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The latest reading fell below market expectations, with analysts now seeing a higher likelihood of another rate cut by the South African Reserve Bank’s (SARB) during its next policy meeting on Thursday.
With less than 7 months to the CBN’s March 31, 2026, recapitalisation deadline, Nigeria’s mid-sized lenders are scrambling to shore up their balance sheets, deploying a mix of capital raises, mergers and asset sales to meet the new minimum capital thresholds.
NGX strength broadened: ASI 140,545.69 (+1.13% WoW), market cap ₦88.922trn, 3.188bn shares for ₦99.685bn, breadth 70–22. Financials led volume; Oil & Gas carried value.
Among the eight major banks reviewed, I&M Group posted the highest jump in after-tax profit at 36%, followed by Equity Group at 17% and NCBA at 12.6%.
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Under the Nigeria Tax Administration Act (NTAA), the use of a Tax Identification Number (Tax ID) will be mandatory for a range of activities, from banking to business registration, beginning January 1, 2026.
Business activity across Nigeria, Kenya, South Africa, Egypt, Uganda, Zambia, and Ghana moved on diverging paths in August, according to the latest S&P Global Purchasing Managers’ Index (PMI).
CBK noted that reported fraud cases more than doubled to 353 from 153, with the value of attempted fraud rising from KSh 680.9 million ($5 million) to KSh 1.9 billion ($14 million).
President Mahama of Ghana’s move to scrap barriers to foreign investors is a clear bid to open up the state after more than a decade of the Investment Promotion Act, which curbed inflows into the country.
