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Governor Mbah Signs Enugu 2026 Budget into Law, Sets Ambitious N870 Billion IGR Target

Governor Peter Mbah has signed the Enugu State 2026 Appropriation Bill into law, formally ushering in a new fiscal year defined by aggressive revenue mobilisation, institutional reforms, and accelerated development spending. The signing ceremony took place on Wednesday at the Enugu State Government House, shortly after the bill was swiftly passed by the State House of Assembly, underscoring a rare level of alignment between the executive and legislative arms of government.

With the governor’s assent, the 2026 budget takes immediate effect, positioning it as a continuation—and deepening—of the reforms initiated by the Mbah administration since assuming office. According to the governor, the new fiscal plan is designed to consolidate earlier gains, scale up infrastructure delivery, and entrench a governance culture anchored on efficiency, accountability, and long-term sustainability.

Speaking after signing the bill, Mbah said the 2026 budget is firmly rooted in principles of inclusivity, transparency, accountability, traceability, and the strengthening of institutions to ensure that every naira of public spending delivers value to residents. He emphasised that fiscal discipline and clear performance benchmarks would guide implementation across all ministries, departments, and agencies.

Central to the 2026 fiscal framework is an ambitious Internally Generated Revenue (IGR) target of N870 billion, a figure that would represent a dramatic leap in Enugu State’s revenue profile if achieved. Mbah expressed confidence that the target is not only realistic but attainable, citing the state’s recent revenue trajectory as evidence of sustained momentum.

“Our N870 billion IGR target is realisable,” the governor said. “We grew our IGR from below N30 billion in 2023 to over N180 billion in 2024, and we are on course to close 2025 at about N400 billion. With discipline, creativity, and hard work, we will not only achieve but overshoot N800 billion in 2026.”

He added that the administration’s strategy is focused on unlocking multiple streams of economic potential across Enugu State, ranging from infrastructure-led growth and investment attraction to reforms in land administration, taxation, and public service delivery. According to Mbah, these efforts will significantly reduce the state’s dependence on monthly allocations from the Federation Account Allocation Committee (FAAC).

Providing further context, the governor explained that the projected IGR would dwarf expected federal allocations, which he estimated would account for just 27 to 28 per cent of total revenue in 2026. “If we stay the course and realise this projected revenue, we can effectively govern Enugu State without recourse to FAAC. In that scenario, FAAC becomes savings for the future,” he stated.

Mbah, however, cautioned that meeting the IGR target would demand exceptional commitment from political appointees and public servants. He urged officials to abandon the mindset of prolonged festive breaks and adopt a results-driven approach to governance. “Generating over N800 billion means raising more than N70 billion monthly, over N18 billion weekly, and more than N2.5 billion daily. We do not have the luxury of wasting even one day,” he said, stressing that the administration is prepared to make short-term sacrifices in pursuit of long-term prosperity.

On the legislative side, Speaker of the Enugu State House of Assembly Enugu State House of Assembly, Uchenna Ugwu, praised the collaborative relationship between the executive and legislature, noting that early engagement and shared priorities made the budget process smooth and people-centred. He assured residents that the Assembly would rigorously exercise its oversight function to ensure faithful implementation.

Ugwu disclosed that the 2026 budget makes provisions for major infrastructure and social investment projects, including extensive road construction, a 135.5-kilometre rail project, the acquisition of additional aircraft, new transport terminals, smart secondary schools, and the completion of 260 farm estates across the state. These projects, he said, are expected to stimulate economic activity, create jobs, and improve living standards.

Earlier in the month, Governor Mbah had presented the appropriation bill to lawmakers, describing it as the “Budget of Renewed Momentum.” The proposal represents a 66.5 per cent increase over the N971 billion budget for 2025, reflecting the administration’s shift toward a more expansionary fiscal stance aimed at fast-tracking development.

With the 2026 budget now signed into law, implementation begins immediately, placing Enugu State on a bold fiscal path that prioritises self-reliance, accelerated growth, and the transformation of public finance management at the subnational level.

Funke Akindele’s Behind the Scenes Smashes N500 Million Box Office Mark in Just Two Weeks

Funke Akindele has once again rewritten Nollywood’s commercial playbook as her latest cinematic outing, Behind the Scenes, crossed the N500 million mark at the Nigerian box office barely two weeks after its theatrical release. The feat not only reinforces Akindele’s reputation as one of the industry’s most bankable figures but also sets a new benchmark for speed and scale in local cinema performance.

According to official box office figures released by FilmOne Entertainment, the film’s West African distributor, Behind the Scenes has now grossed N514 million across cinemas in Nigeria and Ghana. This milestone makes it the fastest Nollywood film on record to hit the half-billion-naira threshold, a distinction that underscores the film’s exceptional audience pull and sustained momentum since its debut.

The strong earnings also saw the movie retain its position as the number one film of the weekend, extending what distributors have described as a historic and largely uninterrupted run at the box office. Industry analysts say the performance is particularly noteworthy given the increasingly competitive cinema landscape and the pressures facing filmmakers from rising production, marketing, and distribution costs.

For Akindele, the success adds another major commercial win to an already formidable track record. In recent years, she has consistently delivered high-grossing titles that resonate with mass audiences, blending relatable storytelling with strong production values. Observers note that Behind the Scenes arriving at a time of economic strain and tightening consumer spending makes its rapid climb even more significant, pointing to the enduring appetite for well-made, locally produced stories that reflect familiar social realities.

Directed by Funke Akindele in collaboration with Tunde Olaoye, Behind the Scenes boasts a star-studded ensemble cast featuring Destiny Etiko, Ibrahim Chatta, Ini Dima-Okojie, Iyabo Ojo, Tobi Bakre, Uzor Arukwe, and Victoria Adeleye. The film runs for two hours and 24 minutes and carries a 12A rating, making it accessible to a broad cinema-going demographic.

At its core, the drama follows the life of Aderonke “Ronky-Fella” Faniran, a highly successful real estate entrepreneur whose generosity toward friends, family, and associates gradually begins to exact a heavy personal cost. As the story unfolds, the film interrogates themes of self-sacrifice, emotional boundaries, and the often-unspoken burden that comes with being perpetually dependable. Critics and audiences alike have praised the narrative for sparking conversations around responsibility, empathy, and the limits of giving.

The film is currently screening in major cinema hubs across Nigeria and Ghana, including Lagos, Abuja, Kaduna, and Accra. Akindele has previously revealed that the production budget exceeded N1 billion, highlighting the scale of investment behind the project and the high stakes attached to its theatrical performance. Crossing N500 million in just two weeks is therefore seen as a critical step toward recouping costs and achieving long-term profitability.

Audience response across West Africa has been overwhelmingly positive. Akindele has taken to social media to thank cinema-goers in Nigeria and Ghana, describing the box office run as a powerful affirmation of faith in both the story and the broader Nollywood industry. Many fans have echoed this sentiment, framing the film’s success as a win for local storytelling on a grand scale.

The film’s current achievements build on a record-breaking opening run. Behind the Scenes, which premiered on December 12, generated more than N200 million in its opening weekend alone—the highest opening-weekend gross recorded by any Nollywood film in 2025 so far. FilmOne disclosed that the movie sold 34,548 tickets between December 12 and 14, setting five separate opening-weekend records, including the highest admissions recorded in a single weekend this year.

Momentum had been building well before the official release. Advance screenings reportedly generated N27.2 million in ticket sales, the highest ever recorded for a Nollywood title. An earlier UK debut further signalled strong international appeal, recording over 1,550 admissions and selling out multiple screens—clear evidence of robust diaspora demand.

With Behind the Scenes still enjoying strong attendance and word-of-mouth buzz, industry watchers expect the film to push significantly beyond its current tally. In doing so, it not only strengthens Funke Akindele’s standing as Nollywood’s undisputed box office powerhouse but also reinforces confidence in the commercial viability of big-budget Nigerian cinema.

Gov. Makinde Signs N892 Billion Oyo 2026 Budget into Law, Hints at Possible N1 Trillion Supplementary Plan

Oyo State Governor, Seyi Makinde, has signed the state’s N892 billion 2026 Appropriation Bill into law, officially setting the fiscal direction for another year of aggressive infrastructure expansion and sustained social sector investment. The signing ceremony, held on Monday at the Executive Chamber in Ibadan, marked the culmination of a budget process that state officials described as timely, disciplined, and reflective of evolving economic realities.

The event drew top government functionaries, members of the State Executive Council, and lawmakers from the Oyo State House of Assembly, who commended the administration for maintaining consistency in its budgeting calendar. Observers noted that early passage and assent have become a defining feature of the Makinde government’s fiscal management style, enabling MDAs to commence implementation without delays that often undermine public projects.

Speaking at the ceremony, Governor Makinde said the 2026 budget was anchored on realism and fiscal discipline, stressing that expenditure projections were closely aligned with achievable revenue targets. He reiterated his administration’s determination to further strengthen internally generated revenue (IGR) as a buffer against volatility in federal allocations. According to him, ministries, departments and agencies must fully align with the established implementation framework to ensure value for money and timely project delivery.

In a significant policy signal, the governor hinted that Oyo State could cross the symbolic N1 trillion budget threshold in 2026 if revenue performance exceeds projections. He explained that the government would not hesitate to approach the legislature with a supplementary appropriation should inflows outperform expectations. “If we experience a windfall or exceed our targets, we will send a supplementary budget so that critical developmental projects can be adequately funded,” Makinde said. If realised, such a move would place Oyo among a small group of subnational governments operating trillion-naira fiscal plans, underscoring its growing economic ambition.

The legislature, for its part, welcomed the governor’s approach. Speaker of the House, Adebo Ogundoyin, praised the executive–legislative harmony that ensured smooth passage of the budget. He said lawmakers adhered to global best practices in public finance management, emphasising transparency, predictability and accountability throughout the budget cycle. Ogundoyin added that the House would intensify its oversight responsibilities in 2026 to ensure that appropriated funds translate into tangible benefits for residents across all zones of the state.

With the budget now in force, implementation begins immediately, ushering the Makinde administration into its seventh fiscal year with renewed momentum. Analysts say the size of the 2026 budget reflects both confidence in the state’s revenue outlook and a willingness to leverage public spending as a catalyst for economic growth, job creation and service delivery.

The N892 billion budget also represents the latest milestone in Oyo State’s steadily expanding fiscal framework since Governor Makinde assumed office. Over the years, the state has transitioned from cautious consolidation to more assertive development spending, with a strong focus on infrastructure renewal, education, healthcare and revenue mobilisation.

This shift became more pronounced in the 2024 fiscal year, when the administration proposed a N434.4 billion budget, almost evenly split between capital and recurrent expenditure. Education took the largest share, followed by infrastructure and health, reflecting a deliberate emphasis on human capital development. The government also set ambitious IGR targets to reduce reliance on federal transfers.

By 2025, Makinde signed into law a N684.15 billion “Budget of Stabilisation,” representing a sharp year-on-year increase of more than 57 percent. Capital expenditure slightly outweighed recurrent spending, reinforcing the administration’s growth-oriented posture. Infrastructure again dominated allocations, with major funding directed at road networks and strategic transport corridors. Mid-year adjustments were also approved to accelerate priority projects, including the 48-kilometre Ido–Ibarapa Road, highlighting the government’s readiness to recalibrate spending in line with development timelines.

Against this backdrop, the 2026 budget—and the possibility of a supplementary push toward N1 trillion—signals Oyo State’s intent to consolidate its position as one of Nigeria’s more fiscally ambitious and reform-driven subnational economies.

FG, World Bank Roll Out $500m HOPE-GOV Programme to Strengthen Education and Primary Healthcare Nationwide

The Federal Government of Nigeria, in partnership with the World Bank, has commenced implementation of a $500 million reform programme aimed at strengthening basic education and primary healthcare delivery across the country. The initiative, known as the Human Capital Opportunities for Prosperity and Equity–Governance (HOPE-GOV) programme, is designed to address long-standing weaknesses in financial management, human resource planning, and service delivery at both federal and state levels.

The formal rollout of the programme was confirmed on Tuesday in Abuja by the HOPE-GOV National Coordinator, Assad Hassan, during a briefing with the Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Deborah Odoh. According to Hassan, the programme represents a major shift toward performance-driven public sector reform, with funding directly linked to measurable outcomes in education and healthcare.

HOPE-GOV is structured as a results-based intervention, meaning that participating states must meet clearly defined targets before accessing funds. The approach is intended to improve accountability, strengthen governance systems, and ensure that public spending translates into tangible improvements in classrooms and primary healthcare centres.

How the programme is structured

Hassan explained that the $500 million World Bank–assisted facility is divided into two complementary components. The first is a Programme-for-Results (PforR) window, while the second is an Investment Project Financing (IPF) component.

Out of the total envelope, $480 million has been earmarked under the PforR framework to incentivise states that meet agreed Disbursement-Linked Results (DLRs) in basic education and primary healthcare. These results include improvements in budget transparency, timely release and utilisation of funds, recruitment and retention of frontline workers such as teachers and health personnel, and stronger reporting and audit systems.

The remaining $20 million, provided through the IPF component, will fund programme coordination, monitoring, independent verification, capacity building, and technical assistance to both federal and state institutions. Hassan noted that this support component is critical to ensuring the credibility and sustainability of the reforms.

Institutions driving implementation

Implementation of HOPE-GOV cuts across multiple levels of government and institutions. At the state level, governments are responsible for executing reforms and meeting agreed performance indicators. At the federal level, key implementing bodies include the Universal Basic Education Commission, the Ministerial Oversight Committee of the Basic Health Care Provision Fund housed within the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Budget and Economic Planning.

The multi-institutional structure reflects the programme’s focus on systemic reform rather than isolated interventions, ensuring that improvements in education and healthcare are supported by stronger planning, budgeting, and governance frameworks.

Why HOPE-GOV matters

Nigeria continues to face severe human capital deficits. The country has one of the highest numbers of out-of-school children globally, while many primary healthcare centres remain understaffed, poorly equipped, and underfunded. Programme officials note that these challenges are compounded by weak public financial management systems at the sub-national level, including delayed audits, poor expenditure tracking, and inadequate data for decision-making.

Although statutory funding mechanisms such as the Universal Basic Education Fund and the Basic Health Care Provision Fund exist, many states struggle to access or fully utilise these resources due to counterpart funding gaps and weak planning capacity. HOPE-GOV seeks to break this cycle by encouraging states to invest upfront in reforms and then rewarding performance with additional funding.

Under the Programme-for-Results model, states that demonstrate progress against agreed indicators receive incentive payments, which can then be reinvested to further strengthen service delivery. This creates what officials describe as a virtuous cycle of reform, accountability, and reinvestment.

Timeline and approvals

Hassan provided additional context on the programme’s journey to implementation. The World Bank approved the HOPE-GOV Programme on September 26, 2024, following negotiations concluded in August of that year. The financing agreement received approval from the Federal Executive Council in February 2025, was countersigned in April 2025, and officially declared effective in September 2025.

Broader development push

The HOPE-GOV initiative aligns with broader World Bank and government efforts to strengthen Nigeria’s human capital base. Earlier in 2025, the World Bank pledged $1.2 billion to support girls’ education across 18 Nigerian states, targeting improvements in secondary education and empowerment of adolescent girls.

Taken together, these interventions signal a renewed focus on governance, accountability, and outcomes in Nigeria’s education and healthcare sectors. If effectively implemented, HOPE-GOV could help close persistent service delivery gaps, strengthen state capacity, and improve the quality of life for millions of Nigerians who depend on public schools and primary healthcare facilities.

Nigeria’s Gross Oil Revenue Falls Short of 2025 Budget Target in H1 as Fiscal Pressures Mount

Nigeria’s gross oil revenue underperformed budgetary expectations in the first half of 2025, with significant shortfalls recorded in both the first and second quarters, underscoring the persistent challenges confronting the country’s oil-dependent public finances. Data contained in the Q1 and Q2 2025 Budget Implementation Reports released by the Budget Office of the Federation reveal that actual oil receipts fell well below the prorated quarterly benchmarks set in the 2025 Appropriation Act.

The reports show that while oil revenue posted year-on-year improvements compared with 2024, collections remained far short of the levels assumed in the budget. At the same time, non-oil revenue performance was mixed—missing targets in the first quarter but showing modest improvement in the second—while net distributable revenue available to the federal, state, and local governments remained substantially below projections.

Oil revenue gaps persist despite year-on-year gains

In the first quarter of 2025, Nigeria recorded gross oil revenue of N4.55 trillion. This represented a massive shortfall of N8.21 trillion, or 64.35 percent, compared with the prorated quarterly budget target of N12.76 trillion. Despite the gap, the figure marked an improvement of N1.20 trillion, or 35.82 percent, over the N3.35 trillion generated in the corresponding period of 2024, reflecting some recovery in oil receipts year on year.

Non-oil revenue in Q1 also underperformed expectations. Gross non-oil revenue stood at N4.71 trillion, which was N1.34 trillion, or 22.18 percent, below the quarterly projection of N6.05 trillion. After accounting for statutory deductions, the total net distributable revenue shared among the three tiers of government amounted to N8.06 trillion. This was N8.79 trillion, or 52.16 percent, lower than the amount envisaged in the budget.

The trend continued into the second quarter of the year. In Q2 2025, gross oil revenue rose slightly to N4.77 trillion but still missed the quarterly target by N7.99 trillion, representing a 62.62 percent shortfall. Compared with the second quarter of 2024, oil revenue improved by N1.59 trillion, or 33.33 percent, from N3.18 trillion, reinforcing the picture of gradual recovery that nonetheless remains insufficient to meet fiscal assumptions.

Non-oil revenue shows mild improvement in Q2

Unlike oil receipts, non-oil revenue performance improved modestly in the second quarter. Gross non-oil revenue increased to N4.46 trillion, delivering a positive variance of N404.26 billion, or 6.68 percent, above the quarterly estimate. However, even with this improvement, overall revenue remained constrained.

Net distributable revenue for the three tiers of government stood at N9.85 trillion in Q2, but this figure was still N7.01 trillion, or 41.58 percent, below budget expectations. The persistent shortfalls in distributable revenue continue to limit fiscal space for subnational governments, many of which rely heavily on monthly allocations from the Federation Account to meet salary and infrastructure obligations.

What the numbers mean for fiscal stability

The sustained gap between actual oil revenue and budget projections highlights ongoing structural weaknesses in Nigeria’s oil sector. Production constraints, crude oil theft, pipeline vandalism, operational inefficiencies, and price volatility have continued to weigh on output and revenue remittances. Although oil revenue has improved on a year-on-year basis, the pace of recovery has not matched the ambitious assumptions embedded in the 2025 budget.

These revenue pressures come at a time of rising expenditure commitments, including higher debt servicing costs, expanded social spending, and increased recurrent expenditure. The combination of weaker-than-expected revenues and growing spending needs places additional strain on fiscal management and raises concerns about borrowing requirements in the second half of the year.

Production challenges remain

Data from the Organization of the Petroleum Exporting Countries (OPEC) further illustrate the challenges facing Nigeria’s oil sector. OPEC’s latest report shows that Nigeria’s crude oil production rose marginally to 1.436 million barrels per day (bpd) in November 2025, up from 1.401 million bpd in October. Despite the increase, Nigeria failed to meet its OPEC-assigned production quota for the fourth consecutive month, with July 2025 being the last time it met its target.

OPEC data also indicate that Nigeria averaged 1.444 million bpd in the third quarter of 2025, down from 1.481 million bpd in Q2 and 1.468 million bpd in Q1, pointing to a gradual decline in output over the year.

Adding another layer to the outlook, recent federal government data show that Nigeria’s daily petrol consumption declined to an average of 52.9 million litres per day in November 2025, signalling shifting domestic fuel demand patterns that could affect downstream revenue dynamics.

Outlook

Overall, the first-half performance of Nigeria’s oil revenue in 2025 underscores the urgent need for more realistic budget assumptions, stronger production management, and sustained reforms in revenue administration. Without significant improvements in output and remittance efficiency, oil revenue is likely to continue lagging expectations, reinforcing the importance of accelerating non-oil revenue mobilization to stabilize public finances.

Nigeria Ships 33.23 Million Barrels to the U.S., Emerging as Africa’s Top Crude Exporter in 2025

Nigeria has reaffirmed its strategic position in the global energy market after emerging as Africa’s leading exporter of crude oil to the United States in the first eight months of 2025. Fresh data released by the United States Mission shows that Africa’s largest oil producer shipped a total of 33.23 million barrels of crude oil to the U.S. between January and August 2025, with an estimated value of $2.57 billion.

The disclosure, shared via the official X (formerly Twitter) handle of the U.S. Mission, highlights Nigeria’s dominance in transatlantic crude oil trade during the period. According to the statement, Nigeria alone accounted for more than half of all African crude oil exports to the United States, underlining the depth of energy ties between both countries.

“Did you know that Nigeria was the leading African exporter of crude oil to the United States between January and August 2025, shipping 33.23 million barrels worth $2.57 billion?” the mission noted, adding that the trade relationship “creates jobs and drives prosperity on both sides of the Atlantic.”

What the data reveals

The January–August figures represent a strong rebound in Nigeria’s crude exports to the U.S., at a time when global energy markets have been shaped by supply disruptions, geopolitical tensions, and shifting demand patterns. The data underscores Nigeria’s growing relevance in the U.S. energy supply mix, particularly as Washington continues to diversify its crude oil sources.

However, 2025 has also delivered a historic twist in the long-standing petroleum relationship between both countries. For the first time, Nigeria imported more crude oil from the United States than it exported during certain months of the year, marking a reversal of traditional trade flows.

According to the U.S. Energy Information Administration (EIA), this unusual development occurred in February and March 2025. During those months, U.S. crude exports to Nigeria surged, while American imports of Nigerian crude declined sharply.

EIA figures show that U.S. exports to Nigeria rose to about 111,000 barrels per day (b/d) in February and jumped further to 169,000 b/d in March. In contrast, U.S. imports from Nigeria fell to 54,000 b/d and 72,000 b/d respectively, compared with 133,000 b/d recorded in January.

Why the trade pattern shifted

Analysts attribute this temporary reversal primarily to changes in Nigeria’s domestic refining landscape, most notably the ramp-up of operations at the Dangote Refinery. The mega-refinery, which began processing crude oil in January 2024, has steadily increased demand for feedstock and is expected to reach its full capacity of 650,000 barrels per day later in 2025.

As the refinery scaled up, Nigeria increasingly sourced crude oil—including certain grades—from international markets, including the United States, to complement domestic supply and optimize refinery operations. At the same time, reduced demand on the U.S. East Coast contributed to lower American imports of Nigerian crude during those months.

Despite this short-term shift, Nigeria’s overall export performance to the U.S. remained robust across the eight-month period, cementing its position as the continent’s top supplier.

What this means for Nigeria and the U.S.

For Nigeria, the surge in crude exports translates into stronger foreign exchange earnings, improved trade balances, and reinforced bilateral economic ties with the United States. Oil remains a critical pillar of Nigeria’s economy, supporting government revenues, foreign reserves, and employment across upstream, midstream, and downstream segments.

The strong export numbers also signal renewed investor confidence in Nigeria’s oil sector, following years of production challenges linked to oil theft, pipeline vandalism, and underinvestment. Sustained export growth could encourage further capital inflows into exploration, production, and infrastructure upgrades.

For the United States, Nigeria provides a reliable and geopolitically strategic source of crude oil from Africa, helping to enhance energy security and diversify supply chains amid global uncertainty. Nigerian crude, particularly its light and sweet grades, remains attractive to U.S. refiners due to lower refining costs and higher yields.

A resilient oil sector amid global volatility

Overall, Nigeria’s performance in 2025 highlights the resilience of its oil export sector despite fluctuating global energy markets. While the country is increasingly focused on expanding non-oil exports and reducing overdependence on hydrocarbons, crude oil continues to play a central role in shaping economic outcomes.

As refining capacity expands domestically and export routes stabilize, Nigeria’s position in global energy trade—especially with key partners like the United States—is likely to remain strong, even as the broader economy gradually diversifies beyond oil.

Ghana Parliament Legalises Cryptocurrency as Lawmakers Move to Regulate a Market with Nearly 3 Million Users

Ghana has taken a decisive step toward embracing the digital finance revolution after its parliament approved legislation legalising the use of cryptocurrency across the country. The move marks a major policy shift for West Africa’s second-largest economy and signals growing recognition by policymakers that digital assets have become too widespread to ignore or leave unregulated.

The approval, granted by the Parliament of Ghana, provides a formal legal framework for cryptocurrencies and related services, responding to mounting concerns from regulators about the rapid, largely unmonitored adoption of virtual assets. According to estimates cited by regulators, nearly three million Ghanaians—roughly 17 per cent of the adult population—are already involved in cryptocurrency transactions, using digital tokens for trading, remittances, payments, and savings.

For years, crypto adoption in Ghana has grown faster than regulation, creating risks for consumers, financial institutions, and the stability of the broader financial system. The newly passed Virtual Asset Service Providers (VASP) Bill aims to close that gap by placing crypto activity under clear legal and supervisory oversight.

What the central bank is saying

Speaking in Accra over the weekend, Johnson Asiama, Governor of the Bank of Ghana, said the passage of the bill represents a turning point in how the country manages digital finance. He explained that the new law will enable authorities to license and supervise cryptocurrency platforms, exchanges, and service providers operating in Ghana.

According to Asiama, the legislation is critical not only for investor protection but also for macroeconomic management, particularly the stability of the cedi, Ghana’s national currency. He warned that widespread, unregulated crypto usage can complicate monetary policy transmission, capital flow management, and foreign exchange oversight.

“The objective is to ensure that this emerging activity is brought within clear, accountable, and well-governed boundaries,” the governor said, stressing that regulation is not intended to stifle innovation but to make it safer and more transparent.

Benefits for businesses, banks, and consumers

Beyond risk management, Ghana’s regulators believe the new framework will unlock tangible benefits for the wider economy. Governor Asiama noted that proper oversight of crypto platforms could lower compliance and transaction costs for banks, improve customer experience, and create new opportunities for small and medium-sized enterprises that rely on fast, low-cost payments.

Formal regulation is also expected to reduce fraud, money laundering, and cybercrime risks associated with unlicensed digital asset operators. For consumers, licensing requirements and supervisory rules should offer greater protection against scams, exchange collapses, and opaque pricing practices that have plagued crypto markets globally.

By bringing digital assets into the formal financial system, the Bank of Ghana hopes to strike a balance between encouraging financial innovation and preserving stability—an approach increasingly adopted by regulators worldwide.

Ghana’s crypto market in regional context

Ghana’s move comes against the backdrop of a rapidly expanding African crypto market. According to estimates by Web3 Africa Group, crypto transactions in Ghana reached about $3 billion in the year through June 2024. While significant, this figure still pales in comparison with Nigeria, which remains Africa’s largest crypto market.

During the same period, Nigeria recorded an estimated $59 billion in cryptocurrency transactions, accounting for nearly half of sub-Saharan Africa’s total crypto volume of $125 billion. The contrast highlights both Ghana’s growth potential and the urgency for regulation as adoption accelerates.

Lessons from Nigeria’s experience

The scale of crypto activity in Nigeria has also influenced regulatory thinking across the region. In October, the Director-General of Nigeria’s Securities and Exchange Commission, Emomotimi Agama, disclosed that cryptocurrency transactions in Nigeria exceeded $50 billion between July 2023 and June 2024. At an exchange rate of N1,500 to the dollar, this translates to roughly N75 trillion—about two-thirds of Nigeria’s equities market capitalisation at the time.

Agama noted that the sheer volume of crypto activity underscores both the financial sophistication and high risk appetite of African investors, particularly younger demographics underserved by traditional capital markets. He also pointed out the paradox that while tens of millions engage in crypto trading and gambling daily, fewer than four per cent of Nigerian adults participate in the formal capital market.

A turning point for Ghana’s digital economy

For Ghana, legalising cryptocurrency represents more than just regulatory housekeeping—it is a strategic move to integrate a fast-growing sector into the formal economy. As licensing frameworks take shape and supervisory institutions build capacity, the country is positioning itself to harness digital assets as a driver of innovation, inclusion, and growth, while limiting the systemic risks that come with unchecked expansion.

With nearly three million users already active, Ghana’s challenge now lies in implementation: ensuring that regulation keeps pace with technology, protects consumers, and supports a resilient, future-ready financial system.

ALEX, INTENEGINS Power Rally as Nigerian Equities Rebound, Pushing Market Value to N97.1 Trillion

Nigeria’s equities market staged a measured but notable rebound on Monday, December 22, 2025, as renewed interest in select mid- and large-cap stocks lifted key indicators on the Nigerian Exchange. The All-Share Index (ASI) climbed by 401.7 points to close at 152,459.1, firmly holding above the psychologically important 152,000 mark and signaling a cautious return of bullish sentiment.

The day’s performance translated to a 0.26% gain compared with the previous close of 152,045.9. While the upward move was modest, it was significant in the context of softer trading activity, underscoring that price appreciation was driven more by selective buying than broad-based market participation. Total market capitalization rose sharply to N97.1 trillion from N95.8 trillion in the prior session, restoring investor confidence after recent volatility.

Despite the positive close, market activity remained subdued. Trading volume declined to 451.5 million shares, a sharp drop from the 839 million shares exchanged in the previous week. A total of 33,327 deals were recorded, reflecting cautious positioning by investors who appear to be focusing on specific opportunities rather than chasing the wider market.

Gainers and losers shape the session

On the gainers’ chart, Aluminum Extrusion Industries (ALEX) led the rally with a strong 9.72% appreciation to close at N13.55. Close behind was International Energy Insurance (INTENEGINS), which gained 9.69% to settle at N2.49. These advances reflected renewed appetite for select industrial and insurance counters that had lagged earlier in the year.

Other notable gainers included Mecure Industries, up 9.64% to N60.30; Royal Exchange, which rose 9.60% to N1.94; and Austin Laz, advancing 9.50% to N2.65. Together, these stocks underscored a session driven by aggressive buying in a narrow band of equities.

On the downside, profit-taking weighed heavily on Custodian Investment and ABC Transport, both of which declined by the maximum 10% to close at N35.10 and N3.15, respectively. Other decliners included Prestige Assurance, down 7.41%; Guinea Insurance, which lost 7.38%; and Ellah Lakes, shedding 6.45%.

Trading activity and value leaders

In terms of volume, Tantalizers topped the activity chart with 50.1 million shares traded, reflecting sustained retail interest. FirstHoldCo followed with 32.6 million shares, while Access Holdings placed third at 27.3 million shares. Custodian Investment and Chams completed the top five by volume.

By transaction value, Aradel Holdings led the session with trades worth N1.5 billion. FirstHoldCo followed at N1.4 billion, while Zenith Bank recorded N1.14 billion. Custodian Investment and WAPCO rounded out the top five by value.

SWOOTs, FUGAZ and market outlook

Large-cap stocks worth over one trillion naira (SWOOTs) showed a generally positive tone. International Breweries gained 4.17%, while BUA Cement advanced by 2.35%. Among the FUGAZ banking names, FirstHoldCo rose 2.35%, United Bank for Africa declined 2.5%, and Zenith Bank eased 0.47%.

With the ASI now holding above 152,000 points and year-to-date returns standing at an impressive 48.12%, analysts say sustained buying in more mid- and large-cap stocks could propel the market toward the 155,000 level. For now, the session reflects a market regaining balance—tentative, selective, but clearly resilient.

Larry Ellison Bolsters Paramount’s Warner Bros. Discovery Bid with $40 Billion Personal Guarantee

Paramount Pictures has significantly raised the stakes in its pursuit of Warner Bros. Discovery after securing a massive $40.4 billion personal financial guarantee from billionaire technology mogul Larry Ellison. The move marks a dramatic escalation in one of the most closely watched takeover battles in the global media industry and signals Paramount’s determination to prevail in an increasingly competitive bidding war.

In a statement released on Monday, Paramount confirmed that Ellison, co-founder of Oracle, has agreed to provide an “irrevocable personal guarantee” to support the equity portion of Paramount’s proposed $108 billion acquisition of Warner Bros. Discovery. The guarantee is designed to reinforce confidence in Paramount’s financing structure at a time when rival bidders and Warner Bros. Discovery’s board have raised concerns about execution risk and funding certainty.

According to the company, Ellison has further committed not to revoke the Ellison family trust or transfer its assets in any way that could undermine the transaction while negotiations and regulatory reviews are ongoing. This assurance directly addresses reservations previously expressed by Warner Bros. Discovery, which had questioned whether the Ellison family trust would remain fully aligned with Paramount’s offer throughout what is expected to be a complex and lengthy approval process.

The strengthened bid follows a recent filing by Warner Bros. Discovery with the U.S. Securities and Exchange Commission, in which the media group noted that the Ellison family trust had “no obligation” to cooperate with Paramount’s takeover proposal. However, the filing also acknowledged that a binding personal guarantee from Larry Ellison himself would be sufficient to allay those concerns. Paramount’s revised offer appears tailored precisely to meet that condition.

In its amended proposal, Paramount also increased the transaction’s breakup fee to $5.8 billion, up from the original $5 billion. The higher breakup fee is intended to compensate Warner Bros. Discovery shareholders if the deal fails to close due to regulatory, legal, or financing hurdles, further underscoring Paramount’s confidence in its ability to complete the acquisition.

Ellison’s involvement adds considerable weight to the bid. With an estimated net worth of $242.7 billion as of Monday, he ranks among the wealthiest individuals in the world and remains a dominant figure in both technology and media investment circles. His son, David Ellison, serves as chief executive of Paramount Skydance, strengthening the strategic and financial ties between Ellison and Paramount’s leadership. Market analysts say this family connection, combined with Larry Ellison’s personal financial backing, could enhance Paramount’s credibility in the eyes of investors and regulators alike.

The Paramount offer remains in direct competition with a rival deal led by Netflix, which earlier in December announced an $82.7 billion agreement to acquire key Warner Bros. assets through a mix of cash and stock. Warner Bros. Discovery’s board has publicly expressed support for the Netflix transaction, describing it as more structured and less risky given Netflix’s established balance sheet and dominant position in the global streaming market.

Nevertheless, Paramount’s aggressive counteroffer, now fortified by Ellison’s $40.4 billion guarantee, reflects the intensifying consolidation sweeping through the entertainment industry. As traditional media companies grapple with declining linear television revenues and rising content costs, large-scale mergers are increasingly seen as a pathway to survival and long-term competitiveness in streaming.

Industry observers note that Ellison’s backing also highlights a broader trend of ultra-wealthy individuals deploying personal capital to influence landmark corporate transactions. By combining financial firepower with strategic oversight, such investors are reshaping how major deals are structured and financed. If completed, the Paramount–Warner Bros. Discovery deal would rank among the largest media buyouts in history, with far-reaching implications for content ownership, distribution, and the balance of power in the global entertainment ecosystem.

Ultimately, the decision rests with Warner Bros. Discovery shareholders, who must weigh the relative merits of Paramount’s Ellison-backed proposal against Netflix’s competing bid. Factors such as financing certainty, regulatory risk, strategic alignment, and long-term value creation will be central to that assessment. Analysts expect the coming months to be decisive, as further regulatory filings, negotiations, and possibly revised offers shape the outcome of this high-profile corporate showdown.

Dangote Urges Nigerians to Report MRS Stations Selling Petrol Above N739 Per Litre

Dangote Petroleum Refinery has called on Nigerians to actively report any MRS filling station selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, as the refinery formally rolls out nationwide fuel sales at the reduced rate.

In a statement issued on Sunday, December 21, 2025, the refinery said the directive became necessary following the commencement of uniform petrol sales across all outlets operated by MRS Oil Nigeria Plc. According to the company, the new price regime is aimed at ensuring that Nigerians fully benefit from locally refined fuel and that no consumer is exploited through arbitrary pricing.

The refinery described the price cut as a major milestone in its broader mission to deliver affordable energy products to Nigerians while helping to stabilise the country’s downstream petroleum market. It explained that the partnership with MRS, which operates over 2,000 filling stations nationwide, provides a wide distribution network capable of translating refinery-level price reductions directly to consumers at the pump.

Dangote Refinery stressed that the success of the initiative depends largely on full compliance by retail outlets. It therefore encouraged members of the public to play an active role in monitoring pump prices and reporting any violations. Consumers were advised to contact a dedicated hotline if they encounter any MRS station selling PMS above the approved N739 per litre, noting that transparency and public vigilance are critical to sustaining the new pricing framework.

The refinery also commended MRS and other marketers that have already complied with the reduced pump price, describing their actions as a show of patriotism and support for Nigeria’s economic recovery. It urged other marketers to follow suit, arguing that broad adoption of the new pricing structure would help ease inflationary pressures, reduce transportation costs, and improve household welfare during a challenging economic period.

Backed by a guaranteed daily supply of up to 50 million litres of petrol, Dangote Refinery said the initiative significantly alters fuel supply dynamics, particularly during the festive season when demand typically rises. By refining petroleum products locally at scale, the company noted that Nigeria’s dependence on imported fuel is being reduced, thereby lowering exposure to volatile international oil markets.

The refinery further highlighted the macroeconomic benefits of local refining, including conservation of foreign exchange, support for naira stability, and enhanced national energy security. It said the sustained availability of petrol at a lower price is already providing measurable relief to households, transport operators, and small businesses, many of which are grappling with rising operating costs.

However, Dangote Refinery warned against attempts by what it described as “unscrupulous operators” to undermine the new pricing regime by creating artificial scarcity or manipulating supply. Such actions, it said, are unacceptable and run contrary to national interests. The company called on relevant regulatory and enforcement agencies to remain vigilant and take decisive action against any marketers found engaging in hoarding, price gouging, or other anti-competitive practices, especially during the critical holiday period.

Consumers were also advised to resist purchasing petrol at inflated prices when cheaper, high-quality, locally refined alternatives are readily available. The refinery emphasised that Nigerians have a choice and should patronise stations that comply with the approved price, thereby reinforcing market discipline and encouraging fair competition.

Providing further context, the refinery recalled that earlier in December 2025 it reduced its gantry price for petrol to N699 per litre from N828 per litre, representing a N129 per litre drop or about 15.6 percent. In another move to widen access, it also cut the minimum purchase volume for marketers from 500,000 litres to 250,000 litres, enabling more operators to buy directly from the refinery and pass on the savings to consumers.

Overall, Dangote Refinery said its pricing and supply initiatives are designed to deliver broad-based economic relief, deepen market stability, and ensure that the benefits of Nigeria’s growing domestic refining capacity are felt by citizens across the country.

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