•Records 18% drop in currency printing

By Elizabeth Adegbesan

The Central Bank of Nigeria, CBN, recorded N136 billion surplus in 2025, representing a 251 percent increase compared to N38.83 billion in 2024.

This significant improvement was due to improved investment income, gains from foreign exchange transactions, and effective cost containment.

The apex bank also grew assets Year-on-Year, YoY, by 18.07 percent to N138.86 billion in 2025 from N117.6 billion in 2024.

This was contained in the apex bank’s 2025 Annual report and statement of account released yesterday.

The report showed CBN decline an 18 percent shortfall in currency production in the review period.

According to the apex bank, as at 31st December 2025, the Nigerian Security Printing and Minting (NSPM) Plc and foreign printers delivered 3,445 million pieces of bank notes across various denominations, down from 4,206 million pieces allocated by the Bank in 2025. The shortfall was recorded on the part of NSPM Plc, which delivered 1,239.24 million pieces (62 percent) with a face value of N368.83 billion, leaving 760.76 million pieces (38 percent) outstanding.

CBN said: “The Bank approved a currency indent of 5,706.8 million pieces across the various denominations for 2025.  This represented an increase of 20.5 percent, from the 4,737.5 million pieces, approved in 2024. Of this amount, the NSPM Plc was allocated 2.0 billion pieces (35.0%), while foreign High Security Printers (HSPs) were allocated the balance of 65 per cent.

“As of 31st December 2025, the NSPM Plc delivered 1,239.24 million pieces (62 percent) with a face value of N368.83 billion, leaving 760.76 million pieces (38.0 percent) outstanding.

‘‘Foreign printers completed the delivery of 2,206 million pieces across the N1,000, N500, and N200 denominations. The delivery of the supplementary 1,500 million pieces awarded in November 2025 remained in progress as at year-end.”

By Peter Egwuatu

The Nigerian Exchange, NGX Group Plc, has announced an interim dividend of N1.30 per ordinary share for the six months ended 30 June 2026, following a record first-half financial performance.

According to a statement made available to Vanguard, the NGX Group recorded revenue of N17.60 billion in the first half of 2026, up 118% from N8.08 billion in the corresponding period of 2025, while total income grew 96% to N19.34 billion.

The performance was driven principally by increased market activity, with transaction fees rising by 169% to N13.34 billion from N4.96 billion. Listing fees increased by 59% to N2.38 billion, while technology income rose by 19% to N447.86 million.

Operating profit increased by 155% to N10.62 billion, compared with N4.16 billion in the corresponding period. This reflected strong operating leverage, as growth in income significantly outpaced the increase in operating expenses.

The Group also recorded a 130% increase in its share of profit from equity-accounted investees to N4.14 billion, driven primarily by the strong performance of Central Securities Clearing System Plc.

Consequently, profit before tax increased by 170% to N14.76 billion, from N5.46 billion in H1 2025, while profit after tax rose by 146% to N10.36 billion, compared with N4.22 billion in the prior-year period.

Commenting on the results and dividend, the Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, said: “The Board’s approval of an interim dividend of N1.30 per share reflects the strength of NGX Group’s first-half performance and our confidence in the Group’s long-term prospects. We are encouraged by the significant growth recorded across the business and by the increasing contribution of companies within the Group’s investment portfolio. The Board remains committed to balancing attractive returns to shareholders with continued investment in the infrastructure, technology and strategic initiatives required to deepen Nigeria’s capital market and position NGX Group for sustainable growth.”

Also commenting on the performance, the Group Managing Director and Chief Executive Officer of NGX Group, Mr. Temi Popoola, said: “Our first-half results demonstrate the strength and scalability of NGX Group’s business model. Revenue growth was supported by significantly higher transaction activity, increased listing income and stronger contributions from our investee companies, while disciplined execution enabled us to translate this growth into substantially improved profitability.”

.Hails Refinery as symbol of Nigeria’s industrial renaissance

.Dangote says manufacturing fastest route to jobs, prosperity

By Udeme Akpan

The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals as a cornerstone of Nigeria’s ambition to build a $1 trillion economy, pledging deeper collaboration with the private sector to accelerate industrialisation, job creation and economic transformation. 

Minister of State for Industry, Senator John Owan Enoh, made the declaration on Thursday after leading a high-level delegation from the Ministry on an extensive tour of the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals complex and Dangote Fertiliser Limited in Lagos.

The Minister described the integrated industrial complex as one of the most significant investments in Africa and a model for the type of industrial development required to drive Nigeria’s economic growth aspirations.

According to Enoh, the visit further reinforced the central role of large-scale manufacturing in the successful implementation of the Nigeria Industrial Policy, unveiled earlier this year.

“You cannot be Minister in charge of Industry and not visit the Dangote Refinery,” Enoh stated. “This facility matters because of what it represents for Nigerian industry, for our people and for the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy.”

He said the refinery has emerged as a powerful symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capability.

“The more a country adds value to its products, the more respect it earns globally. The Dangote Refinery stands today as one of the strongest demonstrations of that principle,” he said.

The Minister noted that the refinery has fundamentally changed global perceptions of Nigeria by helping to transform the country from a major importer of refined petroleum products into an exporter serving international markets. 

“When global supply disruptions occurred, Nigeria was able to export petroleum products to markets in the Middle East and beyond. That is an extraordinary achievement and one that deserves recognition,” he added. 

Enoh, who was accompanied by directors, regulators and heads of agencies under the Ministry, said the delegation gained a deeper appreciation of the scale, technological sophistication and strategic importance of the facilities.

“I brought members of my team here because I wanted them to see firsthand what this investment represents. It has been a humbling and enlightening experience. We leave with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria.”

He also dismissed concerns over the refinery’s single-train configuration, noting that operations remained uninterrupted even during maintenance activities.

“The issues surrounding the single-train configuration are much clearer now. Even during scheduled maintenance, operations continued,” he said.

The Minister pledged that the Ministry and its agencies would remain strong advocates of the refinery and the broader industrialisation agenda, adding that the government would continue to engage Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges facing manufacturers, particularly access to affordable long-term financing.

He further commended Aliko Dangote for supporting the launch of the Nigeria Industrial Policy, describing him as “Nigeria’s foremost industrialist” whose contributions would be vital to achieving the country’s manufacturing targets.

The policy aims to increase manufacturing’s contribution to Nigeria’s Gross Domestic Product (GDP) to approximately 20 per cent by 2030 and 25 per cent by 2035.

“We want to be judged by the extent to which we implement this policy. Achieving these targets will require a strong partnership between government and industry leaders like Aliko Dangote,” Enoh stated.

Speaking during the visit, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, urged the Federal Government to place industrialisation at the centre of its economic strategy, insisting that no nation has attained prosperity without a strong manufacturing base.

“There is no way to create jobs and prosperity without industrialisation,” Dangote said. “The greatest attraction for foreign investors is the success of domestic investors. When local investors thrive, they send a powerful signal that the environment is conducive for investment.”

The industrialist revealed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, demonstrating growing investor confidence in credible Nigerian private-sector institutions.

According to him, the successful fundraising underscores the ability of Nigerian companies to mobilise long-term capital when supported by stable and predictable government policies.

Dangote also praised Senator Enoh’s dedication to industrial development.

“We have worked with many Ministers of Industry over the years, but I can confidently say that his commitment is exceptional. His ministry will play a critical role in attracting investment, creating jobs and driving the President’s one trillion-dollar economy agenda.”

He emphasized that policy consistency remains the most important factor in attracting investment, stressing that frequent policy reversals undermine investor confidence more than the absence of incentives.

Reflecting on the refinery project, Dangote described it as the biggest business risk of his life, recalling how many financiers doubted the project would ever be completed.

Despite challenges ranging from the COVID-19 pandemic and foreign exchange volatility to skepticism from lenders, he said the successful delivery of the refinery demonstrates the capacity of Nigerian entrepreneurs to execute projects of global significance.

“What we have achieved here has never been done before on this scale. Once one person succeeds, many others will be encouraged to follow,” he said.

Dangote disclosed that the refinery, at full capacity, will account for the equivalent of about 10 per cent of the United States’ refining capacity and consume approximately 2.5 per cent of globally traded crude oil.

He urged government to continue supporting indigenous investors, describing them as the country’s most important drivers of employment, foreign exchange generation and long-term economic resilience.

“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialisation must be the foundation. Indigenous investors remain the strongest catalysts for that transformation,” Dangote stated.