance regulatory efficiency and accountability within government agencies, demonstrating that institutional support mechanisms are available to address public service bottlenecks.

ECOWAS Heads of State have signed the Intergovernmental Agreement (IGA) for the 6,900-kilometre African Atlantic Gas Pipeline (AAGP), a major infrastructure project connecting Nigeria to Morocco via 13 Atlantic coastal nations. The pipeline is designed to transport up to 30 billion cubic metres (bcm) of natural gas annually, with 15 bcm allocated for European markets. Led by the NNPC and Morocco’s ONHYM, the project aims to boost regional industrialisation and energy access. With the IGA signed, the project is moving toward the establishment of the Pipeline Higher Authority and the AAGP Project Company, marking a critical step toward a Final Investment Decision (FID).

The Nigerian government has reduced the number of oil and gas blocks in its 2025 licensing round from 50 to 37. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that 13 blocks located in frontier basins will be withdrawn to undergo further de-risking before being returned to the market. Despite this reduction, the licensing process drew significant interest, with 143 companies submitting 200 technical and commercial bids. NUPRC officials emphasized that the government is seeking partners with genuine capacity to develop these assets rather than speculative holders. The successful development of these blocks is projected to add 500 million barrels to national reserves and increase production by at least 300,000 barrels per day within three years, supporting the nation’s target of reaching three million barrels per day by 2030. Winning bidders must satisfy all post-bid conditions, including signature bonuses, within 90 days to retain their entitlements.

SFS Real Estate Investment Trust (SFS REIT) reported a strong financial performance for the first half of 2026, with total income rising 28.9% to N272.42 million, compared to N211.23 million in the same period of 2025. The growth was primarily driven by higher fixed-income returns, which accounted for nearly 47% of total revenue, and increased rental income. Net income reached N166.49 million, with earnings per unit improving to 10.04 kobo from 8.32 kobo.

Despite the revenue growth, operating expenses surged by 60.2% to N71.66 million due to higher fund management fees and increased regulatory compliance costs. While the REIT maintains a solid property portfolio with high occupancy rates across Lagos, management is aggressively shifting toward financial assets, with investments in securities growing over 231% to N1.23 billion. Consequently, cash and cash equivalents declined by 88% as capital was deployed into these financial instruments and distributions to unitholders.

The Mastercard Foundation has announced the inaugural Africa Higher Education for Transformation (AHEFT) Prize, awarding a total of $15 million to five African universities to support educational transformation. Addis Ababa University (Ethiopia), the International Institute for Water and Environmental Engineering (Burkina Faso), Kwame Nkrumah University of Science and Technology (Ghana), Muni University (Uganda), and the University of Rwanda each received $3 million. This award is part of a broader $500 million, decade-long commitment by the Foundation to enhance research, teaching, and employability across the continent. The winners will be formally honoured at a convening in Accra, Ghana, on September 22, 2026.

Financial services platform Rank has introduced three new products—Money Circles, Tribe, and Perks—aimed at increasing access to zero-interest capital for young Africans. Designed to modernize traditional communal savings models like Ajo and Esusu, these products leverage digital security and KYC verification to mitigate default risks while bypassing the collateral requirements of traditional banks. Rank, which operates as a licensed microfinance bank, reports having facilitated over $100 million in payouts to users over the past year. The platform aims to reduce reliance on high-interest predatory lending by institutionalizing collective trust networks for savings and credit.

African technology firms cut a record 2,574 jobs in the first half of 2026, a 236 percent increase year-on-year, according to the latest State of Tech in Africa report. The surge in layoffs is attributed to widespread AI adoption, which is automating roles in customer service and marketing, alongside banking consolidations and macroeconomic pressures. Nigerian financial institutions, including Unity Bank and First Bank, have streamlined workforces to meet new regulatory capital requirements and achieve operational efficiencies. While the tech sector faces structural shifts, the report notes that these cuts are being balanced by ongoing investment and a pivot toward sustainable, efficiency-led growth.

Codar, an African professional training company, has secured $1.5 million in equity and debt financing to expand its technology education programs. A portfolio venture of KWE4 Africa Venture Studio, Codar intends to use the capital to boost its artificial intelligence training initiatives, improve its online learning platform, and open new physical learning hubs. The company, which has impacted over 70,000 students to date, aims to bridge the digital skills gap by providing accessible, project-based training in AI, software development, and cybersecurity.

Cowry Equity Fund, managed by Cowry Treasurers Limited, has secured a position among Nigeria’s top 10 best-performing equity mutual funds for the first half of 2026. The fund recorded a 51.27% year-to-date return as of June 2026, ranking 6th nationally. Since its inception in August 2022, the fund has focused on long-term capital appreciation through a diversified portfolio of quality Nigerian equities. According to Managing Director Charles Sanni, the achievement highlights the firm’s disciplined investment strategy and commitment to sustainable wealth creation for its clients.

SeedFi has officially entered the international payments market with the launch of Kouriar, a new cross-border remittance platform. The expansion begins with the Canada-Nigeria corridor, following the company’s successful attainment of FINTRAC Money Services Business (MSB) and Payment Service Provider (PSP) registrations in Canada. Kouriar aims to facilitate faster, more transparent money transfers for the Nigerian diaspora by offering competitive exchange rates. This move marks a strategic shift for SeedFi, evolving from a local financial services provider into a global player with plans to expand its regulatory footprint and service offerings further.

The Federal Government has announced the removal of the administrative barrier between Junior Secondary School (JSS) and Senior Secondary School (SSS), transitioning to a continuous 12-year basic education model.

Minister of Education, Tunji Alausa, stated that the previous disarticulation policy contributed to student dropout rates by creating unnecessary admission bottlenecks and financial burdens for parents at the end of JSS3. Under the new framework, students will move seamlessly into senior secondary education as part of an uninterrupted six-year cycle. While the government aims to improve retention and maximize school infrastructure, stakeholders remain divided. Some experts welcome the reduced bureaucracy, while others argue that systemic issues such as poverty, insecurity, and inadequate funding remain the primary drivers of Nigeria’s out-of-school crisis.

Japan’s food service sector is increasingly deploying AI-powered robotics to mitigate severe labour shortages caused by an ageing workforce. With the job-openings-to-applicants ratio in the sector reaching 2.31, companies are turning to deep learning models that digitise "tacit knowledge"—the complex, artisanal techniques previously mastered only through years of apprenticeship.

Examples include Juchheim’s "Theo" robot, which replicates complex baking techniques by analysing thermal and motion data; TechMagic’s robotic arms for precise stir-fry execution; and Dentsu’s "Tuna Scope," which automates expert-level fish quality assessment. By digitising these specialised skills, Japanese firms are standardizing operations and ensuring the preservation of traditional culinary techniques despite a shrinking pool of human successors. Deployment of these systems is scaling rapidly, with hundreds of units expected to be operational across commercial kitchens nationwide by the end of the fiscal year.

The National Agency for Food and Drug Administration and Control (NAFDAC) has officially blacklisted Onifam Laboratories Ltd., along with its management and affiliated entities, for severe regulatory violations.

Effective immediately, the company and all associated persons are barred from participating in any pharmaceutical business regulated by the agency. This includes a total prohibition on applying for or benefiting from any NAFDAC registration, license, permit, or approval.

The sanctions follow extensive investigations that uncovered regulatory misrepresentation, the misuse of agency certificates, and the improper registration and transfer of pharmaceutical products. NAFDAC stated that these actions compromised supply chain traceability and posed significant public health risks, contravening the NAFDAC Act and associated pharmaceutical regulations. The agency noted that further administrative and legal measures may be pursued as required to uphold regulatory integrity.

In 2026, artificial intelligence has evolved from a simple chatbot tool into an integral digital coworker, fundamentally reshaping workplace productivity. The current landscape is dominated by autonomous AI agents capable of completing multi-step workflows, managing schedules, and performing research with minimal human oversight.

Key developments include the integration of AI directly into standard business software like Microsoft 365 and Slack, the rise of multimodal processing for documents and videos, and a shift toward private, enterprise-grade AI models that securely handle sensitive internal data. Furthermore, AI has become a core professional skill, with companies prioritizing workers who can effectively manage and collaborate with AI systems to automate routine tasks, streamline meetings, and optimize individual workflows. Organizations that successfully integrate these technologies and provide workforce training are positioned for significant productivity gains, while laggards face the risk of obsolescence.