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CBN To Set Guidelines On Margin Lending

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Central Bank of Nigeria on Thursday said it would soon issue guidelines on margin lending to prevent the kind of reckless lending that contributed significantly to the crisis in the Nigerian banking sector.

The CBN Governor, Mr Lamido Sanusi, said, during a news conference that the sector entered a crisis situation, partly because the CBN, as the regulator, lacked both the capacity and will to supervise the banks.

Banks lost about N1m after the stock market bubble, fuelled by a lending spree to stockbrokers, bank subsidiaries and individuals for stock purchases, burst in 2008.

Citing examples of regulatory lapses, Sanusi said there had been no guideline on margin trading, adding that “for instance, the Financial Sector Regulatory Committee did not meet for three years and no one talked.

He observed that the major issues in sector centred around corporate governance, saying banks were controlled by their chief executive officers rather than the boards.

He said, there was no risk management framework, and there was lack of investor/consumer sophistication. People were buying bank’ stocks without knowing the reasons for doing so.

He added, when you have someone responsible for financial system stability or surveillance, who has never worked in a bank, it is difficult to expect him to  now what makes the banks run.

Sanusi noted that the reforms in the sector were based on four pillars enhancing that quality of banks ensuring financial stability, ensuring good financial sector evolution and putting in place a system to ensure that the financial sector continued to contribute to the economy.

He said the financial market division of the CBN had been strengthened,adding that the apex bank was also working closely with the Ministry of Finance to ensure stability.

The CBN governor said the Asset Management Company, expected to take toxic assets off banks balance sheets, would take off with N1m when the bill was passed.

In his speech, the Minister of State for Finance, Mr Remi Babalola, said to initiate the kind of reforms embarked upon by the CBN governor required an unusual boldness and the kind of political zeal you don’t find in environments like this.

He also disclosed that the Nigerian Deposit Insurance Corporation had alerted the Ministry of Finance of developments in the banking sector before the recent crisis.

The NDIC wrote to us to tell us that there were serious issues in the banking industry. They named specific banks and talked about the proportion of loan book in the capital market, he said, adding that in circumstances like this, discussions were stalled because the other regulator would not agree with the others position.

He, however, expressed the ministry’s full support for the banking reforms, saying that, we are committed to higher regulatory and supervisory standards in all segments of the financial services industry.

Our overall focus is economy. We will collaborate with the CBN to fast track the establishment of the AMC and ensure that we safeguard the banks.

We will give the CBN that governmental support it needs at any point in time without jeopardising confidence in the system. On his part, Acting Managing Director/Chief Executive Officer, NDIC, Alhaji Umaru Ibrahim said 89 NDIC examiners, in addition to those CBN, were currently in the 24 banks to re-ascertain the financials of the banks.

He also said the corporation had already set in motion, the process of reviewing its act to accommodate provisions that would enhance its effectiveness.

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Nigeria Loses N17tr Yearly To Abandoned Projects

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The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).

He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.

Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services

He cited examples of  that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.

The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.

He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.

Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.

He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.

The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.

He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.

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Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

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Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.

He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.

The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.

“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.

Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.

He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.

He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.

The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.

Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.

On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.

He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.

Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.

“Everything in the value chain has to work,” he said.

He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.

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FG generates N33tn revenue in 10 months – Oyedele

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The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.

The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of  N33tn in government revenue collected between January and October 2026.”

The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.

Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.

Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.

He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.

However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.

According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.

He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.

The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.

He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.

Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.

He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.

The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.

Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.

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