The Central Bank of Nigeria (CBN) has outlined its key priorities for 2026, placing banking system stability, inflation control, tighter oversight of fintechs, and modern payment systems at the centre of its agenda. CBN Governor Olayemi Cardoso said the focus for the year is to strengthen the financial system with reforms aimed at long-term economic stability. According to Cardoso, the CBN will continue to pay close attention to the health of the banking sector, stressing that strong supervision and good corporate governance are critical to keeping the system stable. He added that a resilient banking sector is not just important for depositors, but also for economic growth, as banks remain central to credit creation and financial intermediation in the economy. The Governor also made it clear that inflation control remains a core priority for the apex bank in 2026. He said the CBN will rely more on disciplined, data-driven monetary policy decisions to anchor inflation expectations and reduce pressure on households and businesses, following a period of elevated inflation and rising living costs. On the fast-growing fintech space, Cardoso struck a balance between encouraging innovation and tightening regulation. He said while fintech companies have helped expand access to financial services, innovation must go hand in hand with strong consumer protection and financial integrity to avoid risks that could undermine the wider financial system. The CBN also plans to modernise the payment infrastructure to make transactions faster, cheaper, and more inclusive, especially for underserved communities.
PiggyVest pays out ₦1.3 trillion as user base crosses 6 million
PiggyVest has recorded its biggest year yet in 2025, paying out ₦1.3 trillion to users and crossing 6 million user base. The fintech said the payouts represent 56% increase from the ₦835 billion disbursed in 2024, which shows a strong growth as the company approaches its 10th year of operations. PiggyVest, in an email sent to users, disclosed that its assets under management grew by 110% in 2025, although it did not state the exact figure. In 2025, the fintech launched its own in-house payment system powered by PocketApp, moving away from the virtual account numbers. Establishing our own payment infrastructure through PocketApp account numbers has given us more reliability and control over deposits and payouts – Joshua Chibueze, Co-founder and Chief Marketing Officer The performance of the company in 2025 also earned global recognition, as PiggyVest was named among CNBC’s top fintech companies of the year, alongside Interswitch, Moniepoint, and M-KOPA. Since its launch in 2016, PiggyVest has now paid out more than ₦3 trillion to users. In 2024, the fintech introduced PiggyVest Business, extending savings and investment products to small businesses through offerings such as Investify and Safelock. Community engagement also played a role in PiggyVest’s growth. The company held town halls in five Nigerian cities, including Lagos and Abuja, to gather feedback and shape product strategy. Chibueze stated that the primary community programme of the company, OpenHouse, was extended to more cities nationwide last year which brought more depth and insights into product strategy. PiggyVest plans to roll out PiggyVest Kids, a savings product for children, around Children’s Day later this year.
Tesla loses top spot as world’s largest electric vehicle seller to China’s BYD
By Aminu Umar Turaki Tesla has lost its position as the world’s leading electric vehicle (EV) seller to Chinese automaker BYD, marking a shift in the global EV market after a challenging year for the US company. Tesla reported vehicle sales of 1.64 million units in 2025, down 9% from the previous year, while BYD sold 2.26 million vehicles, overtaking Tesla in global rankings. The decline in Tesla’s sales comes as a result of the growing competition in the electric vehicle market, political controversy surrounding its chief executive Elon Musk, and the expiration of key electric vehicle tax incentives in the United States. Founded in 2003, Tesla long dominated the global electric vehicle space, outpacing traditional automakers and setting the pace for EV innovation. However, the market has become crowded, with Chinese manufacturers, led by BYD, expanding rapidly and gaining market share both domestically and internationally. The electric vehicle sector of China has recorded strong growth, benefiting from scale, competitive pricing, and government-backed industrial support, putting pressure on global rivals. Tesla’s challenges in 2025 were compounded by backlash linked to Elon Musk’s political activities. Musk closed alignment with US President Donald Trump in 2024, after resigning as the head of the government efficiency panel overseeing federal layoffs, a role which led protests at Tesla facilities and dampened consumer sentiment. Tesla’s sales were affected by the expiration of a $7,500 US federal tax credit for electric vehicle purchases, which ended in September after the change of a policy by the Trump administration. The loss of the incentive reduced affordability for buyers and added to downward pressure on demand. Musk exited the government panel in May to reignite the confidence of investors. Although the company continued to feel the effects throughout the year. Tesla recorded fourth-quarter sales of 418,227 vehicles, falling short of analysts’ expectations of approximately 440,000 units. Despite the sales decline, investor confidence in Tesla has remained relatively resilient. Stakeholders stated that the company’s long-term vision, includes plans to expand driverless robotaxi services and develop humanoid robots for home and industrial use.
FMIST launches 1GOV ECMS to digitalise public service
By Oluwatunmise Omoseyin The Federal Ministry of Innovation, Science and Technology (FMIST) has officially gone live on the 1GOV Enterprise Content Management System (ECMS), marking a step towards a fully digital and accountable Public Service nationwide. The Go-Live event took place at the headquarters of the ministry in Abuja, led by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Esther Walson-Jack, OON, mni, alongside the Honourable Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh (SAN). The project was fully backed by the Galaxy Backbone Limited, which is a digital infrastructure provider of the Federal Government. Dr. Kingsley Tochukwu Udeh (SAN), represented by the Permanent Secretary, Mr. Philip Ndiomu, described 1GOV as not merely an ICT solution, but a governance reform instrument. According to him, the platform is aimed towards fostering smarter governance, institutional reform, transparency, and better service delivery for Nigerians. Today, we are not just unveiling technology. We are igniting a new digital culture, one that replaces bureaucracy with efficiency, paper with performance, and delays with decisive action – the Minister stated Dr. Udeh added that the FMIST launch of the 1GOV ECMS aligns with the Renewed Hope Agenda, urging directors and staff of the Ministry to adopt the platform with discipline and purpose. He stressed that technology alone cannot drive transformation without consistent and people driven use. Speaking at the event, Mrs. Walson-Jack, represented by the Permanent Secretary, Service Policies and Strategies Office of the Head of Civil Service of the Federation, D. Isiaku Musa Mohammed, described the ECMS deployment as a strategic and irreversible shift from fragmented, paper based processes to a secure, integrated, and accountable digital work environment. She emphasized that for a Ministry focused on innovation, science, and emerging technologies, effective digital records and workflow management are essential, not optional. The Ministry joins a growing list of Ministries, Departments, and Agencies (MDAs) using the ECMS across the Federal Civil Service. The system, hosted on the 1GOV Cloud platform, supports secure digital records, automated workflows, electronic approvals, interoperability, and controlled access to sensitive information.
Best performing banking stocks in Nigeria in 2025
By Aminu Umar Turaki The banking stocks of Nigeria, in 2025 delivered a mixed but positive performance in 2025, with gains driven by selective investor confidence rather than broad-based sector optimism. Data from the Nigerian Exchange (NGX) revealed that the NGX Banking Index rose by 39.77% during the year. While this represents a solid recovery for banking equities, it lagged behind the 51.19% gain recorded by the NGX All-Share Index (ASI). Out of the 12 banking stocks listed on the Exchange, only five outperformed the overall market, with stronger balance sheets, clearer growth strategies, and more predictable earnings. Institutions perceived to be better positioned to manage foreign exchange volatility, rising funding costs, and regulatory pressures attracted stronger demand by investors. Wema Bank Plc emerged as the top performer of the sector, posting returns of over 100%, while several tier-one and mid-tier banks recorded strong double-digit gains. However, some major lenders notably, Fidelity Bank Plc recorded a modest gain of 8.57%, while Access Holdings Plc ended the year with an 11.95% decline, with concerns around integration risks, capital requirements, and earnings pressure. UBA’s share price rose from ₦34.00 to ₦41.65, due to support by investors in its pan-African operations, steady earnings profile, and growing digital banking footprint. Sterling advanced from ₦5.60 to ₦7.05, driven by improved sentiment around its retail banking strategy and strengthening asset quality. FCMB gained from ₦9.40 to ₦12.05, buoyed by retail-led growth initiatives and investment in digital banking services. Zenith Bank closed the year at ₦61.80, up from ₦45.50, reinforcing its reputation for earnings consistency, strong liquidity, and reliable dividend payouts. Ecobank rose from ₦28.00 to ₦41.90, supported by diversified pan-African revenues and improvements in operational efficiency. Jaiz Bank climbed from ₦3.00 to ₦4.55, due to the growing acceptance of its non-interest banking model and speculative momentum in the second half of the year. GTCO closed 2025 at ₦90.70, benefiting from a strong investor preference for well-capitalised tier-one banks with predictable cash flows. First HoldCo surged from ₦28.05 to ₦47.90, driven by renewed confidence in its restructuring efforts, capital position, and improving earnings outlook. Stanbic IBTC rose from ₦57.60 to ₦100.00, achieved by diversified earnings across banking, asset management, and pensions, as well as strong dividend appeal. The performance of banking stocks in 2025 shows a shift toward selective investing rather than blanket exposure to the sector. Investors usually prioritised earnings resilience, capital strength, and strategic clarity amid a challenging macroeconomic environment.
Naira records first annual gain in 13 years, closes 2025 at ₦1,429/$
By Aminu Umar Turaki. The naira, ended 2025 on a stronger note, closing at ₦1,429 to the US dollar on December 31, according to official data from the Central Bank of Nigeria (CBN). This represents a 7.4% appreciation compared to the ₦1,535/$1 recorded at the close of 2024, marking the naira’s first full-year gain since 2012. It also ends 13 consecutive years of annual depreciation, making 2025 a turnaround for the currency. CBN data show that the naira experienced volatility during the year, with its weakest point recorded in April 2025, when it fell to ₦1,602/$1. However, a steady recovery began from May and gathered momentum in the second half of the year.The naira opened the year at ₦1,538.50/$1 in January. It traded relatively flat in February before falling in March and April.From May through June, the currency began to recover. September marked a turning point, with the naira trading below ₦1,500/$1 for most of the month. The rally continued into October, dipped slightly in November, and strengthened again in December to close the year at ₦1,429/$1. Analysts attribute the improved performance of the naira to foreign exchange reforms introduced by the Central Bank of Nigeria in 2024, alongside tighter monetary policies and improved FX inflows. This development has reduced trading and improved price transparency in the FX market.