Economy
Banks to Begin Dollar Loans as Naira Soars
By Modupe Gbadeyanka
There are strong indications that Deposit Money Banks (DMBs) in the country will soon begin to raise Dollar-denominated loans, particularly Eurobonds, as the Naira keeps on increasing in value.
Punch gathered that banks were currently positively arranged to raise Dollar loans taking after the making of the Investor and Exporters FX window by the Central Bank of Nigeria (CBN) and the subsequent appreciation of the Naira.
Another reason the banks are thinking about Eurobonds, according to top banking sources, is on the grounds that some of them are taking a look at re-negotiating their dollar loans, which will soon begin falling due.
The top bank official stated, “Many banks must choose between limited options than to raise dollar loans or Eurobonds incompletely to re-negotiate their Eurobonds falling due, or to exploit the gratefulness in the naira value to raise dollar funding.”
While Guaranty Trust Bank Plc’s $400m Eurobond is expected in November, Fidelity Bank Plc’s $300m is expected next May. Access Bank Plc has $350m of bonds due in July.
GTBank has said it has no arrangements to issue new Eurobonds, yet Fidelity Bank and Access Bank presently can’t seem to choose.
Monetary and financial expert concur that the banks will begin to raise dollar-denominated loans.
All things being equal, more banks will issue Eurobonds in light of the fact that they require dollars to offer advances in the United States cash or to repay debt, an investigator at Vetiva Capital Management Limited, Mr Lekan Olabode, told Bloomberg, including that more banks would issue Eurobonds, in light of the fact that they required dollars to offer loans and to repay debt.
As of now, Ecobank Transnational Incorporated has said it is wanting to raise $400m five-year convertible security this month to renegotiate debt and provide short-term bridge funding to non-performing loans at its Nigerian unit.
Experts trust more banks will raise dollar credits this year and next year.
Officially, United Bank for Africa Plc has brought $500 million up in its first Eurobond deal.
It issued the bond on June 1. This took a comparable issue seven days prior by Zenith Bank Plc in an arrangement that was four times oversubscribed.
It is hard on putting a figure to what the normal dollar loans will be yet analyst trust that as the I and E FX window keeps on enhancing, more banks will exploit to raise additional dollar loans.
The CBN on Thursday said its currency window for investors had dealt with $2.2bn of exchange a month and a half.
It likewise said it represented just about 30 percent of the $2.2bn exchanges, adding this was intended to keep the window working.
The CBN had around 6 weeks back made the Investors and Exporters FX Window to attract foreign investors and at the same time maintain a strong currency to ward off inflation.
Experts have praised the activity as a stage in the correct direction.
In any case, some few experts, including a former Governor of the CBN, Prof Charles Soludo, said despite the fact that the activity, among others taken by the controller lately, had propelled the forex showcase by 10 stages, there was a need to find a way to get the economy to where it should be.
Source: Punch
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
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