TeeJay Tech Bro

  South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech company OPay Digital Services ahead of its planned initial public offering in the United States, according to Bloomberg. The proposed investment would see Africa’s largest lender by assets take a stake in OPay before the fintech proceeds with its planned US listing, people familiar with the matter told Bloomberg . In May, it was reported that OPay was planning a US initial public offering targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank and JPMorgan Chase appointed to manage the offering. The share sale is expected to take place later this year. What they are saying According to Bloomberg, OPay declined to comment on the reported deal, while Standard Bank said it does not comment on market speculation, adding that it remains committed to delivering value to its clients across its markets. The report indicated that the companies have not reached an agreement and th...

  The Nigerian insurance industry has just concluded one of its biggest reforms in years, raising a total of N720 billion through a sector-wide recapitalisation exercise. The exercise, which ran from August 2025 to July 31, 2026, saw 48 insurance companies and 2 reinsurance firms verified as compliant by the National Insurance Commission, NAICOM. But not everyone made it. Six insurers failed to meet the new minimum capital threshold before the deadline. While NAICOM insists it is committed to preventing the collapse of any licensed insurer and protecting policyholders, unease is growing among the affected firms. Some of the non-compliant companies have headed to court to challenge the recapitalisation process. Others are scrambling to raise funds to meet the requirement. Here are the six insurers that missed the deadline, and what happens next for them. 1. Goldlink Insurance Plc Goldlink Insurance Plc is a company that sells life and general insurance to both everyday people and l...

  May & Baker Nigeria Plc has distanced itself from a fraudulent investment scheme, M&B Equity Stake, being promoted in its name. The company warned members of the public to disregard any unauthorized solicitation claiming affiliation with the company. The pharmaceutical company disclosed this in a public notice dated August 17, 2026, after becoming aware of individuals and entities allegedly using its name to attract investments from unsuspecting members of the public. What they are saying According to the company, it has no connection whatsoever with the promoters of the scheme and does not operate, endorse, or support any investment programme outside its official communication channels and regulatory disclosures. “ The Company hereby unequivocally dissociates itself, its subsidiaries and affiliates from the purported “M&B Equity Stake” investment scheme and any person, platform, website, group, publication or other communication promoting or soliciting funds in conne...

  Nigeria’s food inflation rate rose to 20.31% year-on-year in July 2026, marking its highest level since September 2025 despite a further decline in the country’s headline inflation rate. The latest figure was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), which showed that  headline inflation declined to 15.43% in July  from 15.91% in June. The rise in food inflation comes as the Federal Government continues to introduce measures aimed at easing food prices and addressing the country’s cost-of-living pressures. What the data is saying Food inflation stood at 20.31% in July 2026, significantly higher than the 17.52% recorded in June and the highest rate recorded since September 2025. Food inflation was 20.16% in September 2025 before declining to 16.30% in October and 14.21% in November. The rate fell further to 10.84% in December 2025 and reached 8.89% in January 2026 before beginning to rise again. Food inflation...

  Turnover on the Nigerian Foreign Exchange Market (NAFEM) rose sharply to $1.41 billion on August 17, 2026, marking the highest level recorded in five weeks as activity in the FX market rebounded. This is according to data from the Central Bank of Nigeria (CBN). Checks by Nairametrics show that the current level is the highest since July 21 when it stood at $1.53 billion. What the data is saying NAFEM turnover on August 17 was more than seven times the $185 million recorded on August 11, when FX activity fell to its lowest level in 11 weeks. The market recorded 394 deals, including 178 interbank deals. The latest increase in turnover follows a period of relatively subdued activity in the Nigerian FX market, with daily turnover fluctuating significantly in recent weeks. Nairametrics earlier reported that FX turnover fell to US$185 million on August 11, marking the lowest level in 11 weeks as market activity weakened. Since then, turnover has recovered across successive trading se...

  The Pension Transitional Arrangement Directorate has disbursed N3,817,568,592.80 in pension arrears to 30,356 pensioners under the Defined Benefit Scheme. PTAD’s Head of Corporate Communications, Olugbenga Ajayi, disclosed this in a statement on Friday in Abuja. He revealed that the disbursements cover beneficiaries across three pension departments following a back-end computation review exercise. What PTAD is saying Ajayi said the payment covers pensioners under the Parastatals Pension Department, the Defunct and Transferred Agencies Pension Department, and the Tertiary, Education and Health Pension Department. He said the disbursement represents accrued arrears identified during PTAD’s Back-End Computation Review Exercise, which the directorate conducted to address complaints relating to pension computations and resolve outstanding entitlements owed to Defined Benefit Scheme pensioners Ajayi quoted the PTAD Executive Secretary Tolulope Odunaiya as commending the affected pensio...

  The Central Bank of Nigeria (CBN) has removed restrictions that prevented financial institutions participating in the Nigerian Foreign Exchange Market (NFEM) and primary auctions of government securities from accessing its Discount Window. The apex bank also restored tenored repurchase operations with maturities of four to 90 days and expanded access to Open Market Operations (OMO) securities to individuals, corporates and non-bank financial institutions. The changes are contained in a circular dated August 12, 2026, titled Review of Discount Window Restrictions and Open Market Operations Participation Framework, signed by Okey Umeano, Acting Director of the Financial Markets Department. The CBN said the measures followed a review of developments and practices across the foreign exchange, money and fixed-income markets, alongside the frameworks governing the Standing Lending Facility (SLF), tenored repo operations and OMO participation. The new directives took immediate effect. W...

  President Bola Ahmed Tinubu’s economic reforms have triggered widespread criticism among Nigerians, with concerns over the rising cost of living, inflation, poverty and the social impact of policies introduced since he assumed office. In a shocking move, even to his close aides, Tinubu used his inauguration speech to abolish the highly controversial fuel subsidy, a decision that has caused a lot of pain and hardship to Nigerians. This was subsequently followed by the unification of the foreign exchange market. The administration’s reforms, including the removal of the fuel subsidy, foreign exchange reforms, tax and fiscal policy changes, banking sector recapitalisation and monetary policy tightening, have attracted contrasting assessments from economists and businesses. However, over three years into this administration’s tenure, Nigerians remain sharply divided over the government’s direction and impact. While supporters argue that Tinubu has confronted economic problems previou...