Economy/Business

Economy/Business

CSCS appoints Shehu Shantali as CEO, lauds Jalo-Waziri’s legacy

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The Central Securities Clearing System (CSCS) has appointed Shehu Shantali as its new CEO, effective January 1, 2026, following the successful tenure of Haruna Jalo-Waziri. Jalo-Waziri’s eight-year leadership is credited with driving strategic growth, operational excellence, and enhanced stakeholder confidence in Nigeria’s capital market infrastructure. Shantali, recognized for his deep industry expertise and strategic vision, is expected to build upon this solid foundation to guide the company

Economy/Business

Customs seize contraband worth N82m in Bauchi

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The Nigeria Customs Service, Zone D, has demonstrated a significant enforcement surge, seizing ₦82.1 million in contraband—including petrol, used clothing, and foreign goods—within just 10 days. This crackdown, driven by intensified patrols and intelligence, directly translates a declared zero-tolerance policy into tangible action, disrupting smuggling networks across eight states. The operation strategically leverages legal authority under the new Customs Act and enhanced inter-agency collaboration to secure borders and protect the national economy

Economy/Business

2026 Budget: Delta earmarks bulk of funds to infrastructure, social welfare

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Delta State’s 2026 budget represents a transformative fiscal pivot, allocating over 70% of its N1.7 trillion outlay to capital expenditure—an unprecedented commitment that alone exceeds the state’s entire 2025 budget. This strategic shift prioritizes large-scale infrastructure development across all 25 local government areas, aiming to fast-track tangible economic growth through improved public facilities. Concurrently, the government is institutionalizing social welfare with a N20 billion program for vulnerable groups and a dedicated Social Protection Bill

Economy/Business

Yuan strengthens 7.055 against dollar

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The Chinese Yuan strengthened to a central parity rate of 7.055 against the US dollar, reflecting managed market adjustments within its controlled trading band. This movement signals deliberate policy influence to maintain stability, rather than purely market-driven fluctuations. For global executives, this underscores the critical need to monitor China’s central parity rate as a key indicator of official economic stance and potential currency interventions. Ultimately, it highlights the Yuan’s unique position as a strategically managed currency in the global financial landscape.

Economy/Business

HitchPay unveils financial‑inclusion drive at NYSC Camp

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HitchPay is pioneering a strategic model for financial inclusion by targeting Nigeria’s National Youth Service Corps members as digital ambassadors, combining financial literacy with direct tech career pathways. Their initiative goes beyond basic app promotion, embedding practical training in cross-border payments and digital tools while offering internships to funnel talent directly into the tech sector. This approach uniquely addresses two critical gaps simultaneously: deploying corps members to underserved communities with vital financial skills and solving tech industry talent shortages. The program is designed as a scalable national blueprint, leveraging

Economy/Business

FEC Approves N58.4 7trn For 2026 Budget Proposal

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Nigeria’s 2026 budget proposal of N58.47 trillion signals a strategic shift, prioritizing fiscal consolidation over expansion, with spending growth driven by mandatory obligations like debt service and wages rather than new discretionary projects. The plan confirms a structural move away from oil dependence, as non-oil revenues now constitute two-thirds of total receipts, anchored by corporate tax and VAT. While the budget reflects conservative assumptions, the increased deficit is attributed to these fixed costs, with financing focused on domestic borrowing and concessional

Economy/Business

Pension remittance: PenCom tells employers to comply or face sanctions 

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Nigeria’s pension regulator is escalating enforcement against employers who fail to remit pension contributions, signaling a shift from engagement to stronger sanctions and potential criminalization of non-compliance. Simultaneously, PenCom is launching major consumer-centric reforms, including a direct complaint system for retirees and a commitment to delivering inflation-beating returns. These actions aim to bolster systemic trust and accountability, directly defending contributor rights while modernizing oversight through faster regulatory reviews and public engagement. The combined strategy represents a decisive move to secure retirement futures

Economy/Business

PFA recapitalisation deadline still June 2027 – PenCom DG 

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Nigeria’s pension regulator is enforcing a major industry consolidation, mandating all Pension Fund Administrators (PFAs) to meet new capital requirements by June 2027 or face license revocation, which is already driving mergers and acquisitions. Simultaneously, PenCom is intensifying enforcement on employer compliance, collaborating with anti-corruption and labor agencies to recover unpaid pension remittances. The commission is also streamlining administrative processes for workers while clarifying that gratuity remains an employer discretion in the private sector. This

Economy/Business

Eyesan presses urgent reforms as Senate screens new petroleum regulators

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Nigeria’s new petroleum regulator nominee warns that internal fragmentation and outdated systems are causing the nation to hemorrhage value and global relevance despite its vast gas reserves. She urgently calls for genuine stakeholder collaboration and immediate digital reform to unlock trapped revenue and align with the accelerating energy transition. A critical paradox is highlighted: Nigeria’s profound energy poverty stands in direct opposition to its massive natural resource wealth. The effective implementation of the Petroleum Industry Act is presented as the essential framework to rectify these systemic failures and harness the sector’s potential

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