Video - Nigeria ends state oil firm's role as Dangote refinery's sole buyer

Nigeria's Minister of Finance says the new arrangement which allows independent marketers to also purchase products directly from the refinery will encourage a wider supply chain for products across the nation. However, energy experts say the government will need to revitalize more refineries that have been dysfunctional for years.

CGTN

Video - Building collapse in Nigeria's capital leaves at least 7 dead

A building collapsed in a suburban area of Nigeria’s capital over the weekend, killing at least seven people, police said Monday.

The building, located in the Sabon-Lugbe area of Abuja, had already been partly demolished and its structure was further compromised by scavengers looking for scrap metal, the Abuja police said.

Abuja police spokesperson Josephine Adeh said five people were rescued from the rubble on Sunday.

Building collapses are becoming increasingly common in Nigeria, with more than a dozen such incidents recorded in the last two years. Authorities often blame such disasters on failures to enforce building safety regulations and on poor maintenance.

Nigeria, Africa’s most populous country, has recorded 22 building collapses between January and July this year, according to the Council for the Regulation of Engineering in Nigeria.

In July, a two-story school collapsed in north-central Nigeria, killing 22 students. The Saints Academy college in Plateau state’s Busa Buji community collapsed shortly after students, many of whom were 15 years old or younger, arrived for classes. 

By Dyepkazah Shibayan, AP

Nigeria signs funding deal with IFC to boost naira currency financing

The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday.

The IFC, a World Bank Group member, aims to "significantly scale up" its financing in Nigeria, targeting over $1 billion in the coming years, the statement said.

The partnership will enable IFC to manage currency risks and increase its investments in Nigeria's naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry.

"Many of these sectors require local currency financing, and IFC's partnership with the (central bank) is a key tool in expanding access," the statement said.

By Elisha Bala, Reuters

Google among investors putting $110 million into Nigeria's Moniepoint

Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.

Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.

The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google's Africa Investment Fund and Verod Capital came in as new investors.

Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it "unicorn" status - a term for tech firms with a valuation of a billion dollars or more.

The new capital would be used to speed up Moniepoint's growth across Africa and build an integrated platform for businesses.

"This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions," Moniepoint said.

Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.

Moniepoint started offering personal banking services in August last year.

The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.

By MacDonald Dzirutwe, Reuters

CAF awards Super Eagles 3 points, 3 goals against Libya

The Confederation of African Football, CAF, on Saturday awarded three points and three goals to the Super Eagles following the botched 2025 Africa Cup of Nations qualifier against Libya.

The Super Eagles consolidated their top position in the group following the verdict.

The Nigerian side now have 10 points from four matches, four points clear of nearest rivals Benin.

Libya remain bottom of the group with one point.

A draw with Benin in Abidjan next month will qualify the Super Eagles for the 2025 AFCON to be hosted by Morocco in December 2025.

The Confederation of African Football (CAF) also fined the Libya Football Federation $50,000.

The fine is to be paid within 60 days of notification of the decision.

Daily Post

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