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FG orders registration of all PoS companies, operators

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The Nigerian government through the Corporate Affairs Commission has issued a two-month registration ultimatum to Point of Sales companies to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

This was stated in an agreement that was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.
According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.

Speaking at the meeting, the CAC boss stated that the legislation intends to protect the businesses of Fintech customers while also developing the economy.
He further emphasised that the move was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN recommendations on agent banking.

The CAC boss stated that the registration timetable, which will expire on July 7, 2024, was not intended to target any specific organisations or individuals, but rather to provide safety for businesses.
A statement by the commission read, “The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”

This new directive came against the backdrop of frequent fraud incidents involving POS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria. POS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

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NNPCL: We will conclude review of Port Harcourt Refinery by December – Ojulari

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The Group Chief Executive Officer of Nigerian National Petroleum Company, Bayo Ojulari, has said the state-owned oil firm is planning to conclude its review of the Port Harcourt, Warri, and Kaduna refineries before the end of December 2025.

Ojuari disclosed this in an interview with Bloomberg published on Thursday, at the sideline of the a recent seminar for the Organisation of Petroleum Exporting Countries.

He noted that NNPCL would make a decision on selling the refineries after it had concluded its review process.

According to him, some of the technologies brought in to revamp the refineries have not worked as expected due to the old nature of the plants.

“So our refineries, we have made quite a lot of investment in over the last several years and brought in a lot of technologies. We have been challenged that some of those technologies have not worked as expected so far. As you know, refining a very old refinery that has been abandoned for some time becomes a little bit complicated. So we are reviewing all our refineries strategies now. We hope before the end of the year we will conclude the review.

“The review will lead to us doing things differently.

When asked by Bloomberg whether selling the refineries is an option, Ojulari said, “What we are saying is that a sale is not out of the question; all the options are on the table. That decision will be based on the outcome of the review.

Ojulari’s comments come after NNPCL, on May 24, 2025, announced the shutdown of the Port Harcourt refinery for planned maintenance and sustainability assessment.

In November and December last year, the former GCEO of NNPCL, Mele Kyari, announced the successful rehabilitation and commencement of operations at the Port Harcourt and Warri refineries.

 

 

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NNPCL reduces fuel price

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The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price.

Ekwutosblog correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945.

This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and other parts of Abuja.

The new petrol price at the state-owned oil firm represents a N30 drop from its earlier N945 per litre price.

The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880 following a drop in global crude oil prices.

Members of the Independent Petroleum Marketers Association also announced a reduction in the petrol price to between N930 and N940 per litre from N945 and N975 in Abuja and N890 per litre, down from N925 in Lagos State.

 

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Ecobank plans $250m capital raise via private placement

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Ecobank Transnational Incorporated

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Ecobank’s Company Secretary, Madibinet Cisse, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

The Ekwutosblog reported that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

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