Economy
Nigeria’s Financial Inclusion Jumps to 64% in 2023
By Adedapo Adesanya
Nigeria’s financial inclusion goal, which seeks to bring the unbanked into the financial system, hit 64 per cent in 2023 from the 56 per cent it reached in 2020.
According to a new report from EFInA, a UK government-backed firm working to deepen financial inclusion, the country was able to bring more people into the formal financial systems through the creation of bank accounts, insurance, or provision of mobile money in the period.
However, this is still far from the 95 per cent target set by the federal government through the Central Bank of Nigeria (CBN), which it hoped to achieve by 2024.
Financial inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services, which he said must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.
According to the report, just 52 per cent of Nigeria have a bank account, adding that more comprehensive adoption is hampered by widespread poverty in Africa’s most populous country.
“Nearly 50% of adults have no financial account because they have no income,” the report released Friday and funded by the Bill & Melinda Gates Foundation said.
It added that less than 5 per cent, accounting for 3 per cent have insurance policies in 2023, unchanged from 2020, while 8 per cent are contributing to the Contributory Pension Scheme (CPS) programme, the same as three years ago.
The report said the government needs to adopt complementary policies that tackle endemic poverty and make social investments in education, vocational skills, entrepreneurship, and health.
Nigeria has faced a staggering decline in consumption and purchasing power with over 60 per cent multi-dimensionally poor, meaning they lack access to food, health, and education. Moves to boost the economy have been affected by low crude oil revenues and a shortage in the Dollar amid high inflation.
The CBN’s decision under the Muhammadu Buhari administration to redesign the Naira and take excess cash out of the system, along with approving telecom providers to offer financial services helped drive the recent increase, EFInA said.
However, it warned that “the rapid growth of access to payment is not translating to significant improvement in access to credit, savings pensions, and insurance where the social impact of financial inclusion would be bigger.”
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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