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…

FCCPC Addresses Meta’s Exit Threat Over $220m Fine

The Rundown

The Federal Competition and Consumer Protection Commission (FCCPC) has firmly responded to Meta’s threat to exit Nigeria, labeling it as an attempt to manipulate public sentiment and avoid accountability. This comes after a $220 million fine against Meta was upheld by Nigeria’s Competition Tribunal. The fine stems from alleged violations of Nigeria’s consumer protection and data privacy laws by Meta and WhatsApp, which include unauthorized data transfers, discriminatory user treatment, and abuse of market dominance. FCCPC asserts that Meta must comply with Nigerian regulations, regardless of its global stature or past behavior in other jurisdictions.

The Details

• Multiple violations: Meta allegedly breached Nigeria’s Competition Act and Data Protection Regulation by transferring user data without consent and enforcing unfair privacy practices.
• Double standards: FCCPC said Meta treated Nigerian users unfairly compared to users in Europe and other countries, violating principles of non-discrimination.
• Global precedent: Meta has paid similar or higher fines in Texas ($1.5B) and the EU ($1.3B) without threatening to exit, highlighting inconsistency in its Nigeria stance.
• Regulatory resolve: The FCCPC insists it will not back down, saying the company’s obligations are the result of a judicial process, not arbitrary penalties.
• Deadline looming: Meta is required to pay nearly $290 million in total fines across three Nigerian agencies by June 2025, or risk regulatory consequences.

CBN Bounces Back with N38.8bn Profit in 2024 After Record N1.15tr Loss in 2023

The Rundown

The Central Bank of Nigeria (CBN) has reported a profit of ₦38.8 billion for the 2024 financial year, signaling a major turnaround from its ₦1.15 trillion loss in 2023. This recovery was largely fueled by strong foreign exchange revaluation gains and a significant jump in operating income. Despite the impressive income surge, net interest income dropped by 94% due to a sharp rise in interest expenses, reflecting Nigeria’s ongoing macroeconomic challenges. The financial statements, audited by KPMG and Ernst & Young, were prepared under IFRS and recent CBN and FRC amendments, with 20% of profits retained and the rest to be remitted to the Federal Government.

The Details

• Profit rebound: CBN posted ₦38.8 billion profit in 2024 after a historic ₦1.15 trillion loss in 2023, driven by ₦11.28 trillion in FX revaluation gains.
• Rising income and expenses: Operating income tripled to ₦15.1 trillion, while interest income rose 29%, but interest expenses jumped 185%, slashing net interest income.
• Asset growth: Total assets rose to ₦117.60 trillion in 2024, up from ₦87.88 trillion, while external reserves increased to ₦54.73 trillion.
• Liability spike: Total liabilities grew to ₦116.59 trillion, with deposits and CBN-issued instruments seeing notable increases.
• Equity and losses: Group equity fell by 50% to ₦1.01 trillion, while accumulated losses stood at ₦798.55 billion despite the year’s profit.

FG Opens Creative Economy Fund Applications for Nigerian Talents 

 The Rundown

The Federal Government of Nigeria has officially launched the Creative Economy Development Fund (CEDF), opening applications for the first phase targeting large-ticket creative projects of $100,000 and above. This initiative, backed by the Federal Executive Council and spearheaded by the Ministry of Arts, Culture, Tourism, and Creative Economy, aims to inject capital into Nigeria’s creative industries while pioneering IP-backed financing. With backing from Afrexim Bank ($200 million), the fund will serve as a special-purpose vehicle to expand access to finance, support job creation, and boost global competitiveness of Nigeria’s creative talents. Applications for this phase close on May 30, 2025, with a second phase for SMEs launching on August 4, 2025.

The Details

• Funding focus: The first phase targets creative businesses seeking $100,000 and above, with IP rights (e.g., music, films, art) accepted as loan collateral.
• Sector coverage: Eligible sectors include film, music, fashion, publishing, gaming, art, and cultural tourism.
• Application deadline: Submissions close May 30, 2025, via the official CEDF portal.
• SME support coming: A second phase for smaller-scale creatives and MSMEs begins August 4, 2025.
• Strategic goals: The CEDF aims to diversify the economy, unlock job creation, support innovation, and expand market access for Nigerian creatives.

LAMATA Set to Deploy Articulated BRT Buses in Lagos

The Rundown

LAMATA is gearing up to introduce articulated buses on Lagos BRT corridors to expand capacity and reduce congestion. The move, revealed by LAMATA MD Abimbola Akinajo on the Mobility Redefined podcast, is part of a broader push to modernize Lagos’ transport system and transition away from the city’s reliance on informal minibuses (danfos). Articulated buses — longer, bendable buses designed for mass transit — will run on existing BRT lanes, offering higher passenger volumes per trip.

The Details

• Articulated buses coming soon: No launch date yet, but the goal is to enhance efficiency along BRT routes using these high-capacity buses.
• Vehicle expansion: Lagos State is planning to procure over 2,000 BRT vehicles, including 15,000 high-capacity buses to replace danfos in the long term.
• Current transport makeup: 90% of daily commuting is road-based; informal minibuses handle 75% of passenger traffic with over 75,000 in operation.
• Long-term strategy: Under the Strategic Transport Master Plan (STMP):
  • 6 rail lines (Blue and Red lines partially operational)
  • 14 BRT corridors
  • 20+ water routes
• Eco push: LAMATA is working on cleaner fuel adoption (CNG, waste-to-energy), vehicle tracking, and e-ticketing systems.
• ITS rollout: A new Intelligent Transport System is being implemented to improve scheduling and monitoring.
• Multi-modal integration: New interchanges will improve connections between buses, ferries, and trains.

CBN’s Gold Reserves Soar by Over N1tr as Prices Reach Record Highs

The Rundown

Nigeria’s gold reserves more than doubled in value in 2024, rising from ₦1.28 trillion to ₦2.77 trillion, despite no increase in volume. The gain was driven by record-high global gold prices, as central banks worldwide — including the CBN — boosted gold holdings to hedge against inflation and currency risks.

The Details

• Gold volume unchanged at 687,402 troy ounces.
• CBN’s gold price valuation rose to $2,624.39/oz (Dec 2024) from $2,062.98/oz (2023).
• Global demand rose 1% to 4,974 tonnes, setting a new annual record.
• Gold value surge globally: LBMA average price reached $2,386/oz, with Q4 averaging $2,663/oz.
• CBN’s gold now forms 5.1% of Nigeria’s external reserves (up from 4.3%).
• Nigeria’s total external reserves jumped to ₦54.73 trillion (from ₦29.98 trillion in 2023).
• Strategic shift: The CBN is diversifying reserves, using gold as a hedge against dollar volatility and global uncertainty.

Nigerian Box Office Grosses N3.48bn in Q1 2025 

The Rundown

Nigeria’s box office hit ₦3.48 billion in Q1 2025, marking a 54.7% increase from the same period in 2024 and a 132% rise from Q1 2023. With 661,801 cinema admissions and strong local and international content, the industry continues its post-pandemic rebound, led by hits like Mufasa: The Lion King and Alakada: Bad and Boujee.

The Details

• Q1 2025 revenue: ₦3.48 billion
• Q1 2024 revenue: ₦2.25 billion → up 54.7% YoY
• Q1 2023 revenue: ₦1.5 billion → up 132% from 2023 to 2025
• Admissions: 661,801 in Q1 2025 → up 10.9% from Q1 2024 (596,609)
• Top films:
• Mufasa: The Lion King – ₦618.2M
• Alakada: Bad and Boujee – ₦500.5M
• Moana 2 – ₦400M
• Captain America: Brave New World – ₦396M
• Reel Love – ₦332.8M
• Everybody Loves Jenifa – continued strong run from Dec 2024
• Timini Egbuson and Toyin Abraham join Funke Akindele in leading the local box office.
• April and Q2 already look strong, with Sinner and Labake Olododo drawing major crowds.