Welcome to Monday Moneying, a rundown of the biggest finance stroies in the past week delivered to you every Monday.

In this week’s episode…

NIMC Announces New Service Charges for NIN Data ModificationsThe Rundown

The National Identity Management Commission (NIMC) has introduced a new pricing structure for NIN modification services, with the correction of date of birth (DOB) now costing ₦28,574 — a 75% increase from the previous fee. The new charges, which took effect in May 2025, reflect NIMC’s bid to align with rising operational costs and inflation, and to ensure self-sustainability.

The Details

• DOB correction: ₦28,574 (was ₦16,340)
• Other modifications (name, address, etc.): ₦2,000 (was ₦1,522)
• NIN slip re-issuance: ₦600 (was ₦500)
• Premium services: VIP enrolment – ₦20,000; VIP slip re-issuance – ₦3,500
• Diaspora fees (Africa): Adult enrolment – $50; child – $30; DOB correction – $55; others – $10
• Diaspora fees (outside Africa): Name correction – $60; others – $10
• Reason for hike: Inflation, cost recovery, infrastructure maintenance, and alignment with other government services.

Dangote Refinery: No Rivalry with NNPC, says Operations are Complementary  

The Rundown

Dangote Group says it is not competing with NNPC Ltd. Both companies are working together to boost Nigeria’s energy and refining goals. This was confirmed during a visit by Aliko Dangote to NNPC Towers in Abuja.

The Details

• Aliko Dangote said the two companies are partners, not rivals. He noted that NNPC is part of their business, and they are part of NNPC too.
• He praised the NNPC leadership team and said he believes they will deliver results. He stressed the need for cooperation to support Nigeria’s energy transformation.
• NNPC GCEO Bashir Ojulari thanked Dangote for the visit. He said NNPC is committed to working with the Dangote Group.
• Ojulari praised his team for being skilled and result-oriented. He said the partnership would focus on innovation and long-term value.
• Both Dangote and Ojulari promised to personally manage the relationship. They agreed to work together to improve energy infrastructure and boost Nigeria’s economy.
• This partnership is key as Nigeria tries to reduce fuel imports and improve local refining. Together, NNPC and Dangote Refinery could reshape the energy sector.

Lagos State and BOI Launch 10 Billion Naira Finance Scheme for MSMEs 

The Rundown

Lagos State and the Bank of Industry (BOI) have launched a ₦10 billion fund to support small businesses. The initiative, LASMECO, aims to provide capital, training, and support to help MSMEs grow and create jobs.

The Details

• Governor Sanwo-Olu launched the fund at an MoU signing in Alausa, Ikeja.
• The program is called LASMECO – Lagos State-BOI MSME Access to Finance Scheme.
• It’s a ₦10 billion matched fund from both Lagos State and BOI.
• The goal is to help MSMEs expand, create 10,000 jobs, and boost economic resilience.
• BOI CEO Olasupo Olusi said the scheme breaks barriers for small businesses.
• Lagos Trade Commissioner Folashade Ambrose added that it also includes training, mentoring, and market links.
• Loans will be easy to access for businesses with viable plans.
• MAN President Francis Meshioye praised the scheme as a key support amid high interest rates.
• Sterling Bank also pledged continued support for MSMEs in Lagos through the program.

Nigeria Fully Repays $3.4 Billion COVID-19 Loan to IMF

The Rundown

Nigeria has fully repaid its $3.4 billion COVID-19 loan to the IMF. The final payment was made on April 30, 2025. The loan was disbursed in April 2020 to support Nigeria during the pandemic.

The Details

• The IMF confirmed the full repayment in a statement on Thursday.
• The $3.4 billion loan came from the Rapid Financing Instrument (RFI) during the COVID-19 crisis.
• It helped Nigeria deal with falling oil prices and fiscal pressures.
• Though the principal is fully paid, Nigeria will continue paying SDR charges.
• These charges are about $30 million per year.
• They cover the difference between Nigeria’s SDR holdings and its total SDR allocation.
• According to the IMF, the charges will continue until both figures are equal.
• Payments will be made in May, August, and November this year.
• In 2024, Nigeria paid $1.63 billion to the IMF—only principal, no interest.
• Total external debt servicing for 2024 hit $4.66 billion, up from $3.5 billion in 2023.
• Multilateral creditors made up 56% of that, with the IMF alone accounting for 35%.
• The IMF called the repayment a positive step for Nigeria’s debt profile. 

Airtel Africa Partners with SpaceX to Launch Starlink Internet across Africa 

The Rundown

Airtel Africa has partnered with SpaceX to bring Starlink internet to more remote parts of Africa. The goal? Broader digital inclusion and reliable internet access across the continent.

The Details

• Starlink’s high-speed satellite internet will now be part of Airtel’s infrastructure.
• Together, they’ll target rural areas, schools, clinics, and small businesses.
• SpaceX already has licenses in 9 of Airtel’s 14 African markets.
• The remaining 5 are still being processed.
• The partnership also includes using Starlink satellites for mobile backhaul. This means better mobile coverage in hard-to-reach regions.
• Airtel Africa’s CEO, Sunil Taldar, said this move boosts Africa’s digital economy.
• For SpaceX, Airtel offers ready-made infrastructure to scale faster.

Why it matters:

• Satellite internet helps fill coverage gaps that traditional towers can’t.
• It’s also a smart response to Starlink’s growing popularity, especially in places like Nigeria.
• Other telcos are following suit — MTN is also trialing satellite internet with SpaceX, Lynk, OneWeb, and others in countries like Rwanda, Ghana, and South Africa.