Economy
CBN Caps Contract Suspension in Distressed Banks at Two Business Days
By Rukevwe Odeh
The Central Bank of Nigeria (CBN) has introduced new guidance limiting the suspension of contractual obligations involving troubled banks and other financial institutions to a maximum of two business days.
The directive, which takes immediate effect, provides clarity on how the apex bank will apply Sections 34(2)(b) and 40(2) of the Banks and Other Financial Institutions Act (BOFIA), 2020. According to the CBN, the clarification is intended to eliminate uncertainty surrounding the exercise of its powers during the resolution of failing financial institutions.
Under the new framework, any suspension of payment or delivery obligations involving an affected contract, as well as any temporary restriction on the exercise of termination rights, must not exceed two business days from the date the CBN Governor issues a written order or notice of suspension.
The apex bank explained that the absence of a clearly defined time limit had created uncertainty for financial institutions and counterparties, making commercial risk management more difficult. The latest guidance is designed to provide greater confidence and predictability in the handling of distressed banks.
The CBN said the directive applies to all “affected contracts” involving banks or other financial institutions covered under the relevant BOFIA provisions. It added that the guidance was issued under the powers granted to the CBN Governor by BOFIA and the Central Bank of Nigeria Act, with the aim of strengthening Nigeria’s bank resolution framework and promoting financial stability.
Economy
Tantita, Partner Firm Support 20 Widows with ₦20 Million in Bomadi
By Rukevwe Odeh
Tantita Security Services Nigeria Limited has strengthened its community support initiatives by providing financial assistance totaling ₦20 million to 20 widows in Bomadi Local Government Area of Delta State.
The empowerment programme, carried out on Tuesday, was organized by the company through its Community Relations Department in collaboration with Tombraski Security Company. Beneficiaries were selected from the Tuomo and Bomadi communities.
The initiative forms part of Tantita Security Services’ widows’ empowerment programme, which is designed to improve the livelihoods of vulnerable women by providing financial support to help them meet their needs and pursue income-generating activities.
Company representatives said the programme reflects the firm’s ongoing commitment to community development and social welfare, particularly among disadvantaged groups in its host communities.Tantita, Tombraski Empower 20 Widows with ₦20m in Bomadi
The financial support was presented on Tuesday as part of the company’s widows’ empowerment initiative, aimed at improving the welfare of vulnerable women and promoting economic self-reliance in the benefiting communities.
The programme underscores Tantita’s continued commitment to community development and social investment across its host communities.
Economy
AfDB Raises Alarm Over Nigeria’s Growing Sanitation Challenge Amid Population Boom
By Divine Perezide
The African Development Bank (AfDB) has warned that Nigeria’s rapidly increasing population could deepen the country’s sanitation challenges unless urgent investments are made to improve urban sanitation infrastructure.
The warning was issued during the unveiling of Nigeria’s Urban Sanitation Diagnostic Report under the African Urban Sanitation Investment Initiative (AUSII) in Abuja. Participants at the event noted that only about 20 per cent of Nigerians currently have access to safely managed sanitation services, despite the country’s fast-growing population.
Experts projected that Nigeria’s population could surpass 400 million by 2050 and approach 500 million before the end of the century, a development expected to place greater pressure on cities, public health systems, the environment and economic growth if sanitation services are not significantly improved.
Speaking at the event, AfDB’s Division Manager for Water and Sanitation, Jeanne-Astrid Ngako, described Nigeria’s population expansion as one of the continent’s biggest urban development concerns. She stressed that the country’s priority should be ensuring residents have access to safe sanitation facilities as cities continue to expand.
Ngako urged governments at all levels, development partners, civil society organisations and the private sector to work together, describing urban sanitation as a critical national development issue rather than a sector-specific concern.
She acknowledged progress made by the Federal Ministry of Water Resources and Sanitation but said the report identified major shortcomings, especially in sanitation systems serving densely populated urban areas. According to her, relying solely on conventional sewer networks would not adequately solve Nigeria’s sanitation problems because such projects require huge investments and long implementation periods.
Instead, she recommended expanding the use of affordable on-site sanitation systems capable of serving rapidly growing urban and peri-urban communities more efficiently.
Also speaking, Director of Water Quality Control and Sanitation at the Federal Ministry of Water Resources and Sanitation, Jamilu Dan Habu, disclosed that while roughly 60 per cent of Nigerians have access to basic sanitation, only one in five enjoys safely managed sanitation services.
He added that hygiene service coverage stands at about 25 per cent nationwide. Sanitation facilities are available in only 44 per cent of schools, 15 per cent of healthcare centres and approximately 20 per cent of public spaces.
Habu explained that rapid urbanisation continues to outpace infrastructure development, leaving many cities with widening sanitation gaps. He noted that most households depend on on-site sanitation because sewer systems remain limited across the country.
According to him, the Federal Government has introduced several reforms, including the National Action Plan for the Revitalisation of the Water, Sanitation and Hygiene (WASH) Sector, while work is ongoing to review the National Policy on Water Supply and Sanitation to strengthen governance and improve inclusive sanitation services across Nigerian cities.
Economy
Dangote Refinery Explains Fuel Pricing, Cuts Petrol Cost by ₦50
By Rukevwe Odeh
Dangote Petroleum Refinery has defended its fuel pricing strategy following criticism over recent fluctuations in petrol prices, while announcing a fresh reduction of ₦50 per litre in its ex-depot price.
The company said the latest adjustment reflects changes in international crude oil prices and demonstrates its commitment to ensuring Nigerians benefit whenever market conditions improve.
According to the refinery, fuel prices are influenced by several factors, including the cost of crude oil, foreign exchange rates, logistics, and other operational expenses. It explained that price reviews are carried out in response to prevailing market realities rather than arbitrary decisions.
With the latest review, the refinery’s ex-depot price has been reduced by ₦50 per litre, a move expected to lower the cost of petrol at filling stations once marketers adjust their retail prices.
The company noted that all outstanding product orders that had not been loaded before the implementation of the new price would be recalculated using the revised rate, allowing customers to benefit from the reduction.
Dangote Refinery also stressed that it remains focused on maintaining a stable supply of petroleum products while promoting greater affordability for consumers across the country.
Industry observers believe the latest price cut could trigger further reductions in pump prices nationwide, although the final retail price will still depend on transportation costs, marketers’ margins, and other distribution-related expenses. The reduction follows a decline in global crude oil prices after easing geopolitical tensions in the Middle East, which have helped moderate energy costs internationally.
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