Economy
Group Advises CBN to Insert Expiry Dates in New Naira Notes
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has been advised to insert expiry dates in each batch of the redesigned Naira notes to discourage the stockpiling of the banknotes by corrupt politicians and persons with questionable sources of income.
Almost a month ago, the CBN Governor, Mr Godwin Emefiele, announced that the current N200, N500, and N1,000 notes would be phased off by January 31, 2023, with the new series of the denominations introduced into the financial system by December 15, 2022.
The reason for this policy, according to the apex bank chief, was because it was discovered that some persons had kept over 80 per cent of the currencies printed by the lender outside the vaults.
It was stated that kidnappers, politicians, and others had hoarded the notes and to take control of cash in circulation and also curb inflation, it was necessary to abandon the old notes and ensure that its cashless policy was effective.
This action of the central bank has not gone down well with some people, who want the bank to extend the deadline for mopping up the old notes by three months.
Also, President Muhammadu Buhari has been asked to remove Mr Emefiele as the CBN chief over this policy.
But an amalgamation of patriots in Northern Nigeria under the aegis of Coalition of Northern Patriots for National Reorientation objects to the sacking of Mr Emefiele, urging the President to ignore those calling for the banker’s head, including the Concerned Northern Forum (CNF), which gave Mr Buhari seven days to carry out this action, threatening to stage “massive protests across the Northern region and the Federal Capital Territory (FCT).
In a statement issued in Abuja by the spokesman of the coalition, Mr Ali Abacha, the patriots said only groups sponsored by corrupt politicians could kick against the Naira redesign.
It said Nigeria is at a crossroads, both politically and economically. The coalition insisted that it then calls for “drastic steps and a lot of sacrifices to return the country to the path of prosperity for all as against the current regime where the interests of a few individuals are protected.”
The patriots noted that the Naira redesign was long overdue, urging “the CBN to consider inserting expiry date on every batch of the naira notes to ensure that no individual stocks large sums of money in his bed chamber or underground.”
The statement added, “Today, many highly placed individuals, who cannot explain the source of their income, stockpile Naira notes in various denominations in their houses for fear of the anti-graft agencies.
“Some others who are engaged in illicit drug trafficking and kidnapping for ransom have stockpiles of notes in their houses while the economy is starved of urgently needed funds that should be in circulation to help the economy grow.
“For us, any individual or group working to stop the scheduled redesign of banknotes in the country is either ignorant or may be working for corrupt politicians and persons whose sources of income are questionable.
“We, therefore, call on President Muhammadu Buhari to ignore calls for the sack of the CBN Governor and his management team and treat individuals and groups agitating for the stoppage of Naira redesign as enemies of democracy and the prosperity of the country.
“We call on all security agencies to carry out a thorough investigation of persons and groups plotting to truncate the Naira redesign process as the investigation may lead to uncovering criminal syndicates and political thieves behind them.
“We hereby emphasize that northern Nigeria is not in any way against the CBN policy to redesign the N200, N500 and N1,000 banknotes as already approved by President Muhammadu Buhari.
“Nigeria needs to end vote buying, and 2023 is the best time to start the process as tackling vote buying could be one of the many unintended but immeasurable benefits of the Naira redesign besides the long-term economic gains across the country.”
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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