Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, delivered straight to your inbox every Monday.
In this week’s episode…
Africa’s richest man, Aliko Dangote, has officially retired as Chairman of the Board of Dangote Cement Plc.
The Rundown
Aliko Dangote has stepped down as Chairman of Dangote Cement Plc, ending a transformational era that made the company Africa’s largest cement producer. He will now focus on strategic sectors including the Refinery, Fertilizer, and Government Relations. Emmanuel Ikazoboh, a seasoned business leader and former Ecobank Chairman, has been appointed as the new Chairman, pledging operational excellence and sustainable growth.
The Details
- Aliko Dangote retires from the Board of Dangote Cement Plc, effective July 25, 2025, to focus on other Group businesses.
- Emmanuel Ikazoboh, an independent non-executive director and former Ecobank Chairman, takes over as Board Chairman.
- Under Dangote’s leadership, Dangote Cement achieved record profits —₦730 billion pre-tax in H1 2025 — and became Sub-Saharan Africa’s largest cement exporter.
- Dangote’s vision created millions of jobs and built critical infrastructure, while subsidiaries paid ₦402 billion in taxes in 2024—Nigeria’s highest.
- Focus areas include cost reduction, green technologies, staff development, and strategic expansion to deepen regional market leadership.
FG Expands Renewed Hope Housing Projects Nationwide
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The Rundown
The Federal Government is scaling up its affordable housing programme with new Renewed Hope Cities and Estates. Four new Cities will be launched across different zones, while Estates will expand to 24 more states. The move is part of Tinubu’s plan to reduce Nigeria’s housing deficit through public-private and government-subsidised models.
The Details
- Renewed Hope Cities will be constructed in North Central, South South, North East, and South East zones, joining existing sites in Kano, Lagos, and the FCT.
- 250-unit Renewed Hope Estates are being built in 12 states, with plans to extend to 24 more.
- Cities are developed via PPP models, pushing unit prices up to N22 million due to high-interest financing.
- Estates are federally funded, with free land from state governments and subsidised infrastructure, costing around N8–9 million per unit.
- Completion deadlines for Kano and Abuja Cities are set for August 2025, with contractors assured of pending payments.
Naira Closes Week Stronger in Parallel Market, Beats CBN Rate
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The Rundown
The Naira closed the week at N1,520/$1 in the parallel market, its strongest performance in days and N14 stronger than the CBN rate. This marks a steady appreciation from earlier in the week, reflecting rising confidence in the currency. Nigeria’s foreign reserves also rose to $38.45 billion, supporting the CBN’s efforts to stabilise the market.
The Details
- Parallel market rates improved daily: N1,550 → N1,530 → N1,535 → N1,520/$1 by Friday.
- Official rate stayed relatively stable, ending at N1,534/$1, slightly weaker than the parallel rate.
- CBN Governor Cardoso attributed the gains to improved crude oil production, capital inflows, non-oil exports, and investor confidence.
- Foreign reserves grew by 1.77%, reaching $38.45 billion, boosting the CBN’s ability to defend the Naira.
- The MPC retained the MPR at 27.5%, CRR at 50% for DMBs, and Liquidity Ratio at 30%, signaling a cautious stance on inflation and FX volatility.
FG to Launch Diaspora BRIDGE to Link Nigerian Academics Abroad with Local Institutions
The Rundown
The Federal Government will launch Diaspora BRIDGE on Monday, July 28, a digital platform designed to connect Nigerian professionals and academics in the diaspora with local universities and research bodies. The initiative aims to enhance research, innovation, and institutional capacity through structured academic collaboration. The launch will take place at the State House in Abuja, presided over by Vice President Kashim Shettima and Education Minister Dr. Maruf Alausa.
The Details
- Diaspora BRIDGE stands for Bridging Research, Innovation, Development, and Global Engagement.
- Registered diaspora experts can showcase their expertise and connect with Nigerian institutions based on expressed academic and research needs.
- The platform includes tools for virtual collaboration, project tracking, and academic matching, and integrates with existing government systems like TERAS.
- Local universities, polytechnics, and research institutions will be able to form demand-driven partnerships to fill knowledge and research gaps.
- Stakeholders can watch the live launch on TV, and access procedures will be shared on www.diaspora-bridge.ng post-launch.
