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Miners Death: Independent probe begins as calls for justice grow
Crime3 hours ago

Miners Death: Independent probe begins as calls for justice grow

  An independent investigation has begun into the deaths of 37 suspected illegal miners who died while in the custody...
Nigeria’s State Police Proposal: The Key Issues Behind the Constitutional Reform Nigeria’s State Police Proposal: The Key Issues Behind the Constitutional Reform
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Atiku demands full details of $700bn US-Nigeria minerals deal Atiku demands full details of $700bn US-Nigeria minerals deal
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Update: How passengers thwarted pilot attempt to crash Dubai-Israel flight
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Don Jazzy breaks silence on viral pregnancy rumour involving Ayra Starr’s mother
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Otedola backs Tinubu reforms as IMF highlights gains, economic pressures
Business6 hours ago

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Nigeria drives GTCO interest income growth as foreign earnings decline
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Oyo school abduction: Makinde seeks UN probe, independent inquiry
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Lagos Commissioner, Rhodes-Vivour clash over waste management, flooding
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Business

Otedola backs Tinubu reforms as IMF highlights gains, economic pressures
Business6 hours ago

Otedola backs Tinubu reforms as IMF highlights gains, economic pressures

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has commended President Bola Tinubu’s economic reforms, saying they have...
Nigeria drives GTCO interest income growth as foreign earnings decline Nigeria drives GTCO interest income growth as foreign earnings decline
Business6 hours ago

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NNPC to roll out 70 smart energy stations nationwide within six months NNPC to roll out 70 smart energy stations nationwide within six months
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NNPC records N7.2trn profit as 2025 earnings rise by 33%
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Aviation9 hours ago

Germany warns Nigerians against visa agents, unofficial visa application procedures
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Scarcity of N100 notes hits Lagos
Coastal Highway: 147 structures affected in Lagos, five to go — Tinubu
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Nigeria’s debt hits N166.79tn, analysts examine fresh $1.5bn World Bank loan
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Sports

Football8 hours ago

EPL: Everything Pep Guardiola said about Manchester City’s 115 charges
How David Beckham made $51.1m from 2026 World Cup, surpassing winners’ prize How David Beckham made $51.1m from 2026 World Cup, surpassing winners’ prize
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Chelsea face £47m-plus battle for Monaco midfielder Chelsea face £47m-plus battle for Monaco midfielder
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AFCON 2027 Qualifier: Ilenikhena, Usor Fire Nigeria to 2-1 Comeback Win Over Madagascar AFCON 2027 Qualifier: Ilenikhena, Usor Fire Nigeria to 2-1 Comeback Win Over Madagascar
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Arsenal eye €70-80m move for Real Madrid star Arsenal eye €70-80m move for Real Madrid star
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news

Isa Pantami wins Gombe PDP governorship primary rerun after court-ordered fresh poll
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Workers threaten three-day strike over petrol price, wage award
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Eight women found dead near Johannesburg as South Africa confronts renewed femicide fears
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health

Health15 hours ago

New study links childhood vaccination to higher rates of health conditions

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Dietitians warn Nigerians against cooking unpeeled eggs with rice Dietitians warn Nigerians against cooking unpeeled eggs with rice
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HHS launches review of wireless radiation risks as scrutiny of safety standards intensifies HHS launches review of wireless radiation risks as scrutiny of safety standards intensifies
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crime

Eight women found dead near Johannesburg as South Africa confronts renewed femicide fears Eight women found dead near Johannesburg as South Africa confronts renewed femicide fears
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politics

ADC’s 2027 Strategy: Who are the key players and what are their role? ADC’s 2027 Strategy: Who are the key players and what are their role?
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Court fixes November 19 for judgment on Yahaya Bello’s Kogi Senate candidacy Court fixes November 19 for judgment on Yahaya Bello’s Kogi Senate candidacy
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OPay leads Nigerian Fintech apps as smartphone adoption reshapes digital banking By Segun Odunewu, Lagos OPay has emerged as the most widely installed financial application on Nigerian smartphones, highlighting the growing influence of fintech platforms in the country’s rapidly changing digital payments market. The finding is contained in a new study by KPMG and Orange Group Nigeria, which examined financial applications installed on smartphones used by respondents across 12 major Nigerian cities. According to the study, OPay was installed on 69 per cent of smartphones surveyed, placing it ahead of every individual traditional bank application covered. PalmPay ranked second among fintech platforms, with a presence on 29 per cent of the smartphones, while Moniepoint recorded 14 per cent. Kuda and PayPal were present on 8 per cent and 7 per cent respectively. Among traditional banks, Access Bank had the highest smartphone presence at 16 per cent, followed by UBA and GTBank at 11 per cent each. FirstBank recorded 10 per cent, while Zenith Bank stood at 9 per cent. The figures indicate that while traditional banks continue to maintain significant digital footprints, some fintech applications have achieved a wider individual presence on consumers’ devices. The development reflects the increasing use of smartphones as gateways to financial services, with consumers relying on mobile applications for transfers, bill payments, airtime purchases and account management. KPMG said the growing adoption of digital financial applications was being driven partly by demand for convenient and instant payment solutions, as consumers increasingly combine digital payment channels with traditional cash transactions. The consultancy also identified continued investment by banks and fintech companies in digital platforms as another factor supporting the expansion of mobile financial services. The study further showed that smartphone ownership in Nigeria increased from 64 per cent in 2023 to 75 per cent in 2025, expanding the potential market for mobile-based financial and other digital services. The rise in smartphone ownership is also broadening access to digital services beyond banking, with mobile applications increasingly being used for commerce, education, transportation and other everyday activities. For the financial sector, the changing app landscape is intensifying competition between established banks and fintech companies for customers and digital engagement. While banks retain established customer relationships and continue to expand their mobile platforms, the strong smartphone presence of fintech applications such as OPay and PalmPay underscores the growing importance of convenience, speed and digital accessibility in Nigeria’s financial services market. The findings come amid continued expansion of Nigeria’s digital payments ecosystem, as financial institutions and fintech companies invest in mobile technology to capture a larger share of consumers’ increasingly smartphone-driven financial activities. 7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 Nigeria’s foreign reserves hit $54.86bn as 2026 gain tops $9bn By Segun Odunewu, Lagos Nigeria’s external reserves climbed by $9.29 billion in the first nine months of 2026, more than seven times the increase recorded during the corresponding period of 2025, strengthening the country’s foreign-exchange buffer and providing additional support for naira market stability. Data from the Central Bank of Nigeria (CBN) showed that reserves rose from $45.57 billion on January 2 to $54.86 billion on September 24, representing a 20.4 per cent increase. The comparable period in 2025 recorded a rise of about $1.32 billion, from $40.88 billion to $42.20 billion. The latest reserve position has also surpassed the CBN’s $51.04 billion projection for the end of 2026. The accumulation accelerated during the year, with reserves crossing $50 billion on June 4 and reaching $51.92 billion by August 12. The stock subsequently moved above $53 billion on August 24 before rising to $54.08 billion on September 3. By September 10, reserves had reached $54.41 billion, rising further to $54.69 billion on September 17 and $54.86 billion a week later. The development comes amid improved foreign-exchange liquidity and stronger capital inflows. National Bureau of Statistics data show that Nigeria recorded $10.37 billion in capital importation in the first quarter of 2026, up significantly from $5.64 billion in the corresponding period of 2025. Foreign portfolio investment accounted for a substantial portion of the inflows, although analysts note that portfolio funds are more sensitive to interest-rate movements, exchange-rate expectations and global financial conditions than longer-term foreign direct investment. Analysts say the stronger reserve position gives the CBN a larger buffer for managing external shocks and foreign-exchange market pressures. An economist and financial analyst, Olumide Adesina, said rising reserves could improve confidence in the naira by strengthening the country’s capacity to meet legitimate foreign-exchange obligations and absorb temporary external shocks. He, however, cautioned that the quality and sustainability of the reserve accumulation remain important, particularly where inflows are driven by portfolio funds rather than stable export earnings or long-term investment. Another analyst, Ayo Akinwumi, said the reserve growth provides greater room for the CBN to manage volatility in the foreign-exchange market, but should not be interpreted as evidence that underlying external vulnerabilities have disappeared. He said sustained improvement would require stronger non-oil exports, stable crude-oil receipts, higher remittance inflows and continued investor confidence. The CBN had projected that reserves would reach $51.04 billion by the end of 2026, based partly on expectations of stronger oil earnings, sovereign borrowing, diaspora remittances and improved foreign-exchange conditions. The stronger external position coincides with recent efforts by the apex bank to stabilise monetary and foreign-exchange conditions. At its September 21–22 meeting, the CBN reset the Monetary Policy Rate to 23 per cent from 26.5 per cent while retaining the Cash Reserve Ratio for deposit money banks at 45 per cent. 77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 CBN’s 350bps rate cut fails to trigger immediate drop in Bank loans By Segun Odunewu, Lagos Nigerian banks have yet to significantly reduce lending rates nearly a week after the Central Bank of Nigeria (CBN) reset its Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent, leaving businesses and households waiting for the lower borrowing costs expected from the policy adjustment. The CBN’s Monetary Policy Committee (MPC), at its September 21–22, 2026 meeting, reduced the MPR by 350 basis points and recalibrated the asymmetric corridor to +50/-300 basis points. It retained the Cash Reserve Ratio (CRR) at 45 per cent for deposit money banks, 16 per cent for merchant banks and 75 per cent for non-TSA public-sector deposits. The reduction, announced by CBN Governor Olayemi Cardoso on September 22, represents the largest MPR cut since December 2006, when the benchmark rate was reduced by 400 basis points from 14 per cent to 10 per cent. However, the apex bank characterised the latest adjustment as a reset rather than conventional monetary policy easing, aimed at restoring the MPR as an effective benchmark after market rates had moved significantly below the previous 26.5 per cent level. Despite the adjustment, lending rates remain relatively high, with pricing varying across banks according to customers’ risk profiles, funding costs and individual credit policies. Industry checks show that some banks are still assessing the impact of the new benchmark before changing their loan-pricing structures. One Tier-1 bank official said there were currently no plans to reduce lending rates, although savings deposit rates linked to the MPR could fall. At another Tier-1 lender, a source said any review of lending rates would require approval by the bank’s Asset-Liability Committee, which oversees liquidity, profitability and interest-rate risks. A Tier-2 bank source also indicated that the lender was adopting a cautious approach, stressing the need for stability and consistency before making pricing changes. The hesitation comes despite calls from business groups and economists for banks to transmit the CBN adjustment to borrowers. The Centre for the Promotion of Private Enterprise (CPPE), led by Dr Muda Yusuf, said the new monetary policy environment should be reflected in the pricing of credit. Yusuf said lending rates on both new and existing facilities should progressively adjust downward, warning that failure to transmit the policy change could limit its impact on investment and economic growth. The Lagos Chamber of Commerce and Industry similarly said the effectiveness of the policy would depend on transmission from the benchmark rate to actual lending rates and credit allocation. Financial analyst Jerry Igwilo of Nisela Capital said borrowers should expect some reduction in loan costs, although the extent would depend on individual risk assessments. Meanwhile, CBN data show that lending rates had already begun moderating before the latest MPR reset. The average maximum lending rate fell to about 29.19 per cent in August from 33.16 per cent in July. The pace at which commercial banks adjust their loan pricing will therefore determine how quickly the CBN’s latest policy reset translates into relief for borrowers and improved access to credit. 77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 CBN mops up N12.82trn as OMO demand hits N20.58trn despite rate cuts By Segun Odunewu, Lagos The Central Bank of Nigeria (CBN) allotted about N12.82 trillion through four Open Market Operations (OMO) auctions in September 2026, as investors submitted N20.58 trillion in bids despite a sharp decline in yields. The auctions, conducted on September 1, 8, 16 and 24, attracted demand equivalent to 5.28 times the N3.9 trillion offered by the apex bank. About 62.3 per cent of total subscriptions were eventually allotted. The strong demand came as the CBN progressively reduced stop rates, particularly following the Monetary Policy Committee’s decision on September 22 to cut the Monetary Policy Rate (MPR) by 350 basis points from 26.5 per cent to 23 per cent. The CBN described the move as a reset of the benchmark to better align it with prevailing market conditions. At the September 1 auction, investors submitted N5.50 trillion against N1 trillion offered, while N2.88 trillion was allotted. Demand rose to N6.31 trillion on September 8 against N1 trillion offered, with N4.40 trillion allotted. On September 16, subscriptions fell to N3.03 trillion against N1 trillion offered, before rebounding strongly at the final auction. On September 24, investors submitted about N5.74 trillion against N900 billion offered, representing a 6.38-times bid-to-cover ratio. The CBN allotted N2.25 trillion, with the 152-day and 180-day instruments clearing at 17.29 per cent and 16.99 per cent respectively. The latest auction marked a significant repricing of fixed-income assets. Longer-tenor OMO rates fell from 18.99 per cent at the beginning of September to 17.29 per cent by the final auction. Analysts said the continued appetite despite falling yields reflects strong liquidity and investors’ preference for relatively safe, short-term CBN instruments. Proshare said the heavy subscriptions and sizeable allotments suggest investors are actively repositioning following the MPR reduction, while yields across the secondary Treasury-bill and OMO markets also declined sharply. The development also highlights the liquidity-management challenge confronting the CBN. System liquidity has remained elevated, with banks placing substantial funds with the apex bank even as the CBN continues to sterilise excess cash through OMO sales. According to analysis, system liquidity could rise to about N8.57 trillion this week following OMO maturities and bond coupon payments, potentially creating further pressure on the CBN to mop up excess liquidity. For investors, the declining yields mean lower returns on new OMO placements, but the securities remain attractive because of their relatively low credit risk and the abundance of naira liquidity. For the broader economy, the repricing could gradually lower market interest rates and support cheaper funding, although persistent liquidity and inflationary pressures could influence how quickly the decline is transmitted to bank lending rates. OPay leads Nigerian Fintech apps as smartphone adoption reshapes digital banking By Segun Odunewu, Lagos OPay has emerged as the most widely installed financial application on Nigerian smartphones, highlighting the growing influence of fintech platforms in the country’s rapidly changing digital payments market. The finding is contained in a new study by KPMG and Orange Group Nigeria, which examined financial applications installed on smartphones used by respondents across 12 major Nigerian cities. According to the study, OPay was installed on 69 per cent of smartphones surveyed, placing it ahead of every individual traditional bank application covered. PalmPay ranked second among fintech platforms, with a presence on 29 per cent of the smartphones, while Moniepoint recorded 14 per cent. Kuda and PayPal were present on 8 per cent and 7 per cent respectively. Among traditional banks, Access Bank had the highest smartphone presence at 16 per cent, followed by UBA and GTBank at 11 per cent each. FirstBank recorded 10 per cent, while Zenith Bank stood at 9 per cent. The figures indicate that while traditional banks continue to maintain significant digital footprints, some fintech applications have achieved a wider individual presence on consumers’ devices. The development reflects the increasing use of smartphones as gateways to financial services, with consumers relying on mobile applications for transfers, bill payments, airtime purchases and account management. KPMG said the growing adoption of digital financial applications was being driven partly by demand for convenient and instant payment solutions, as consumers increasingly combine digital payment channels with traditional cash transactions. The consultancy also identified continued investment by banks and fintech companies in digital platforms as another factor supporting the expansion of mobile financial services. The study further showed that smartphone ownership in Nigeria increased from 64 per cent in 2023 to 75 per cent in 2025, expanding the potential market for mobile-based financial and other digital services. The rise in smartphone ownership is also broadening access to digital services beyond banking, with mobile applications increasingly being used for commerce, education, transportation and other everyday activities. For the financial sector, the changing app landscape is intensifying competition between established banks and fintech companies for customers and digital engagement. While banks retain established customer relationships and continue to expand their mobile platforms, the strong smartphone presence of fintech applications such as OPay and PalmPay underscores the growing importance of convenience, speed and digital accessibility in Nigeria’s financial services market. The findings come amid continued expansion of Nigeria’s digital payments ecosystem, as financial institutions and fintech companies invest in mobile technology to capture a larger share of consumers’ increasingly smartphone-driven financial activities. 7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 Nigeria’s foreign reserves hit $54.86bn as 2026 gain tops $9bn By Segun Odunewu, Lagos Nigeria’s external reserves climbed by $9.29 billion in the first nine months of 2026, more than seven times the increase recorded during the corresponding period of 2025, strengthening the country’s foreign-exchange buffer and providing additional support for naira market stability. Data from the Central Bank of Nigeria (CBN) showed that reserves rose from $45.57 billion on January 2 to $54.86 billion on September 24, representing a 20.4 per cent increase. The comparable period in 2025 recorded a rise of about $1.32 billion, from $40.88 billion to $42.20 billion. The latest reserve position has also surpassed the CBN’s $51.04 billion projection for the end of 2026. The accumulation accelerated during the year, with reserves crossing $50 billion on June 4 and reaching $51.92 billion by August 12. The stock subsequently moved above $53 billion on August 24 before rising to $54.08 billion on September 3. By September 10, reserves had reached $54.41 billion, rising further to $54.69 billion on September 17 and $54.86 billion a week later. The development comes amid improved foreign-exchange liquidity and stronger capital inflows. National Bureau of Statistics data show that Nigeria recorded $10.37 billion in capital importation in the first quarter of 2026, up significantly from $5.64 billion in the corresponding period of 2025. Foreign portfolio investment accounted for a substantial portion of the inflows, although analysts note that portfolio funds are more sensitive to interest-rate movements, exchange-rate expectations and global financial conditions than longer-term foreign direct investment. Analysts say the stronger reserve position gives the CBN a larger buffer for managing external shocks and foreign-exchange market pressures. An economist and financial analyst, Olumide Adesina, said rising reserves could improve confidence in the naira by strengthening the country’s capacity to meet legitimate foreign-exchange obligations and absorb temporary external shocks. He, however, cautioned that the quality and sustainability of the reserve accumulation remain important, particularly where inflows are driven by portfolio funds rather than stable export earnings or long-term investment. Another analyst, Ayo Akinwumi, said the reserve growth provides greater room for the CBN to manage volatility in the foreign-exchange market, but should not be interpreted as evidence that underlying external vulnerabilities have disappeared. He said sustained improvement would require stronger non-oil exports, stable crude-oil receipts, higher remittance inflows and continued investor confidence. The CBN had projected that reserves would reach $51.04 billion by the end of 2026, based partly on expectations of stronger oil earnings, sovereign borrowing, diaspora remittances and improved foreign-exchange conditions. The stronger external position coincides with recent efforts by the apex bank to stabilise monetary and foreign-exchange conditions. At its September 21–22 meeting, the CBN reset the Monetary Policy Rate to 23 per cent from 26.5 per cent while retaining the Cash Reserve Ratio for deposit money banks at 45 per cent. 77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 CBN’s 350bps rate cut fails to trigger immediate drop in Bank loans By Segun Odunewu, Lagos Nigerian banks have yet to significantly reduce lending rates nearly a week after the Central Bank of Nigeria (CBN) reset its Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent, leaving businesses and households waiting for the lower borrowing costs expected from the policy adjustment. The CBN’s Monetary Policy Committee (MPC), at its September 21–22, 2026 meeting, reduced the MPR by 350 basis points and recalibrated the asymmetric corridor to +50/-300 basis points. It retained the Cash Reserve Ratio (CRR) at 45 per cent for deposit money banks, 16 per cent for merchant banks and 75 per cent for non-TSA public-sector deposits. The reduction, announced by CBN Governor Olayemi Cardoso on September 22, represents the largest MPR cut since December 2006, when the benchmark rate was reduced by 400 basis points from 14 per cent to 10 per cent. However, the apex bank characterised the latest adjustment as a reset rather than conventional monetary policy easing, aimed at restoring the MPR as an effective benchmark after market rates had moved significantly below the previous 26.5 per cent level. Despite the adjustment, lending rates remain relatively high, with pricing varying across banks according to customers’ risk profiles, funding costs and individual credit policies. Industry checks show that some banks are still assessing the impact of the new benchmark before changing their loan-pricing structures. One Tier-1 bank official said there were currently no plans to reduce lending rates, although savings deposit rates linked to the MPR could fall. At another Tier-1 lender, a source said any review of lending rates would require approval by the bank’s Asset-Liability Committee, which oversees liquidity, profitability and interest-rate risks. A Tier-2 bank source also indicated that the lender was adopting a cautious approach, stressing the need for stability and consistency before making pricing changes. The hesitation comes despite calls from business groups and economists for banks to transmit the CBN adjustment to borrowers. The Centre for the Promotion of Private Enterprise (CPPE), led by Dr Muda Yusuf, said the new monetary policy environment should be reflected in the pricing of credit. Yusuf said lending rates on both new and existing facilities should progressively adjust downward, warning that failure to transmit the policy change could limit its impact on investment and economic growth. The Lagos Chamber of Commerce and Industry similarly said the effectiveness of the policy would depend on transmission from the benchmark rate to actual lending rates and credit allocation. Financial analyst Jerry Igwilo of Nisela Capital said borrowers should expect some reduction in loan costs, although the extent would depend on individual risk assessments. Meanwhile, CBN data show that lending rates had already begun moderating before the latest MPR reset. The average maximum lending rate fell to about 29.19 per cent in August from 33.16 per cent in July. The pace at which commercial banks adjust their loan pricing will therefore determine how quickly the CBN’s latest policy reset translates into relief for borrowers and improved access to credit. 77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 CBN mops up N12.82trn as OMO demand hits N20.58trn despite rate cuts By Segun Odunewu, Lagos The Central Bank of Nigeria (CBN) allotted about N12.82 trillion through four Open Market Operations (OMO) auctions in September 2026, as investors submitted N20.58 trillion in bids despite a sharp decline in yields. The auctions, conducted on September 1, 8, 16 and 24, attracted demand equivalent to 5.28 times the N3.9 trillion offered by the apex bank. About 62.3 per cent of total subscriptions were eventually allotted. The strong demand came as the CBN progressively reduced stop rates, particularly following the Monetary Policy Committee’s decision on September 22 to cut the Monetary Policy Rate (MPR) by 350 basis points from 26.5 per cent to 23 per cent. The CBN described the move as a reset of the benchmark to better align it with prevailing market conditions. At the September 1 auction, investors submitted N5.50 trillion against N1 trillion offered, while N2.88 trillion was allotted. Demand rose to N6.31 trillion on September 8 against N1 trillion offered, with N4.40 trillion allotted. On September 16, subscriptions fell to N3.03 trillion against N1 trillion offered, before rebounding strongly at the final auction. On September 24, investors submitted about N5.74 trillion against N900 billion offered, representing a 6.38-times bid-to-cover ratio. The CBN allotted N2.25 trillion, with the 152-day and 180-day instruments clearing at 17.29 per cent and 16.99 per cent respectively. The latest auction marked a significant repricing of fixed-income assets. Longer-tenor OMO rates fell from 18.99 per cent at the beginning of September to 17.29 per cent by the final auction. Analysts said the continued appetite despite falling yields reflects strong liquidity and investors’ preference for relatively safe, short-term CBN instruments. Proshare said the heavy subscriptions and sizeable allotments suggest investors are actively repositioning following the MPR reduction, while yields across the secondary Treasury-bill and OMO markets also declined sharply. The development also highlights the liquidity-management challenge confronting the CBN. System liquidity has remained elevated, with banks placing substantial funds with the apex bank even as the CBN continues to sterilise excess cash through OMO sales. According to analysis, system liquidity could rise to about N8.57 trillion this week following OMO maturities and bond coupon payments, potentially creating further pressure on the CBN to mop up excess liquidity. For investors, the declining yields mean lower returns on new OMO placements, but the securities remain attractive because of their relatively low credit risk and the abundance of naira liquidity. For the broader economy, the repricing could gradually lower market interest rates and support cheaper funding, although persistent liquidity and inflationary pressures could influence how quickly the decline is transmitted to bank lending rates.
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