Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, brought to you every Monday Morning.
In this week’s episode…
CBEX Collapse Sparks Renewed Calls for Stricter Crypto Regulation
The Rundown
The collapse of CBEX, a fraudulent cryptocurrency platform that promised unrealistic returns, has sparked renewed calls for stricter Crypto regulation in Nigeria. CBEX, which operated under various names including ST Technologies and Smart Treasure, was never registered to operate in Nigeria. The platform restricted withdrawals, shut down operations, and demanded more money from users before vanishing — leaving many investors stranded. The SEC is now working with law enforcement to take enforcement action, while urging Nigerians to always verify platforms before investing.
The Details
- CBEX and its affiliates were never registered with the SEC to operate or solicit investments in Nigeria’s capital market.
- The platform lured users with false legitimacy and promises of 100% returns within 30 days, then restricted withdrawals and abruptly shut down.
- Affected investors were told to deposit more money—$100 or $200—before accessing their accounts, which later disappeared entirely.
- The SEC is collaborating with law enforcement under the ISA 2025 to take enforcement action, and has advised the public to verify platforms via www.sec.gov.ng/cmos.
FG Launches LEEP, Targets 2.5 Million Jobs in 2 Years
The Rundown
The Federal Government has launched the Labour Employment and Empowerment Programme (LEEP), aiming to create 2.5 million jobs in two years. Vice President Kashim Shettima unveiled the initiative, emphasizing its role in skilling Nigerians for current and future work opportunities. LEEP targets all sectors, including the gig economy, and leverages technology to link skilled workers with employers. The programme is part of the Renewed Hope Agenda and complements other government efforts to combat unemployment.
The Details
- LEEP is a national job creation initiative targeting 2.5 million jobs within two years across various sectors, including the gig economy.
- The programme emphasizes upskilling and reskilling, preparing Nigerians for both existing and future jobs amid tech disruptions.
- LEEP leverages innovation and tech to connect employers with a ready workforce and expand access to sustainable employment.
- Government officials praised the initiative as a bold step, calling for collaboration with the private sector, trade unions, civil society, and global partners to ensure its success.
FG Moves to Settle N4 Trillion Debt Owed to Power Generation Companies
The Rundown
The Federal Government plans to settle over N4 trillion in debts owed to Power Generation Companies (GenCos), aiming to ease the liquidity crisis threatening Nigeria’s power sector. The Power Ministry acknowledged the debt as a major roadblock and is awaiting action from the Ministry of Finance. GenCos have warned that continued delays may cripple electricity generation and escalate the national power crisis. The settlement is expected to include both recent and legacy debts.
The Details
- FG owes GenCos over N4 trillion for electricity generated and supplied to the national grid, including N2 trillion in 2024 and N1.9 trillion in legacy debts.
- The Ministry of Power is prioritizing debt settlement, recognizing its impact on GenCos’ operations and the broader electricity supply chain.
- GenCos face harsh conditions, including inflation, volatile forex rates, and limited access to finance, which have worsened the sector’s liquidity crisis.
- Stakeholders are calling for urgent intervention, including financial stabilization measures, to prevent a collapse of the power generation and distribution system.
MTN Partners with Meta to Improve WhatsApp Call Quality Across Africa
The Rundown
MTN Group has partnered with Meta to enhance the quality of WhatsApp voice and video calls across 12 African markets, starting with Nigeria. This move aims to improve real-time communication by aligning mobile networks with app performance, signaling a major shift in collaboration between telecoms and OTT players like Meta. For MTN, it’s also a strategic step to capitalize on growing data usage, which now outpaces voice revenue.
The Details
- MTN and Meta are collaborating to boost real-time call quality on WhatsApp by leveraging “application-aware networks” and “network-aware applications.”
- Nigeria is the first market, with the initiative expanding to 11 other MTN markets in Africa in the coming months.The partnership began at Mobile World Congress 2024, with both companies’ technical teams working on solutions via data analytics and testing.
- MTN Nigeria’s CTO praised the improved call experience, while Meta highlighted its commitment to quality and network efficiency. This marks a shift from past tensions, as telcos previously criticized OTT services for eating into their voice call revenues.
- Now, data revenue is overtaking voice revenue, and MTN sees this alliance as a way to further accelerate digital service growth.
Nigeria’s Inflation Climbs to 24.23% in March, Up from 23.18% in February
The Rundown
Nigeria’s inflation climbed to 24.23% in March 2025, up from 23.18% in February, according to the National Bureau of Statistics. The surge—driven largely by rising food and core prices—continues to strain household incomes and puts pressure on the Central Bank to tighten monetary policy further.
The Details
- Month-on-month inflation rose sharply to 3.90% in March, compared to 2.04% in February—highlighting a faster rate of price increases.
- Core inflation (excluding volatile food and energy) hit 24.43% year-on-year, and 3.73% month-on-month, indicating broad-based cost increases.
- Urban vs. Rural:
- Urban inflation: 26.12% YoY, 3.96% MoM
- Rural inflation: 20.89% YoY, 3.73% MoM
- Food inflation, a major pressure point, rose to 21.79% YoY, with a 2.18% increase month-on-month. Key contributors include garri, rice, honey, pepper, and plantain flour.
- Exchange rate stability earlier in March helped ease imported inflation, but late-month naira depreciation and rising petrol prices may push costs higher in April.
- Experts predict that rising inflation may force the CBN to consider more aggressive monetary tightening, especially if naira weakness and energy costs persist.
Nigeria Signs ECOWAS Tariff Offers Under AfCFTA to Strengthen Regional Trade
The Rundown
Nigeria has formally gazetted and submitted the ECOWAS Tariff Offers under AfCFTA, signaling its full readiness to trade under the African Continental Free Trade Area. This milestone unlocks zero duties on 90% of goods, opening up African markets to Nigerian products and boosting regional trade prospects.
The Details
- Signed by President Tinubu, the move aligns with Nigeria’s strategic push for export-led growth, intra-African investment, and improved trade balance.
- Nigeria’s tariff schedule was submitted ahead of the 16th AfCFTA Council of Ministers Meeting in Kinshasa, marking a major step in regional trade integration.
- Phased Tariff Strategy:
- 50% tariff cut on goods traded with least developed African countries by 2025 (10% annually since 2021).
- Full tariff elimination on goods traded with developing African countries (20% reduction per year).
- Nigeria continues to lead efforts on cross-border e-commerce and digital payments, strengthening its role as a co-Champion of Digital Trade under AfCFTA.
Access Bank Acquires National Bank of Kenya (NBK)
The Rundown
Access Bank has received final approvals to acquire 100% ownership of National Bank of Kenya (NBK) from KCB Group PLC, marking a major milestone in the Nigerian bank’s East African expansion strategy.
The Details
- Approvals were granted by:
- Central Bank of Kenya (CBK) on April 4, 2025
- Kenya’s National Treasury and Economic Planning on April 10, 2025
- The deal involves the purchase of NBK shares and the transfer of specific assets and liabilities to KCB Bank Kenya Limited.
- Access Bank PLC is a subsidiary of Access Holdings PLC, a Nigerian financial group with a growing pan-African and global footprint.
- Present in over a dozen African countries and global markets including the UK, UAE, China, Lebanon, and India.
- This acquisition cements Access Bank’s presence in Kenya, building on its existing operations and supporting its goal to dominate the East African banking sector.
Nigeria Secures $1B Sugar Investment Deal with Chinese Giant SINOMACH
The Rundown
Nigeria has secured a $1 billion investment from Chinese conglomerate SINOMACH to scale up sugar production and drive the country toward food self-sufficiency and economic independence.
The Details
- The investment comes through a Memorandum of Understanding (MoU) signed between SINOMACH and Nigeria’s National Sugar Development Council (NSDC).
- The project includes:
- Construction of a sugar processing plant
- Development of a large-scale sugarcane plantation
- An initial processing capacity of 100,000 metric tonnes, with a long-term goal of one million metric tonnes annually.
- The initiative is one of the first major wins from the Nigeria-China Strategic Partnership led by President Bola Tinubu.
- This project is part of a broader plan to achieve 70% sugar self-sufficiency, conserve foreign exchange, and reduce imports.
- It is expected to create thousands of jobs, drive rural infrastructure, and contribute to industrial transformation.
