News
Foreign Inflow to NGX Dropped in April – Report

The value of foreign inflow on the Nigerian Exchange Limited dropped by 19.14 per cent month-on-month to N42.58bn in April from N52.66bn in March.

This was indicated in the Domestic & Foreign Portfolio Investment Report of Nigerian Exchange Limited for April.
On the flip side, foreign outflow worsened by 88.10 per cent to N78.25bn from N41.60bn in March, indicating foreign investors’ appetite for the local equity market was still low.
The decline also followed a pattern that had been observed since the beginning of the year, as foreign outflow steadily rose from N37.33bn in January to N40.88bn in February.
Combined, foreign transactions recorded an increase of 28.19 per cent to N120.83bn in April compared to N94.26bn in the prior month.
The local bourse lost about N3.54tn in April on the back of bearish trades, as investors looked for improved yields on alternative markets.
Meanwhile, $1.30bn worth of cleared USD/naira-settled non-deliverable forwards open contracts on the FMDQ securities was due yesterday.
Cleared naira-settled non-deliverable forwards are contracts where parties agree to an exchange rate for a predetermined date in the future, without the obligation to deliver the underlying US dollar on the maturity/settlement date.
Upon maturity, both parties are assumed to have transacted at the spot FX market rate.
According to the FMDQ, the cleared USD/NGN NDFs contracts are cash-settled in naira and the differential between the contract rate and the Nigerian Autonomous Foreign Exchange Fixing rate on maturity day determines the settlement amount, i.e., the gain/loss in the contract.
The product, which can be used for hedging, was introduced in 2016, with the Central Bank of Nigeria as the pioneer seller of the cleared USD/NGN NDFs contracts.
The apex bank currently offers amounts for different tenors, ranging from 13 months to 60 months, to authorised dealers, who in turn offer the same to customers with trade-backed transactions or trade the same with other authorised dealers; settling on bespoke maturity dates.
Speaking on the due cleared USD/NGN NDFs contracts, a financial market analyst, Olaide Baanu, said, it would require a huge payment from the CBN, which could impact the value of the local currency.
“The settlement of $1.3bn implies a cash payment of approximately N1.8tn from the Central Bank of Nigeria based on the NAFEX rate of around N1,400/dollar. If this volume of naira is paid by the CBN, it is likely to lead to further depreciation of the naira beyond the CBN’s target or desired range.
“Market participants are expected to use the excess naira liquidity to repurchase USD, putting additional pressure on the naira’s value.
“Regarding whether the CBN has sufficient naira volume to make such a payment, it would depend on various factors such as the CBN’s foreign exchange reserves, monetary policy objectives, and the potential impact on domestic liquidity and inflation.
“In response to such a significant cash outflow, the CBN may need to intervene in the foreign exchange market to stabilise the naira’s value before and after the payment.”
According to Baanu, this intervention could involve measures to bring down the official exchange rate to around N1,000/dollar or issuing promissory notes to manage the liquidity impact and prevent excessive naira circulation at once.
News
LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts, Others

Lagos Internal Revenue Service (LIRS) pursuant to Section 60 of the Nigeria Tax Administration Act (NTAA), plans to ask Nigerian banks to debit bank accounts of employers who failed to remit tax liability.

This was disclosed in a recent notice on Sunday.
LIRS stressed that the move was in line with the implementation of the country’s NTAA and other new tax laws, which took effect on January 1, 2026.
“Where a taxpayer fails, neglects, or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer:
“Banks and other financial institutions; Employers; tenants, debtors, or customers of the taxpayer; Agents, business partners, and any person holding money on behalf of the taxpayer; Any person owing money to the taxpayer, whether presently due or accruing. Once a substitution notice is issued, the person served is statutorily required to remit to LIRS the amount. Specified in the notice from funds belonging to, or payable to, the defaulting taxpayer,” the LIRS notice partly read.
Meanwhile, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, weeks ago ruled out claims that the government would debit personal accounts over tax remittances.
News
Anambra Cuts Monday Pay to Kill Sit-at-Home

Anambra State will implement pro-rata salary payments for civil servants starting February 2026, targeting chronic Monday absenteeism from the long-running sit-at-home order, Information Commissioner Dr. Law Mefor announced Saturday.

Soludo
Speaking at an Awka briefing after the Executive Council’s end-of-tenure retreat, Mefor said improved security and transport have eliminated excuses for the four-year disruption, which cost the state trillions in lost revenue. “Workers enjoyed full pay despite staying away; now, no work means no pay for that day, calculated over 24 working days,” he stated.
Compliance measures include mandatory Monday clock-in forms, with markets urged to reopen fully amid bolstered security. This builds on a January 22 executive order docking 20% pay from teachers absent on Mondays.
Mefor warned that lost Mondays cripple revenue collection and productivity, rejecting alternatives like Saturday shifts as capitulation to agitators.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
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