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…
CBN Enforces Forbearance Policy: Bans Dividends, Bonuses, and Foreign Investments for Struggling Banks
The Rundown
The Central Bank of Nigeria (CBN) has directed banks operating under regulatory forbearance to halt dividend payments, executive bonuses, and offshore investments. This move is aimed at preserving capital, strengthening balance sheets, and ensuring financial stability as banks work to meet regulatory standards.
The Details
- The directive targets banks under regulatory forbearance, specifically those breaching credit exposure limits and Single Obligor Limits (SOL), suggesting financial strain.
- Affected banks must suspend dividends, defer executive bonuses, and halt foreign or offshore investments until further notice.
- The CBN says the move is temporary and meant to ensure capital adequacy and sound provisioning levels are independently verified and compliant with regulations.
- This is part of a broader shift from financial relief to discipline amid Nigeria’s ongoing banking recapitalization push and challenges like inflation and FX volatility.
- The CBN has previously restricted banks from using FX revaluation gains for dividends and capital expenses, showing a pattern of tighter controls to curb risky financial practices and promote prudence.
Sierra Leone President Julius Maada Bio succeeds Tinubu as ECOWAS Chairman
The Rundown
Sierra Leone’s President Julius Maada Bio has been elected Chairman of the ECOWAS Authority of Heads of State and Government, succeeding Nigeria’s President Bola Tinubu after a two-term leadership. Bio’s appointment was confirmed at the 67th Ordinary Session held in Abuja, where he pledged a renewed, people-focused ECOWAS amid rising regional challenges.
The Details
- President Julius Maada Bio officially took over from President Bola Tinubu at the ECOWAS summit in Abuja, marking the end of Tinubu’s two-year leadership tenure.
- Contrary to earlier speculation favoring Senegal’s President Faye, Bio’s emergence was confirmed by Tinubu’s aide, Bayo Onanuga, on social media.
- First elected in July 2023 and re-elected in 2024, Tinubu emphasized the need for continuity on security, development, and reconciliation across the region.
- Bio pledged to focus on restoring democracy, enhancing regional security, deepening economic integration, and strengthening ECOWAS institutions. Bio acknowledged the region’s complex challenges—including terrorism, arms trafficking, and political instability—especially in the Sahel, urging unified action.
SEC Flags CMTrading: Public Warned Against Fraudulent Crypto and Commodities Platform
The Rundown
Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against CMTrading, stating the platform is not registered and is operating illegally in the country’s capital market. The SEC flagged CMTrading for using deceptive tactics, including cloned media and fake endorsements, and described its operations as bearing the hallmarks of a Ponzi scheme.
The Details
- CMTrading is not registered with the SEC to solicit investments or operate in Nigeria’s capital market, making all its activities unauthorized.
- The platform uses cloned websites and media content from credible sources like Punch, BBC, and Channels TV, as well as fake endorsements from notable Nigerians to mislead investors.
- SEC investigations show CMTrading exhibits typical signs of a Ponzi scheme, including promises of high returns, a referral-based payout model, and fake subscriber portals.
- Public Advisory: Nigerians have been warned to avoid investing in CMTrading and similar unregistered entities, as they risk losing their funds with no legal recourse. The SEC encouraged the public to verify any investment platform via its official websites:
Post-Brexit Boost: UK Grants Nigeria Duty-Free Access on 99% of Exports Under New Trade Deal
The Rundown
The UK has reaffirmed Nigeria’s eligibility for duty-free access to 99% of its exports under the Developing Countries Trading Scheme (DCTS), reinforcing post-Brexit trade ties. The scheme offers Nigerian businesses expanded access to the UK market, supporting diversification and export growth across agricultural and value-added sectors.
The Details
- Nigeria remains eligible for duty-free or reduced-tariff access on over 3,000 goods exported to the UK, under the DCTS launched in June 2023.
- Nigerian exporters can now benefit from improved access for products like cocoa, tomatoes, shrimp, cashew nuts, palm oil, and cotton clothing.
- The British High Commissioner described Nigeria as central to UK trade goals and emphasized the DCTS’s role in supporting sustainable economic growth and job creation.
- The scheme is backed by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which helps address export bottlenecks and builds capacity in Nigeria’s trade ecosystem.
- As part of the UK’s broader post-Brexit trade agenda, the DCTS is designed to help countries like Nigeria grow non-oil exports, strengthen foreign exchange earnings, and boost industrial competitiveness.
NASRDA Partners with China’s Galaxy Space to Launch Satellite-to-Phone Connectivity Across Nigeria
The Rundown
Nigeria’s space agency NASRDA has signed an MoU with Chinese firm Galaxy Space to deploy Direct-to-Device (D2D) satellite connectivity nationwide by the end of 2025. The deal promises to eliminate network blind spots, especially in rural areas, while supporting local technology development and positioning Nigeria as a hub for satellite innovation in Africa.
The Details
- NASRDA and Galaxy Space will introduce direct satellite-to-device communication in Nigeria, allowing phones and laptops to connect without relying on cell towers.
- The partnership aims to enhance digital inclusion by bringing reliable internet to rural and underserved communities across the country.
- Nigerian engineers will benefit from capacity-building, technology transfer, and hands-on training, including plans to jointly build a mini CubeSat satellite.
- NASRDA urged public and private sector leaders—especially in banking and government — to adopt and support space-based technologies.
- With this agreement, Nigeria may launch direct-to-mobile services ahead of Starlink, which has yet to deploy its D2D service in Africa despite future plans.
