The exercise, which began in March 2024, was designed to strengthen the banking sector’s resilience, improve capital adequacy, and enhance the capacity of financial institutions to support economic growth amid domestic and global economic uncertainties.

The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting

sustained confidence in the Nigerian banking sector.

Governor Olayemi Cardoso commented: “The recapitalisation w has strengthened

the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well­positioned to support economic growth and withstand domestic and external shocks.

Capital Strengthening and Financial System Resilience.

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In a statement issued on Monday, the Executive Chairman of LIRS, Dr. Ayodele Subair, explained that the statutory deadline for filing of individual annual tax returns is March 31 every year.

He noted that the extension is intended to provide individuals with additional time to complete and submit accurate tax returns.

Dr. Subair stated that individuals must give priority to the timely filing of their annual income tax returns, noting that compliance should be embedded as a routine personal practice.

He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Individuals are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.

Describing the platform as secure, user-friendly, and accessible 24/7, Dr. Subair advised individuals to ensure that their TaxID (Tax Identification Number) is correctly captured in their submissions.

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According to the latest report by the National Bureau of Statistics (NBS), inflows also grew by 7.13% compared to $6.01 billion in the third quarter, pointing to a steady recovery in foreign investment.

Portfolio investment remained the dominant driver, accounting for $5.49 billion or 85% of total inflows, while Foreign Direct Investment lagged at $357.8 million, highlighting continued weakness in long-term investments.

Sectoral data showed the banking industry attracted the largest share of capital at $3.85 billion, underscoring investor preference for financial assets over the real sector.

By source, the United Kingdom led with $3.73 billion, followed by the United States and South Africa.

Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria, and Citibank Nigeria were the top channels for inflows during the period.

A further breakdown shows that money market instruments accounted for the bulk of portfolio investments, reflecting sustained demand for short-term, liquid assets amid evolving market conditions.

Analysts say the dominance of portfolio flows suggests investors remain cautious, favouring instruments that offer quicker returns and flexibility over long-term commitments.

Despite the overall improvement in capital inflows, the relatively low level of foreign direct investment indicates that structural challenges continue to weigh on investor confidence in Nigeria’s real sector.

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The Apex bank reaffirmed its regulatory oversight of Union Bank of Nigeria Plc following a Federal High Court judgment delivered in Lagos on Wednesday, March 25, 2026.

In a statement issued after the ruling, the apex bank said it is in the process of obtaining the Certified True Copy of the judgment and will conduct a thorough review, underscoring its commitment to due process and the rule of law.

The court decision relates to regulatory actions taken by the CBN on Union Bank in January 2024.

Despite the development, the regulator moved to calm market concerns, stating that Union Bank’s operational and financial position remains unchanged. The CBN emphasized that the lender continues to meet all its obligations to customers, depositors, and other stakeholders.

“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” the statement noted.

The central bank added that it will sustain close supervision of the bank to ensure it operates in a safe, sound, and stable manner, while also maintaining public confidence in Nigeria’s financial system.

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The Bureau stated that the Consumer Price Index (CPI) rose to 130.0 in February, up 2.6 points from 127.4 in January, indicating a slower increase in the overall price level.

“The Consumer Price Index (CPI) increased to 130.0 in February 2026, reflecting a 2.6 point increase from the preceding month. Headline inflation eased to 15.06%, down from 15.10% in January 2026,” the NBS said.

On a month-to-month basis, inflation in February was 2.01%, compared to 4.89% in January, showing a 2.88% decline in the rate of price growth.

Earlier, the NBS reported that headline inflation dropped from 15.15% in December 2025 to 15.10% in January 2026, while the CPI fell from 131.2 to 127.4, reflecting a modest slowdown in price increases.

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President Tinubu, who spoke after the brief ceremony at the Presidential Villa, Abuja, said the appointment was a vote of confidence in Mr Oyedele.

The President extolled the new minister for his professionalism in coordinating the work of the Tax Reforms Committee.

He noted that Oyedele’s commitment and deep knowledge of tax policy played a critical role in shaping the reforms designed to simplify the tax system, expand the revenue base, and create a more business-friendly environment in Nigeria.

“We are very proud of your knowledge, your simplicity, ambition, and excellence. I congratulate your wife for standing up to our challenge of time management and long hours of absence.

“This is additional responsibility, and I hope you will encourage and support him,” President Tinubu told the wife of the new minister.

He also acknowledged Oyedele’s zeal, patience, and determination to serve his fatherland with courage.

“Thank you for accepting to serve your country, especially for reforming the entire tax policy of this country that was obsolete and fundamentally against every progressive thinking.

“You are a very dedicated and highly determined individual. It didn’t take much for me to decide where you fit and where you need to be to further help with the economy.

“It is a very challenging job because we look at the fiscal policy and responsibility that come with it at the time that economic stability is being experienced, but without exponential growth. It’s always very difficult, but you are fit to be there,” the President said.

Oyedele, from Ikaram, Akoko, Ondo State, is an economist, accountant and public policy expert.

He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance, and later attended Oxford Brookes University, where he earned a BSc in applied accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Oyedele spent 22 years of his working career at PriceWaterhouseCoopers (PwC), joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.

Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

The post Tinubu Swears In Taiwo Oyedele as Minister of State for Finance appeared first on Business Today NG.

The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.

Yuguda’s nomination follows the recent appointment of the erstwhile Deputy Governor, Mr Bala Bello, as Special Adviser to the President on Political Economy.

The President charges them to discharge their responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth, in their respective roles.

Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.

He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy. In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.

He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.

He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN. He retired from the CBN in 2016, after serving as Director of the Reserve Management Department for six years.

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Statement released on Wednesday by the apex regulator noted that the gold was sourced domestically through the Solid Minerals Development Fund (SMDF) via the National Gold Purchase Programme (NGPP).

The programme engages local miners and operates under a responsible sourcing framework aligned with Organisation for Economic Co-operation and Development Due Diligence Guidelines and the World Gold Council’s London Principles.

Speaking at a recent workshop on maximising the economic benefits of minerals in Nigeria, CBN Governor Olayemi Cardoso explained that the monetary-grade gold was purchased in Naira, with pricing linked to LBMA benchmarks. This approach allows the Bank to strengthen its gold reserves without deploying foreign currency, enhancing reserve accretion and supporting macroeconomic stability.

“By purchasing domestically refined gold, we not only grow our reserves but also promote responsible management of Nigeria’s mineral resources,” Cardoso said. He highlighted the growing global importance of gold as a hedge against inflation and economic volatility, noting that central banks worldwide are prioritising resilience, diversification, and prudent governance amid geopolitical uncertainties.

The workshop, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, provided a platform to engage key stakeholders in the gold sector and deepen understanding of the industry’s opportunities and challenges across the value chain.

Executive Secretary of SMDF, Fatima Shinkafi, said the delivery of LBMA-standard gold demonstrates the strength of Nigeria’s formalisation framework and supply chain due diligence processes.

Commending the initiative, Kurtulus Diamondopoulos of the World Gold Council praised the NGPP for adhering to the twelve London Principles for responsible artisanal and small-scale gold sourcing, describing it as a model other countries could emulate.

The President/CEO of Africa Finance Corporation, Samaila Zubairu, reaffirmed AFC’s support for financing and formalising Nigeria’s mineral sector, stressing the need for accurate data and robust mineral processing infrastructure to attract investment, improve gold recovery, and reduce environmental impact.

Meanwhile, Nere Emiko, Executive Vice Chairman of Kian Smith Gold Company, highlighted the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges to strengthen the country’s position in global markets.

The Domestic Gold Purchase Programme forms a key part of the CBN’s strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.

The post CBN Boosts Reserves with $3.5bn LBMA-Standard Gold Acquisition appeared first on Business Today NG.

Governor Olayemi Cardoso said the growth reflects stronger external sector fundamentals, sustained policy reforms, and improved reserve management practices that have boosted investor confidence and enhanced macroeconomic resilience.

The gross external reserves also increased to $50.45 billion, highlighting Nigeria’s strengthened capacity to meet external obligations and maintain exchange rate stability.

Following his disclosure at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Mr. Cardoso, at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion.

He stated that the figures emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.

According to him, the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality.

He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

Mr. Cardoso further stated that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion. He said the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.

He described the end-2025 reserve position as strong validation of the Bank’s ongoing policy reforms and external sector adjustments. He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.

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This move puts AltBank on the same playbook used across key Islamic finance markets, strengthening how Shari’ah-compliant transactions are documented, executed, and trusted.

AltBank will begin by aligning its interbank liquidity documentation with IIFM’s Master Collateralised Murabahah Agreement (MCMA) framework and will release its first ready-to-sign documentation pack and counterparty onboarding process in Q2 2026.

The pack will include standard templates, term sheets, execution checklists, and counterparty onboarding requirements, built to reduce negotiation loops and speed uptransaction close.

This integration of global benchmarks into the local market is designed to provide Nigerian consumers and businesses with transparent, internationally recognised ethical banking products. By adopting these standardised protocols, AltBank effectively reduces transactional complexities and enhances the legal certainty of its offerings, further solidifying its reputation as a catalyst for sustainable financial solutions across the African continent.

Hassan Yusuf, Managing Director of The Alternative Bank, expressed the institution’s dedication to this new chapter of growth and standardisation. “If non-interest banking is going to mature in Nigeria, we have to stop improvising. We’re aligning with global standards so transactions are clear and built for scale.”

“By adopting these international benchmarks, we are enhancing the transparency and efficiency of our operations and also ensuring that our customers and partners can move with confidence, whether it’s a modest facility or a major transaction,” Yusuf added.

Dr. Ahmed Rufai, Acting CEO of the IIFM, noted that, “This Membership is not just a corporate victory, it is a commitment to bringing world-class, interest-free financial stability to every Nigerian.”

Established in 2002, the IIFM remains a leading infrastructure institution focused on the development of global documentation and product confirmation standards. It publishes standardised Shari’ah-compliant financial contracts and related market guidance used across jurisdictions, supporting consistency in how Islamic finance products are structured and executed.

About The Alternative Bank

The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking. For more information, please visit www.altbank.ng.

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