Economy
Lagos Registers 400 Money Lenders, 10,000 Churches, Mosques
By Modupe Gbadeyanka
In two years about 400 money lenders were registered by the Lagos State government, the Commissioner for Home Affairs, Mr Anofiu Elegushi, has disclosed.
The Commissioner stated that this was done to coordinate activities of players in the money lending sector, saying it is also to protect residents of the metropolis.
“The ministry registers, profiles and monitors the viability of such companies in ensuring that while the money lenders are in business, the general public is also protected from scammers and people of questionable character, while also regulating activities of the companies,” he said.
He also said the collaboration with stakeholders in the sector has greatly assisted small scale business owners in Lagos to keep their petty businesses afloat without having to contend with high-interest rates of the big banks, adding that this activity has contributed to the micro-economic growth of businesses in the state.
Mr Elugushi, who was addressing newsmen at the Y2021 ministerial press briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja over the weekend, said the ministry is presently in the process of imputing data of every worship centre located in the state on a centralised database to allow the state government have reliable data of churches, mosques and their locations with a view to carrying them along in state government policies.
He expressed hopes that the policy, because of the inherent effective resource allocation and efficient management, will bring about extended benefits to many more churches and mosques in the state, saying that at present, the website designed for the enumeration has over 10,000 details of both Muslim and Christian religious organisations across the state.
The Commissioner also reported on the state of religious harmony and peaceful coexistence of people belonging to the two major religions in the state.
“We pride ourselves in saying that what divides and creates security breach in other parts of the country are what unites us in Lagos, bearing in mind that the state has become a home to people from across Nigeria and beyond.
“I am happy to report to you gentlemen of the press that in the last two years, the State has enjoyed tremendous religious harmony and peaceful co-existence, through one of the critical functions of our Ministry which is facilitating, maintaining and enhancing harmonious relations among faith-based groups and organisations in the state,” he said.
Mr Elegushi added that the feat was achieved through regular, vigorous and consistent engagements and discussions with religious leaders in the state under the umbrella of the Nigeria Inter-Religious Council (NIREC).
While giving the accounts of stewardship of both Muslim and Christian pilgrims welfare boards, the Commissioner disclosed that the ministry went the extra length to partner with the Ministry of Health in ensuring a seamless vaccination exercise for all intending pilgrims.
“As part of measures to ensure a successful pilgrimage exercise, intending pilgrims were screened both administratively and medically.
“Over 2,500 intending pilgrims were vaccinated with the Oxford AstraZeneca COVID-19 vaccine between Saturday, March 27 and Sunday, March 28, 2021, by the Christian and Muslim pilgrims welfare boards in collaboration with the state Ministry of Health. This was in fulfilment of the requirements for gaining entry into the Kingdom of Saudi Arabia for the performance hajj and Jerusalem pilgrimages,” he stated.
On the readiness for the Y2021 pilgrimage exercise by intending Christian pilgrims, Mr Elegushi informed that the permanent secretary in the Ministry led a six-man delegation to Jordan, ahead of the proposed May 2021 pilgrimage, to ascertain the preparedness of pilgrimage handlers and to also have a better and clearer view of historical sites in Jordan.
Also, the Commissioner said the ministry received 74 applications for naturalisation on behalf of the Federal Ministry of Home Affairs in two years. He said of these, 35 have been screened and recommended to the Federal Ministry of Interior for approval.
He explained that the Ministry is also in talks with foreign business owners, who intend to acquire Nigeria citizenship via naturalisation and/or special immigrant status, saying that with the ongoing engagement, Nigeria, especially Lagos State, stands to benefit foreign direct investment while the immigrant business owners also benefit by growing their businesses in one of the biggest markets in the world.
By Adedapo Adesanya
The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
The Chairman of the committee, Mr Adetokunbo Abiru, the senator representing Lagos East, who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or global regulatory standards.
According to the Senate, the decision to change the Commission’s name was informed by the need to eliminate confusion associated with the existing designation and to better reflect the institution’s regulatory mandate within Nigeria’s insurance industry.
The bill also provides legal protection for the commission and its officers against adverse claims arising from the lawful execution of their statutory duties.
However, he noted that the commission’s enabling law had become obsolete, exposing significant regulatory gaps that required urgent legislative intervention.
‘The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” the lawmaker said.
He explained that the new legislation seeks to strengthen the independence of the commission by empowering it to make regulatory decisions without undue influence in the country’s insurance sector.
According to him, the bill also enhances the commission’s authority to exchange information and collaborate with domestic and international regulatory bodies, issue regulations, guidelines, standards and directives on insurance-related matters, and intervene more effectively in financially distressed insurance companies to protect policyholders and preserve financial stability.
This marks yet another move to strengthen the country’s insurance sector following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) of 2025 and the industry-wide recapitalisation exercise, which will wrap up by July 31.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
