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The Corporate News, 18 Owoseni Street, Lagos (2026)

20/08/2026

CWPPF Condemns the Violent Assault, Harassment, and Phone Destruction of Pinnacle Daily Editor, Sunday Michael Ogwu, by Police Operatives in Lugbe.

The Coalition for Whistleblower Protection and Press Freedom (CWPPF) strongly condemns the violent physical assault, harassment, unlawful seizure, and destruction of working tools belonging to Sunday Michael Ogwu, Editor of Pinnacle Daily, by officers of the Nigeria Police Force, supervised and led by the DPO of the Lugbe Police Division and members of the Vigilante Group of Nigeria (VGN).

According to a personal account shared with the coalition, on Wednesday, August 19, 2026, at about 5:30 PM, Mr. Ogwu was taking a stroll around the Lugbe Federal Housing Estate (FHA) area in Abuja when he encountered a joint demolition exercise. The operation involved about four Hilux patrol vans bearing the inscription "Lugbe Police Division" alongside VGN members identifiable by their brown outfits and logos. Upon bringing out his mobile phone to document the exercise, a police officer forcibly snatched the device without warning and despite repeatedly identifying himself as a journalist and attempting to speak with the team leader, the police officers surrounded him, arrested local youths, and demanded that Mr. Ogwu also get into a patrol van. When he refused on the grounds that he was a journalist and not a criminal, the officers flogged him with an electric cable on the instruction of the officer in charge for non-compliance.

In a further demonstration of impunity, after his phone was returned and he was told to leave, Mr. Ogwu walked approximately 100 metres away to record a video documenting the assault and send a distress message to his media organisation. Noticing that he was recording again, the police officers ran after him, dragged him back to the demolition site, and subjected him to a second round of flogging on the explicit order of the officer in charge, who declared that the first beating "was not enough". The violent assault resulted in physical injury and severe damage to his phone before intervening passersby urged him to leave for his safety.

CWPPF finds the unprovoked brutality and lawlessness of operatives of the Lugbe Police Division deeply unsettling and unacceptable. Documenting public operations conducted by state agents is a constitutionally protected right, not a criminal offence. It is therefore worrisome that police officers, duty-bound to enforce law and order, would resort to using electric cables to torture a journalist for performing his civic and professional duties.

"This unlawful attack on Mr. Ogwu by the police officers severely damages Nigeria's standing on the global press freedom index and contradicts public assurances by police leadership regarding respect for human rights and press freedom."

"We reiterate firmly that journalism is not a crime and that the duty of the press to hold public institutions accountable is guaranteed by the Nigerian Constitution. We, therefore, call on the Inspector-General of Police, Tunji Disu, and the FCT Police Command to:"

● Order an immediate transparent investigation into the incident to identify, arrest, and discipline the police officers and VGN personnel involved in the assault on Sunday Michael Ogwu.

● Provide full compensation to Mr. Ogwu for his damaged mobile phone and cover all medical expenses incurred due to the physical assault.

● Issue a formal public apology to Sunday Michael Ogwu and the management of Pinnacle Daily for the unlawful attack and destruction of property.

● Direct all police divisions across the FCT to immediately cease the intimidation, harassment, and physical assault of journalists covering public events.

CWPPF wishes to reiterate its commitment to ensuring a free and safe environment for journalists to discharge their constitutional duties without any fear of retaliation, intimidation or harassment.

06/08/2026

**SEC Intensifies Drive to Reduce Unclaimed Funds, Boost Investor Protection**

The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and dormant investment assets with the launch of a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria's capital market. The initiative, organised in partnership with Meristem in Abuja, is designed to bridge the gap between investors' legal entitlements and their ability to access assets left behind by deceased relatives.

Speaking at the opening of the clinic, SEC Director-General, Dr. Emomotimi Agama, said many Nigerian families encounter prolonged delays in claiming shares, dividends and other investments because they lack adequate knowledge of probate procedures, documentation requirements and registrar processes. He described unclaimed funds and dormant assets as a persistent challenge, noting that they represent legitimate wealth belonging to families but remaining inaccessible due to procedural bottlenecks.

Agama explained that the Commission is addressing the challenge through policy reforms, stakeholder collaboration and direct investor engagement. He said the clinic brings together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, required documentation and the recovery of inherited investments. According to him, the programme is designed as a hands-on clinic that equips participants with the knowledge needed to recover assets that rightfully belong to them.

The SEC Director-General emphasized that investor protection remains a core responsibility of the Commission beyond the lifetime of shareholders. He stressed that the Commission is committed to ensuring beneficiaries can access inherited investments without unnecessary hardship, adding that protecting investors' rights also includes safeguarding the interests of their families through a more efficient and transparent claims process.

Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, attributed the growing volume of unclaimed financial assets to poor public awareness, inadequate estate planning and failure by many investors to update their Know Your Customer (KYC) records. She noted that many beneficiaries are either unaware that financial assets form part of an estate, do not know their deceased relatives owned investments, or lack knowledge of the documentation required to process claims.

Okoye urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to make it easier for beneficiaries to access inherited investments. She added that the investor clinic provides practical support to investors, beneficiaries, executors and administrators while giving participants direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets as part of the SEC's broader investor protection strategy.

16/07/2026

TINUBU SEEKS DEEPER PARTNERSHIP WITH DELOITTE AFRICA, SAYS NIGERIA'S ECONOMY IS ON STEADY GROWTH

President Bola Ahmed Tinubu, on Wednesday in Abuja, received commendations from Deloitte Africa for the ongoing financial and fiscal reforms in the country and was encouraged to pursue a stronger partnership that supports investments, youth training, and employment.

The President, who received a delegation from Deloitte Africa, led by the Chief Executive Officer (CEO), Ruwayda Redfearn, at the State House, said the reforms had steadily stabilised the economy over three years, with growing plaudits for positive development and growth indicators.

“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.

“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.

“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Honourable Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.

“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,’’ the President said at the meeting, which was also attended by the Minister of Finance, Taiwo Oyedele and the Chairman of the Nigerian Revenue Service, Zacch Adedeji.

President Tinubu said the reforms had stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive.

The President urged Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.

“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that,’’ he stated.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who spoke on the reforms and impact, urged the leadership of the accounting and business firm to focus on building capacity among the youth.

The CEO of Deloitte Africa, Ruwayda Redfearn, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa.

She said the accountancy firm's revenue was $74 billion in 2025.

“We are before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country,’’ she said.

The Chief Executive Officer of Deloitte West Africa, Yomi Olugbenro, assured the President of the firm’s support for the reforms.

“We do what we do because of the philosophy that our Africa CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.

“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have used cases, examples, experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.

"So that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,’’ he added.

16/07/2026

SEC launches nationwide campaign to recover unclaimed dividends for investors

The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions.

The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF) and the procedures for verifying and recovering legitimate claims.

The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.

Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.

He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.

Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.

He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.

The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.

The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.

He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.

“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.

He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.

The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.

He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.

She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.

Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.

“We will continue to provide partners for citizens to resolve such issues,” she said.

She described the SEC's outreach as commendable, saying it would help restore assets to their rightful beneficiaries.

The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.

22/05/2026

FICAN Elects First Female Chairman in 36-Year History

The Finance Correspondents Association of Nigeria (FICAN) has elected its first female chairman in its 36-year history, marking a significant milestone for the association and financial journalism in the country.

Bukola Aro-Lambo of Leadership Newspapers emerged as chairman during the association’s election held yesterday in Lagos, becoming the first woman to lead the body since its establishment in 1989.

Her emergence is seen by members as a defining moment for the association, which comprises journalists covering Nigeria’s financial services sector, including banking, capital markets, insurance, pensions, and the broader economy.

The election also produced a new set of executives to steer the affairs of the association for the next tenure.

Tony Chukwuyem of New Telegraph was elected vice chairman, while Abiola Ismail of MITV emerged as general secretary.

Others elected include Ebere Obike-Franklin of Radio Nigeria as assistant general secretary, Salamatu Ejembe of the Voice of Nigeria (VON) as financial secretary, and Comfort Ekeleme of Champion Newspapers as treasurer.

Members at the election described Aro-Lambo’s emergence as reflective of the growing role of women in Nigeria’s media and financial reporting landscape, noting that the development could encourage greater inclusiveness and diversity within the profession.

FICAN, one of the most influential beats associations in Nigeria’s media industry, plays a critical role in reporting and shaping conversations around monetary policy, banking reforms, capital market developments, inflation, exchange rates, pensions, insurance, and other macroeconomic issues.

17/04/2026

NGX Expands Trading Window From 9:00 A.M. To 4:00 P.M

Nigerian Exchange Limited (NGX) announces the expansion of its trading hours from 9:00 a.m. to 4:00 p.m. (WAT), effective Monday, 27 April 2026, in a move designed to deepen market liquidity, enhance price discovery, and broaden investor access.

Approved by the Securities and Exchange Commission (SEC) Nigeria, the expansion shifts the market opening earlier from 9:30 a.m. to 9:00 a.m. and extends the close from 2:30 p.m. to 4:00 p.m., marking a significant evolution in the Exchange’s market structure.

The extended trading window will provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market. The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.

This reform reflects strong regulatory collaboration and underscores the Securities and Exchange Commission’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.

The implementation follows extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date. NGX Regulation Limited will continue to provide robust oversight to support a smooth and orderly transition, while maintaining high standards of transparency and investor protection.

With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.

17/04/2026

Tinubu Signs ₦68.32 Trillion 2026 Budget, Extends 2025 Capital Spending Deadline

President Bola Ahmed Tinubu has signed the 2026 Appropriation Bill into law, approving a total expenditure of ₦68.32 trillion for the fiscal year. He also assented to legislation extending the implementation period of the 2025 budget from March 31, 2026, to June 30, 2026, in a move aimed at ensuring the completion of ongoing government projects.

The newly signed budget allocates ₦4.799 trillion for statutory transfers, ₦15.8 trillion for debt servicing, and ₦15.4 trillion for recurrent expenditure. A further ₦32.2 trillion has been set aside under the Development Fund for capital expenditure, reflecting the administration’s priority on infrastructure and economic expansion.

With nearly half of the total budget devoted to capital projects, the 2026 fiscal plan is expected to support national security, infrastructure renewal, economic stability, and inclusive growth. Officials say the spending framework balances mandatory obligations with investments designed to improve living standards and boost productivity.

President Tinubu also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the capital component of the 2025 budget to June 30. The extension is intended to allow Ministries, Departments, and Agencies to complete advanced-stage projects and ensure full utilisation of already approved funds.

According to the Presidency, the measure will help improve project delivery rates, consolidate ongoing works nationwide, and maximise value for public spending. Several infrastructure and development initiatives are expected to benefit from the additional implementation window.

With the 2026 budget taking effect from April 1, the Federal Government is set to begin full implementation under the Renewed Hope Agenda. The President directed government agencies to ensure transparent, disciplined, and efficient use of public resources, with emphasis on timely ex*****on and value for money.

President Tinubu commended the leadership of the National Assembly of Nigeria for the swift passage of the appropriation bills and reaffirmed the need for continued cooperation between the executive and legislative arms of government. He also pledged to deepen fiscal reforms, improve revenue generation, create jobs, and strengthen social protection programmes for Nigerians.

01/04/2026

Bank Recapitalisation : 33 banks meet new capital threshold as regulatory reviews continue for others

CBN Concludes Banking Sector Recapitalisation Programme, Raises ₦4.65 Trillion

…Strengthens financial system resilience, boosts investor confidence

The Central Bank of Nigeria (CBN) has announced the successful completion of its banking sector recapitalisation programme launched in March 2024, with Nigerian banks raising a total of ₦4.65 trillion over a 24-month period. The initiative significantly strengthens the resilience of the country’s financial system and enhances its capacity to support economic growth.

The programme attracted strong participation from both domestic and international investors. Of the total capital raised, 72.55 percent came from local sources, while 27.45 percent was sourced from international markets, underscoring sustained confidence in Nigeria’s banking sector.

CBN Governor, Olayemi Cardoso, stated that the exercise has reinforced the capital base of Nigerian banks, positioning them to better withstand both domestic and external shocks while supporting long-term economic expansion.

The apex bank confirmed that 33 financial institutions have met the revised minimum capital requirements under the programme. A small number of banks are still undergoing regulatory and judicial processes, which are being handled through established supervisory and legal channels.

Despite these developments, all banks remain fully operational, ensuring uninterrupted access to financial services for customers nationwide. The recapitalisation has also improved capital adequacy ratios (CAR), with the sector maintaining levels above international Basel benchmarks. Minimum CAR thresholds remain at 10 percent for regional and national banks and 15 percent for banks with international licences.

The programme, implemented alongside a phased exit from regulatory forbearance, has further enhanced asset quality, improved balance sheet transparency, and reinforced overall financial system stability.

To consolidate the progress achieved, the CBN has enhanced its prudential oversight by strengthening its risk-based supervision framework. Banks are now required to conduct regular stress testing under defined economic scenarios and maintain adequate capital buffers to withstand potential risks.

Regulatory measures, including prudential guidelines and supervisory frameworks, will continue to undergo periodic review to ensure improved governance, risk management, and sector-wide resilience.

The apex bank emphasized that the recapitalisation programme was executed without any disruption to banking operations. Customers and businesses maintained full access to financial services throughout the exercise, underscoring the stability of the system during the transition.

With the successful completion of the programme, the Nigerian banking sector is now regarded as more robust and better equipped to support lending, mobilise savings, and navigate both domestic and global economic challenges.

The CBN reaffirmed its commitment to sustaining a stable, transparent, and resilient financial system that continues to inspire confidence among depositors, investors, and the wider public.

25/03/2026

Cardoso Urges Stronger African Regulatory Cooperation to Address Cross-Border Risks

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on African financial regulators to deepen collaboration in tackling cross-border risks, while reaffirming the apex bank’s commitment to strengthening corporate governance across Nigeria’s financial system.

Speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum on Financial Sector Regulation and Supervision, held at the CBN headquarters in Abuja on Tuesday, March 24, 2026, Cardoso stressed that the growing interconnectedness of African financial systems makes regulatory cooperation indispensable for maintaining stability and promoting shared prosperity across the continent.

He noted that regional financial integration is advancing more rapidly than political coordination, urging regulators to adopt harmonised prudential frameworks tailored to Africa’s unique realities. According to him, such coordinated approaches would enable authorities to respond more effectively to emerging vulnerabilities while fostering inclusive economic growth.

Highlighting Nigeria’s leadership in regulatory reforms, Cardoso recalled that the CBN launched the Banking Sector Recapitalisation Programme in 2024 to strengthen the resilience of banks ahead of anticipated challenges. He revealed that the initiative attracted ₦4.61 trillion in new capital—nearly 27 per cent from foreign investors—while Nigerian banks continued to expand their presence across African markets despite macroeconomic adjustments such as subsidy removal and exchange rate reforms.

Reaffirming the Bank’s zero-tolerance stance on corporate governance violations, Cardoso said decisive steps have been taken to end years of regulatory forbearance, enhance accountability, and tighten supervision. He added that the CBN has introduced restrictions on banking services for chronic defaulters, a move aimed at enforcing credit discipline, protecting depositors, and safeguarding financial system stability.

On monetary policy, the CBN Governor emphasised that the Bank remains committed to orthodox policy measures designed to restore price stability, strengthen credibility, and anchor market expectations through consistency and discipline. He also underscored the growing role of financial technology, noting that the CBN is actively implementing reforms and policy frameworks to regulate fintech innovation while maintaining systemic stability.

Cardoso further described the forum as a critical platform for shared learning and coordinated action among African regulators, expressing confidence that sustained collaboration would strengthen the continent’s financial systems. In his opening remarks, Director of IMF/AFRITAC West 2, Dr. Ivohasina Fizara Razafimahefa, highlighted the importance of dialogue between the International Monetary Fund (IMF) and national regulators, noting that discussions focused on emerging risks linked to digital finance, artificial intelligence, fintech expansion, and climate-related challenges.

11/03/2026

President Tinubu Nominates Lamido Yuguda as CBN Deputy Governor

President Bola Ahmed Tinubu has approved the nomination of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), pending confirmation by the Senate.

The nomination was made in line with Section 8(1) of the Central Bank of Nigeria Act, 2007.

Yuguda’s appointment follows the recent redeployment of the former Deputy Governor, Bala Bello, who has been appointed Special Adviser to the President on Political Economy.

President Tinubu urged the appointees to approach their new responsibilities with dedication, professionalism and a strong commitment to strengthening Nigeria’s economic stability and growth.

Before this nomination, Yuguda served as Director-General of the Securities and Exchange Commission Nigeria between 2020 and 2024.

He graduated from Ahmadu Bello University in 1983 with a Bachelor’s degree in Accountancy and later obtained a master’s degree in Money, Banking and Finance from the University of Birmingham in the United Kingdom in 1991.

Yuguda is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and also holds the Chartered Financial Analyst (CFA) designation.

He began his professional career in 1984 at the Central Bank of Nigeria as a Senior Supervisor in the Foreign Operations Department. Between 1997 and 2001, he worked as an economist in the Africa Department of the International Monetary Fund before returning to the CBN.

Yuguda retired from the Central Bank in 2016 after serving for six years as Director of the Reserve Management Department.

The Corporate News

20/08/2026

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22/05/2026

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