Economy
Naira Redesign: EFCC Begs BDCs, Bankers for Info on Illicit Deposits
By Modupe Gbadeyanka
The Association of Bureaux De Change Operators of Nigeria (ABCON) and the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) have been urged to provide prompt information on illicit deposits as the Central Bank of Nigeria (CBN) tries to control the volume of cash in the financial system.
Last Wednesday, the CBN Governor, Mr Godwin Emefiele, said the bank would redesign the higher banknotes; N200, N500, and N1,000 to curb the red-hot inflation and counterfeiting.
He said from December 15, 2022, the new notes would be introduced and by January 31, 2023, the old note would no longer be accepted as legal tender in the country.
Since the announcement, Naira notes stashed in different places are beginning to find their way into the financial system and have weakened the value of the Naira at the parallel market. The Naira was exchanged with the Dollar on Wednesday at N850/$1.
To curtail this, the Economic and Financial Crimes Commission (EFCC) raided some BDC operators in Abuja on Tuesday. The agency now wants to work with the forex traders to bring calm into the market.
The Chairman of the EFCC, Mr Abdulrasheed Bawa, held a meeting with the leaders of ACCOBIN and ABCON in Lagos and he used the occasion to explain to them that the agency intends to tackle FX malpractices, money laundering and other fraudulent activities in the nation’s financial sector.
He asked the two groups, which he described as critical stakeholders in the financial services sector, to promptly give information about fraudulent activities, especially illicit deposits and the movement of money through deposit money banks.
“In view of the recent move by the CBN to redesign and re-issue higher denominations of the Nigerian currency, the Naira, there is a need for us to be proactive and be circumspect of the actions of the criminals who will use the financial institutions to launder illicit funds and commit other nefarious activities.
“It is important for you to understand what this policy is all about, considering the fact that a lot of activities will happen, particularly as the 2023 general elections approach.
“We want to work with you to get more information on how to deal with these issues,” he said.
Mr Bawa, who stressed that the EFCC believes that the financial institutions have an important role to play in ridding Nigeria of financial and economic crimes, also charged the banks’ compliance officers and BDC operators to be wary of activities of criminals who might want use the financial institutions to hoard monies for the purpose of vote buying.
He emphasised the need for financial institutions to take Know Your Customer (KYC) seriously and improve intelligence sharing with the commission.
“The EFCC cannot do the job alone. We need to work with you as critical stakeholders, particularly in ensuring a seamless exchange of relevant information to forestall the commission of economic and financial crimes.
“We need better cooperation, synergy, collaboration, intelligence sharing, and, if need be, joint operations with you.
“If there is better management, in terms of communication about the people bringing in monies or the modus operandi being used to disguise this origin of the monies, it will go a long way in tackling the issue of money laundering and financial crimes.
“You are very critical in the fight against economic and financial crimes. This is because, at the end of it, money leaves the bank and money goes in, either for deposit or withdrawal,” the EFCC chief said.
Mr Bawa said “the issue of KYC must go beyond citing utility bills and receipts of customers. This needs to be taken further to forestall cybercrime.”
He also called on the banks to continually develop vetting mechanisms with a view to addressing insider abuse by staff.
In his remarks, Mr Boye Ogunlade, Chairman of ACCOBIN, expressed his satisfaction over the engagement, adding that “this is a good initiative and we hope that it should be held regularly.”
By Aduragbemi Omiyale
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) for the Nigerian private sector in July 2026 contracted to 52.5 points from 53.4 points in June 2026, a statement made available to Business Post has shown.
This occurred despite the business environment sustaining its growth last month, with an increase in new orders experienced, as inflationary pressures softened, and output and employment modestly rising.
The Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, said the PMI indicated that the private sector recorded its slowest since March 2026, as businesses also increased their input purchasing activity to keep up with current demand requirements and prepare for future workloads.
“Nigerian businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand. These factors helped to keep the private sector activity in an expansionary territory, although this moderated when compared to June,” he was quoted as saying.
It was stated that while input costs increased at their slowest pace in five months, panellists reported higher costs for fuel and raw materials. Selling prices also softened in line with the picture for input costs in July.
Headline inflation eased slightly to 15.91 per cent y/y in June from 15.93 per cent y/y in May, snapping three consecutive months of price increases.
Although July inflation is likely to be higher m/m, it is expected to print lower, likely at 15.72 per cent y/y, primarily driven by favourable base effects from the corresponding period of last year, because there are no expectations of the magnitude of m/m inflation witnessed in July 2025 (1.99 per cent) to materialise this year.
“We retain our 2026 growth forecasts at 4.1 per cent as we see the oil sector growing by 3.45 per cent y/y in 2026, from 8.50 per cent y/y in 2025, while the non-oil sector is likely to grow by 4.11 per cent y/y, from 3.71 per cent y/y in 2025.
“The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertiliser prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows,” Mr Oni noted.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
