President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonizing the regulation of digital assets and closing gaps that previously allowed fraudulent operators to exploit the sector. The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), alongside the Securities and Exchange Commission (SEC) and the Nigeria Revenue Service (NRS) to streamline oversight, prevent money laundering, and protect consumers. Crucially, the order does not create a new regulatory agency but seeks to improve synergy between existing financial and security bodies. Additionally, the CBN will launch a regulatory sandbox for blockchain-based solutions, while the NRS is set to introduce a tax policy for the virtual assets sector. The Council is mandated to develop a harmonized implementation framework within 30 days.

First Ally Capital has made an investment in Nigerian fintech firm Mathesis Analytics to scale its AI-powered credit infrastructure. The platform aims to bridge Nigeria’s credit gap by enabling banks and fintechs to assess borrower creditworthiness through alternative behavioral and transactional data, rather than relying solely on traditional credit records. Mathesis, which has already supported over eight million loans, will use the fresh capital to enhance its decisioning engine and fuel its pan-African expansion plans. The deal highlights growing institutional interest in infrastructure-focused financial technology, as lenders seek more effective ways to mitigate risk while expanding credit access to underserved individuals and small businesses.

Brent crude prices have climbed to a 10-day high, trading above $90 per barrel, as escalating military conflict between the United States and Iran disrupts shipping through the Strait of Hormuz. The ongoing hostilities, which have included repeated US strikes on Iranian infrastructure and retaliatory actions, have forced many tanker operators to suspend transit or navigate in dark mode, heightening global supply concerns. For Nigeria, the price surge provides a substantial fiscal cushion, as Brent is now trading significantly above the federal government’s $64.85 budget benchmark. Furthermore, the risk premium on Middle Eastern oil is driving European refiners toward Nigerian crude grades, which also benefit from consistent production gains and robust domestic demand from the Dangote Petroleum Refinery.

Lasaco Assurance Plc has successfully concluded its Rights Issue, raising N19.30 billion and surpassing its target by 4.5 percent. The capital raise has received full verification from the National Insurance Commission (NAICOM) and final approval from the Securities and Exchange Commission (SEC). This milestone significantly strengthens the insurer’s capital base, supporting its compliance with the Nigerian Insurance Industry Reform Act 2025 and enhancing its overall underwriting and risk retention capacity.

Coronation Merchant Bank has appointed Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer, following regulatory approval from the Central Bank of Nigeria. Ohiwerei, a seasoned banker with over three decades of experience including previous leadership roles at Keystone Bank and Access Bank, succeeds Paul Abiagam. The transition follows the bank’s successful recapitalization and ten-year anniversary. Additionally, the bank has strengthened its board with the appointment of Nana-Adjua Mensah and Adetola Owolabi as Independent Non-Executive Directors.

CardinalStone Partners has been named Nigeria’s Best Investment Bank for M&A and Nigeria’s Best for Capital Markets Advisory at the 2026 Euromoney Awards for Excellence. The awards, presented in London, recognize the firm’s leadership in executing transformative mergers, acquisitions, and capital market transactions, including the 501 billion Naira NBET Power Sector Bond and the Aradel Holdings stake divestment. This double win strengthens CardinalStone’s standing as a leading independent investment banking group in Nigeria.

GCR Ratings has upgraded Axxela Limited’s national scale long-term issuer rating to A+(NG) with a stable outlook. The agency also affirmed the company’s short-term rating at A1(NG). The upgrade reflects Axxela’s strong earnings performance, robust business model, and disciplined financial management. Additionally, GCR upgraded the ratings for Axxela Funding 1 Plc’s series 1 senior unsecured and senior secured bonds to A+(NG). The company’s GCEO, Moshood Olajide, noted that the upgrade serves as a validation of Axxela’s strategic direction and commitment to operational excellence.

Nigeria’s foreign exchange market experienced a significant recovery during the week ending July 17, 2026, with total turnover climbing 46% to $2.39 billion. Data from FMDQ Exchange reveals that this growth was entirely propelled by a 50% surge in spot market transactions, which reached $2.37 billion. Conversely, derivatives trading saw a sharp decline of nearly 72%, falling to $14.5 million. The dominance of spot market activity—accounting for over 99% of total turnover—suggests that market participants are prioritizing immediate liquidity to meet current payment obligations over hedging against future currency risks.

The European Union has fined e-commerce giant AliExpress €550 million for failing to curb the sale of illegal, unsafe, and counterfeit goods. This penalty, the largest issued under the bloc’s Digital Services Act (DSA), follows findings that the platform’s moderation systems were ineffective, its risk assessments were flawed, and its recommendation algorithms contributed to the spread of harmful products. AliExpress has criticized the fine as disproportionate and is currently reviewing its legal options. The ruling underscores the EU’s aggressive regulatory stance toward massive online marketplaces and their responsibility for consumer safety.

The Central Securities Clearing System (CSCS) Plc has declared an interim dividend of N1.00 per share for the first half of 2026, marking a historic first for the company. This decision follows a period of record-breaking financial performance, with operating income surging 92% to N18.51 billion and profit before tax rising 115% to N13.21 billion. Management attributes the growth to increased capital market activity, improved operational efficiency, and revenue diversification. The dividend payout, which represents 56% of the total dividend paid for the full 2025 financial year, underscores the company’s strong cash generation and confidence in its long-term strategic outlook. While CSCS remains a key infrastructure provider for the NGX, its shares are traded over-the-counter on the NASD platform.

The Federal High Court in Abuja has granted N2 billion bail to the President of Miyetti Allah Kauta Hore, Bello Bodejo, who is facing trial for alleged money laundering involving $2.63 million. Justice Inyang Ekwo ordered that Bodejo provide two sureties: one resident in Abuja with three years of tax clearance, and another owning landed property in the Federal Capital Territory valued at N2 billion. Additionally, Bodejo must surrender his international passport and is restricted from traveling abroad without judicial approval. Trial is scheduled to commence in October.

Nigeria’s fixed-income market has returned to positive real yields, as easing inflation and elevated sovereign yields allow Treasury bills and FGN bonds to outperform headline inflation. June’s headline inflation moderated to 15.91%, moving major government debt instruments into positive real return territory for the first time in an extended period.

Treasury bills currently offer the most attractive inflation-adjusted returns, with the 364-day bill yielding between 20% and 21%. FGN bonds also provide positive real returns of approximately 2% to 2.5%, though retail-focused FGN Savings Bonds continue to offer yields marginally below the inflation rate. Market analysts suggest this window of elevated real yields may be temporary, as expectations for monetary policy easing later in 2026 could eventually compress current yield premiums. Trading activity has surged in response to these developments, with Treasury bill turnover jumping 137% in mid-June.

Wema Bank has been recognized as Nigeria’s Best Digital Bank for Consumers 2026 by global financial publication Euromoney. The award highlights the lender’s commitment to digital transformation, particularly through its ALAT platform and continuous innovation in areas like AI-powered fraud monitoring, voice banking, and streamlined digital onboarding. Managing Director and CEO Moruf Oseni noted that the recognition validates the bank’s strategy of leveraging technology to provide more efficient, secure, and personalized financial services to its customers.

Independent petroleum marketers have accused major fuel importers, including AA Rano and Matrix, of fixing imported petrol prices at approximately N1,350 per litre. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), these prices significantly exceed those offered by the Dangote Petroleum Refinery.

IPMAN spokesperson Chinedu Ukadike stated that recent import licences intended to moderate domestic prices have failed, as imports are currently 20% more expensive than local production. Marketers are now calling on the federal government to ensure more transparent regulation, prioritize crude oil sales in naira to Dangote Refinery, and reconsider the indiscriminate issuance of import licences, which they argue pressures the foreign exchange market and contributes to retail price volatility.

MOPO, a battery-as-a-service provider backed by Octopus Energy, has entered into a $75 million partnership to expand its battery rental operations in Nigeria. The initiative, supported by the Rural Electrification Agency (REA), aims to improve access to affordable electricity and support electric mobility by providing a low-cost alternative to petrol generators and expensive solar systems. The project will begin with a pilot programme in 2026, with a nationwide rollout targeted by 2030. This partnership seeks to reduce the high upfront costs associated with renewable energy adoption, providing small businesses and households with a flexible, subscription-based model for reliable power.

The Nigerian equities market closed the week ended July 17, 2026, on a mixed note as a 38.7% surge in First HoldCo Plc offset losses in major industrial and consumer goods stocks. The NGX All-Share Index dipped marginally by 0.14% to 243,462.13 points, while market capitalization climbed to N157.06 trillion, bolstered by the additional listing of 13.812 billion shares by Sterling Financial Holdings Plc.

Banking stocks dominated performance, with the sector index rising 9.30%, fueled by strong demand for First HoldCo, Fidelity Bank, and UBA. Conversely, the Industrial Goods sector faced downward pressure, led by a 19% decline in BUA Cement, alongside notable losses in BUA Foods, Nestlé, and Presco. Trading activity slowed significantly during the period, with transaction volume and value falling by 22.72% and 17.26%, respectively. Investors are now shifting focus toward the upcoming H1 2026 earnings season.

Metrospeed Group has secured a partnership with the Shell Staff Cooperative Investment and Thrift Society Limited (COOPLAG) to fund its Metro Smart City project in Lagos. The development, which aims to deliver over 2,000 smart housing units, has already garnered interest from major energy sector entities, including Chevron, ExxonMobil, Seplat, and NLNG. According to Metrospeed CEO Dele Oyefuga, the project has received essential regulatory approvals, including environmental impact assessments and planning permits. COOPLAG’s decision to invest followed extensive due diligence, with the society’s leadership citing the project’s rapid progress and long-term investment value for its members.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed Nigeria’s commitment to achieving a crude oil production target of 3 million barrels per day by 2030. According to Oritsemeyiwa Eyesan, NUPRC’s Chief Executive, the government’s ongoing regulatory reforms—including faster permitting, improved investment conditions, and fiscal incentives—are successfully driving production recovery.

Nigeria’s daily crude oil production reached a four-year high of 1.56 million barrels in June 2024, marking the second consecutive month of exceeding OPEC quotas. The regulator highlighted that indigenous operators, now responsible for approximately 60% of national output, are pivotal to this growth alongside renewed investment from international companies.

Busha Business, the B2B infrastructure division of the crypto platform Busha, has partnered with Tether, the issuer of USD, to enhance stablecoin infrastructure for African businesses. This collaboration aims to provide businesses in Nigeria, Kenya, and beyond with access to global stablecoin liquidity, facilitating faster cross-border payments, more efficient treasury management, and reduced transaction costs. Built on Busha’s SEC-licensed framework, the partnership is designed to address the inefficiencies of traditional banking for SMEs, fintechs, and large corporates by providing a faster, more reliable alternative for international trade settlements.