Themed ‘Beyond Interest’, the forum was convened to advance the case for non-interest finance as a practical route to mobilising patient capital into Nigeria’s productive economy, as well as press investors and policymakers to judge every allocation by both the returns it earns and the capacity it builds.

The programme, which was also supported by AltDrive and Nigeria’s first full-fledged composite takaful operator, Noor Takaful, featured a series of intelligence briefings from public-sector leaders, capital-market operators and non-interest finance advocates.Opening the forum, Muhtar Bakare, Chairman of

The Alternative Bank, framed the day around a single question: how to mobilise capital in ways that serve both those who own it and the society in which it must earn its return.

He argued that Nigeria’s constraint is less a shortage of capital than a shortage of the trust that allows capital to do patient work.“What we lack is not effort. We lack capital that stays long enough to turn effort into capacity, capacity into durable jobs and durable jobs into stability. That is why the distinction between extractive and productive capital matters,” Bakare said.

The Executive Governor of Lagos State, H.E. Babajide Sanwo-Olu, delivered a keynote address on the state’s role as a catalyst for private capital.

The address positioned the government not as a competitor to private investment but as an enabler of it, citing Lagos’s infrastructure programme, the state’s recent dual bond issuance and the Lekki corridor as instances of public action changing the risk-return calculus for private investors.

“The future of finance is not only about the price of capital; it is increasingly about the quality of the economic activity that capital enables. Lagos is not only open for business; Lagos is prepared to do business.”

Sanwo-Olu, who was represented by the Honourable Commissioner for Finance, Abayomi Oluyomi, stated.In special remarks, Babatunde Raji Fashola, former Governor of Lagos State and former Minister of Works and Housing, shared his experience on the value of non-interest financing.

He argued that capital anchored to real, productive assets and to the public good delivers more durable value than money chased for short-term yield, and urged investors and institutions to weigh the long-term social returns of where they place their funds.Delivering his brief on ‘The Business Case for Ethical Capital’, Abubakar Suleiman, Promoter of Non-Interest Banking in Nigeria and Board Member of Sterling Financial Holdings Company Plc, traced The Alternative Bank’s journey from a modest non-interest window opened by Sterling Bank in 2014 to an institution he said now holds total assets approaching ₦500 billion and serves nearly a million customers.

He made the case for what he called a “full ledger” approach to investment, one that counts an allocation’s effect on customers, employees, communities, public infrastructure and the environment alongside the investor’s return.

“The Alternative Bank has shown that non-interest banking can grow, win customers, and generate profit. The business case for ethical capital already exists. Our task is to apply it with discipline,” said Suleiman.

He pointed to WasteBanc, AltBank’s recycling initiative with the Lagos Waste Management Authority, and to Nigeria’s sovereign Sukuk programme as evidence that values-aligned finance can hold to commercial standards while connecting capital to identifiable, productive assets.

Other speakers, Dr. Stanley Jacob, Group Chief, Innovation and Technology at Meristem, and Ajibola Tobi-Osho, Executive Director of Tugrande Alliance Limited, made a case for shifting the diagnosis of Nigeria’s – and Africa’s – financial challenges.

Jacob argued that Africa’s core financial challenge is infrastructural, not one of liquidity, and that the convergence of the Pan-African Payment and Settlement System (PAPSS) with the tokenisation of real-world assets could hand Nigeria a first-mover advantage in continental capital markets.

Tobi-Osho seconded the point, noting that while Nigeria has moved from crisis management to macroeconomic stability, the binding constraint has shifted from inflation to capital allocation, with banks parking record liquidity at the central bank rather than lending to the businesses that drive jobs and growth.

‘Beyond Interest’ drew a room of senior investors, executives and public-sector leaders, including Olatunji Mayaki, Chairman, Sterling Bank; Hassan Yusuf, Managing Director, The Alternative Bank; Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management; Tonye Cole, Co-Founder and former Group Executive Director of Sahara Group; Aminu Tukur, Vice-Chairman, Noor Takaful; Korede Demola-Adeniyi, Executive Director, The Alternative Bank; Chief Idris Olorunnimbe, Chairman of the Board of the Nigerian Communications Commission; Yemi Keri, President of the Africa Business Angel Network (ABAN); Sadiq Dantata, Chairman, Golden Alchemy; Garba Mohammed, Executive Director, The Alternative Bank; Dr. Adesegun Akin-Olugbade, OON, Founder and Managing Partner, Luwaji Nominees; Sulaiman Adedokun, Group Managing Director, Meristem Securities Limited; Jimi Ogbobine, Associate Director and Head of Consulting, Agusto Consulting, and more.

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Scheduled for July 29–30, 2026, at the CBN Headquarters, the prestigious gathering will bring together global central bankers, finance ministers, and leading economists to tackle practical policy responses to growing global economic uncertainties.

The event which will be hosted by the CBN in collaboration with the EMF  and the Centre for the Study of the Economies of Africa (CSEA), the 7th Africa Emerging Markets Forum will convene senior policymakers, central bankers, ministers, development partners, private-sector leaders and leading economists from Africa and around the world to examine practical policy responses to an increasingly uncertain global economic environment.

Held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the 7th Africa Emerging Markets Forum will be headlined by the Cardoso–Okonjo-Iweala fireside dialogue, which will explore how African economies can build resilience, sustain reform momentum, deepen regional integration and unlock long-term growth amid an increasingly fragmented global economy.

The 7th Africa Emerging Markets Forum will also feature ministerial keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, underscoring the importance of coordinated fiscal, monetary and innovation policies in advancing Africa’s economic transformation and long-term resilience.

Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University; alongside senior policymakers, academics, development partners and business leaders from across Africa and beyond.

Over two days, participants will examine a wide range of issues critical to the future of emerging markets, including macroeconomic stability, regional economic integration, cross-border payments, financial technology, infrastructure, foreign direct investment, technology transfer, artificial intelligence, and the interconnected challenges of food price volatility, inflation and monetary policy transmission in fragile and post-crisis economies.

According to the organisers, the 7th Africa Emerging Markets Forum aims to foster open dialogue on issues of strategic importance to emerging markets and developing economies while identifying practical policy solutions that can be adapted to the unique circumstances of individual countries.

The Forum underscores the shared commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, advancing evidence-based policymaking and promoting innovative solutions that enhance Africa’s resilience and support sustainable, inclusive economic growth.

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At its meeting held on 6 July 2026, the Board accepted Mr. Elumelu’s retirement and elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the Bank, as his successor, with effect from 21 August 2026.

The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

Mr. Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers.

Mr. Nnorom is a chartered accountant with over forty years’ experience in banking, finance and audit. He brings to the role extensive leadership experience and deep institutional knowledge of UBA.

Commenting on his retirement, Mr. Tony O. Elumelu, CFR, said:

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”

Mr. Emmanuel N. Nnorom, on his appointment, said:

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”

United Bank for Africa Plc is Africa’s Global Bank. Operating across twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 50 million customers globally.

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The apex bank said the action was taken in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the revocation was approved by its Governor, Mr. Olayemi Cardoso, following the affected banks’ failure to meet the regulatory requirements necessary for continued operation as licensed financial institutions.

The Bank explained that the decision was necessitated by one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without prior approval from the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the minimum capital requirement unimpaired by losses.

The CBN stated that the revocation forms part of its ongoing supervisory and regulatory measures aimed at safeguarding the stability of the financial sector, protecting depositors, and ensuring that all licensed financial institutions operate in compliance with existing laws and regulatory standards.

The apex bank reaffirmed its commitment to promoting a safe, sound, and resilient financial system, adding that it will continue to take appropriate regulatory and supervisory actions whenever necessary to maintain public confidence in Nigeria’s financial system.

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The Consumer Price Index (CPI), which measures the average change over time in the prices of goods and services consumed by people for day-to-day living, increased to 140.7 in May, up 2.4 points from April’s 138.3.

Despite the annual increase, month-on-month headline inflation slowed to 1.75 per cent in May, representing a 0.39 percentage point decline from the 2.13 per cent recorded in April. The current annual figure also remains significantly lower than the 26.06 per cent recorded in May 2025, reflecting a long-term easing of inflationary pressures over the past year.

An analysis of the inflation basket revealed that food and non-alcoholic beverages remained the largest driver of headline inflation, contributing 6.38 percentage points to the annual rate. Restaurants and accommodation services followed with 2.06 percentage points, transport accounted for 1.70 percentage points, and housing, water, electricity, gas, and other fuels contributed 1.34 percentage points.

Food inflation was recorded at 16.96 per cent year-on-year in May, driven by the rising costs of staple items such as onions, maize grains, water yam, cassava flour, tomatoes, and yam tubers. On a monthly basis, food inflation eased to 2.98 per cent from 3.63 per cent in April.

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year. However, monthly core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April, indicating that underlying price pressures within the broader economy strengthened during the month.

Urban inflation reached 16.07 per cent year-on-year in May, while rural inflation was recorded at 15.60 per cent. Services inflation remained elevated at 17.92 per cent annually, while energy inflation stood lower at 5.73 per cent year-on-year.

At the state level, significant variations were recorded across the federation. Yobe state logged the highest annual headline inflation rate at 24.94 per cent, followed closely by Anambra at 23.29 per cent and Sokoto at 22.60 per cent. Conversely, Niger state recorded the lowest annual rate at 3.07 per cent, with Plateau and Edo registering 7.10 per cent and 7.73 per cent, respectively.

On a month-on-month basis, Benue state experienced the highest price acceleration at 8.23 per cent, while Niger state recorded a price decline of 4.55 per cent. In the food sector, Adamawa recorded the highest annual food inflation at 29.62 per cent, while Borno state registered a food deflation of 6.53 per cent.

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This was contained its Consumer Price Index (CPI) Report April 2026.

According to NBS report Consumer costs continued to increase across key sectors of the economy, even though the pace of monthly price growth slowed and remained lower than levels recorded in the same period last year.

The NBS noted that the year-on-year movement reflects ongoing pressure from elevated food costs, higher energy expenses, and continued disruptions in supply chains.

It noted that on a month-on-month basis, the Headline inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%).

“This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026.”

Urban inflation was recorded at 15.40 percent, while rural inflation stood higher at 16.36 percent, with food prices rising by 16.06 percent year-on-year, though lower than 24.68 percent in April 2025 due to changes in the cost of major staples.

Core inflation, which excludes volatile food items and energy costs, stood at 15.86 percent in April 2026, significantly lower than 26.05 percent recorded in the corresponding period of the previous year.

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At the official presentation, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the updated guide will become operational on June 1, 2026, and will be issued at no cost to licensed dealers to ensure smooth adherence and effective rollout.

He explained that the revised framework is consistent with global standards and demonstrates the apex bank’s drive to upgrade Nigeria’s currency exchange operations for improved clarity, uniformity, and operational efficiency.

Cardoso stated: “The introduction of the 4th Edition of the CBN Foreign Exchange Manual reflects our shared determination to strengthen Nigeria’s economic foundations, deepen openness, and restore confidence in the foreign exchange system.”

He further noted that the refreshed guide is designed to support a more structured, rules-based, and efficient FX environment that promotes predictability and better market functioning.

The CBN governor called on stakeholders across both the public and private sectors to show discipline, cooperation, and professionalism in ensuring the successful adoption of the new framework.

He reaffirmed that the Central Bank will continue to provide direction, support, and clarification as the country transitions into a more structured phase of foreign exchange administration.

According to him, “Robust oversight systems anchored on consistency, fairness, and accountability are essential to sustaining trust and stability in the foreign exchange market.”

Market participants have commended the apex bank for its broad consultation process and detailed technical review involving financial institutions, corporate operators, and other stakeholders, which informed the development of the revised manual.

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The commitment was reiterated during the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions (NIFIs), held on Thursday, May 7, 2026, at the CBN Auditorium in Abuja.

Speaking on behalf of the Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, described the session as a strategic platform designed to deepen the credibility, resilience, and soundness of Nigeria’s non-interest financial services industry.

According to Mr. Ikeazor, the engagement builds on the achievements of the inaugural session and reflects the CBN’s continued resolve to maintain a sound, credible, and resilient non-interest financial system driven by robust governance, effective compliance, and prudent risk management practices.

He noted that Non-Interest Financial Institutions have become increasingly important in Nigeria’s financial system by offering ethical and Shariah-compliant alternatives to conventional banking. He added that the institutions are making significant contributions to financial inclusion, real sector financing, Micro, Small and Medium Enterprises (MSMEs) development, and shared economic prosperity.

However, the Deputy Governor cautioned that the sector’s rapid growth, increasing sophistication, and expanding interconnectedness also expose it to unique challenges. These include Shariah non-compliance risks, governance concerns, operational vulnerabilities, and emerging technological threats, all of which could undermine public confidence and the credibility of the industry if not effectively managed.

He explained that the establishment of FRACE and the mandatory constitution of ACEs across all NIFIs were aimed at institutionalising a harmonised and resilient governance framework for the sector. He stressed that continuous engagement between FRACE and ACEs remains critical in ensuring that regulatory expectations are properly understood and consistently implemented.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he stated.

In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the interactive session was organised to strengthen governance within the sub-sector and encourage constructive engagement between FRACE and the ACEs of NIFIs. He commended the CBN for reviving the initiative, which was first introduced in 2014.

The session featured technical presentations on “Shariah Non-Compliance Risk in Non-Interest Banks and its Impact on the Non-Interest Financial Services Industry” and “Islamic Fintech and Financial Inclusion.” Participants also engaged in discussions on governance, innovation, risk mitigation, and capacity building in the non-interest finance sector.

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Speaking during a stakeholder engagement organised in collaboration with the Nigerian Governors’ Forum (NGF), the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, said the success of Nigeria’s planned Inflation Targeting (IT) framework depends heavily on fiscal discipline at both federal and state levels.

He explained that inflation targeting is a transparent and forward-looking monetary policy system designed to keep prices stable, but stressed that the framework can only succeed if State Governments avoid excessive borrowing and spending that injects too much liquidity into the economy.

According to Abdullahi, state fiscal activities such as rising domestic debt, uncontrolled wage bills, heavy reliance on overdrafts, delayed salary payments, unplanned expenditures and weak debt management can all fuel inflationary pressures.

“In an inflation-targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the subnational level can significantly undermine price stability,” he warned.

The Deputy Governor noted that one of the key conditions for successful inflation targeting is the absence of fiscal dominance, a situation where government borrowing forces the central bank to finance deficits by creating excess money supply.

He therefore urged State Governments to adopt more responsible fiscal practices by reducing dependence on short-term financing, aligning borrowing with debt sustainability limits, improving budget planning and strengthening internally generated revenue.

Abdullahi further identified four major responsibilities for states under the inflation-targeting system: maintaining fiscal discipline, ensuring responsible borrowing, improving cash and debt management coordination, and boosting revenue mobilisation.

He cautioned that excessive supplementary budgets, rising debt burdens and uncontrolled spending could trigger liquidity shocks capable of worsening inflation across the country.

Also speaking at the event, the Director of the CBN Monetary Policy Department, Dr. Victor Oboh, described inflation targeting as a “win-win framework” that would help households, businesses and governments by reducing uncertainty and strengthening confidence in economic policies.

Oboh said inflation control cannot be achieved through monetary policy alone, especially in a federal structure like Nigeria’s where state-level spending and borrowing decisions significantly affect liquidity and inflation trends.

Representatives from more than 20 states, including Commissioners of Finance, Economic Planning officials, Accountant Generals and State Statisticians, attended the engagement and pledged support for the CBN’s reform agenda and transition to inflation targeting.

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The budget proposal passed its third reading during Thursday’s plenary after lawmakers reviewed and adopted the report of the Senate Committee on the FCT concerning the 2026 Appropriation Bill.

While the proposal enjoyed overwhelming backing from senators, a number of legislators expressed reservations over the revenue assumptions driving the budget.

They maintained that disclosing detailed revenue projections would promote openness and strengthen fiscal responsibility in the administration of public resources.

Commenting on the debate, the Senate President echoed the lawmakers’ position, stressing the need for transparency and proper oversight in the execution of the budget.

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