The Central Bank of Nigeria (CBN) has reverted to the use of its Scruples Securities Settlement System (S4) for the electronic submission of Treasury Bills auction bids, following a brief suspension after its initial test-run in November.

Ekwutosblog understands the system was suspended following a glitch, which has now been resolved.

The latest move comes ahead of a N365 billion Treasury Bills auction scheduled for Thursday, December 17 – 18, 2025, reinforcing the apex bank’s resolve to tighten controls, enhance transparency and improve price discovery in the primary fixed income market.

The bids are to be submitted on Wednesday, December 17, 2025, while successful bidders will be required to settle their obligations on Thursday, December 18.

Market participants see the decision as a signal that the CBN is pressing ahead with reforms despite earlier operational inconsistencies. According to Mr. Tajudeen Olayinka, CEO of Wyoming Capital Partners, the move signals a renewed push for transparency in primary market auctions as the apex bank advances fixed income reforms.

Auction Details: N365 billion across three tenors 

According to auction guidelines issued last weekend, the CBN will offer a total of N365 billion across three short-dated tenors:

• 91-day bills: N100 billion
• 182-day bills: N100 billion
• 364-day bills: N165 billion

The auction will be conducted using the Dutch auction system, with bids to be submitted exclusively via the S4 web interface between 8:00 a.m. and 11:00 a.m. on Wednesday, December 17, 2025.

Each bid must be made in multiples of N1,000, subject to a minimum subscription of N50.001 million, while successful bidders are required to settle by 11:00 a.m. on Thursday, December 18.

Second attempt after November test-run 

This December auction marks the second activation of mandatory S4 usage, following the first implementation at the November 20, 2025 Treasury Bills auction, when the CBN raised over N700 billion.

Although the S4 system was briefly suspended in subsequent issuances—where bids were routed through Money Market Dealers (MMDs)—sources close to the apex bank said the pause reflected a work-in-progress transition, not a policy reversal.

Nairametrics gathered that the CBN expects to conclude the reform process before year-end, after which S4 will become fully operational for all government securities.

CBN seeks visibility, not market takeover 

Speaking at a Premium Times Academy workshop in Lagos recently, Mr. Zeal Akariwe, CEO of Graeme Blaque Advisory, said the CBN’s objective is real-time visibility, not a takeover of the control of the fixed income market.

“Did CBN take over? No. What the CBN wants is transparency and visibility over the market, not takeover. That visibility did not exist,” Akariwe said.

Akariwe, whose firm provides advisory services to CBN, stressed that the Securities and Exchange Commission (SEC) remains the statutory regulator, while the CBN’s actions are corrective measures to address structural weaknesses in the market.

Why transparency matters to CBN 

Akariwe highlighted how loopholes in the old system enabled profit concealment. He cited cases where banks and pension funds routed bond trades through brokers to hide gains from regulators.

In one illustration, Akariwe said a pension fund holding a 10% coupon bond bought at N100 could sell via an intermediary at N120, allowing the N20 profit to be shared discreetly among parties without regulatory visibility. “The CBN says we can’t have this where we cannot see it,” he noted.

Concerns had earlier emerged over inconsistent use of issuance platforms, with some auctions conducted via S4 and others through MMDs. Akariwe acknowledged this but described it as part of a transition phase.

Beyond auctions, the S4 rollout aligns with Governor Olayemi Cardoso’s broader reform agenda, spanning financial markets, banking supervision, compliance, and FX reforms, aimed at embedding transparency-driven systems that outlast the current administration.

With the return to S4 for the December auction, the CBN appears set to make electronic bidding the new normal in Nigeria’s government securities market.

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has urged the Federal Government to investigate and prosecute the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr. Farouk Ahmed, over allegations of economic sabotage and actions he claims are undermining domestic refining in Nigeria.

Dangote made the call while addressing journalists at the Dangote Petroleum Refinery, where he accused the leadership of the NMDPRA of working in concert with international oil traders and fuel importers to frustrate local refining efforts.

He alleged that the continuous approval of import licenses for petroleum products was deliberately weakening Nigeria’s refining capacity.

The industrialist also claimed that the NMDPRA chief was living beyond his legitimate income, further raising concerns about the integrity of regulatory oversight in the downstream petroleum sector.

Despite his criticisms, Dangote reassured Nigerians that petrol prices would continue to decline, announcing that the pump price of Premium Motor Spirit, PMS, would not exceed N740 per liter from Tuesday, beginning in Lagos.

He explained that the reduction follows the refinery’s decision to cut its gantry price to N699 per litre, with MRS filling stations expected to be the first to reflect the new pricing.

Dangote expressed deep concern over the structure of Nigeria’s downstream petroleum industry, warning that the country’s continued dependence on imported fuel was stifling local production and discouraging investment in domestic refining.

He revealed that import licenses  amounting to about 7.5 billion liters of PMS had reportedly been approved for the first quarter of 2026, despite the existence of substantial local refining capacity.

According to him, the policy environment has placed modular refineries under severe pressure, pushing many to the verge of collapse.

“I am not asking for his removal, but for a transparent investigation. He should be made to explain his actions and prove that his office has not been compromised.

“What we are witnessing amounts to economic sabotage,” Dangote said, adding that agencies such as the Code of Conduct Bureau could be tasked with conducting the probe.

He further described the downstream sector as being dominated by powerful interests that profit from fuel imports at the expense of national development.

Dangote lamented that many African countries, including Nigeria, continue to rely on imported refined products despite longstanding calls for value addition and local refining.

According to him, the volume of fuel imports being permitted into the country is unethical and undermines Nigeria’s economic interests.

Dangote stressed the importance of clearly separating regulatory responsibilities from commercial activities, warning that allowing traders to influence regulatory decisions would erode confidence in the sector.

“The downstream industry must not be sacrificed to personal interests. A trader should never act as a regulator. Dozens of licences have been issued, yet no new refineries are emerging because the operating environment is hostile,” he said.

He maintained that Nigerians stand to benefit significantly from local refining, even as fuel importers bear losses.

Dangote reaffirmed his commitment to ensuring that citizens enjoy the full benefits of domestic refining, noting that the company is working tirelessly to ensure that recent gantry price reductions translate to lower pump prices nationwide.

From Tuesday, he said, MRS filling stations in Lagos would commence the sale of PMS at prices not exceeding N740 per litre.

He also disclosed that the refinery has reduced its minimum purchase requirement from two million litres to 500,000 litres, enabling more marketers, including members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, to access products directly.

“So, any marketer coming to the refinery today can lift PMS at N699 per litre,” Dangote added.

The Dangote Refinery has significantly slashed its ex-depot petrol price in a strategic move to gain a competitive edge over the Nigerian National Petroleum Company Limited (NNPC) and other petroleum marketers across the country.

According to DAILY POST checks on Petroleumpriceng on Friday morning, the refinery’s ex-depot price has dropped to N699 per litre, down from N828 per litre. This reflects a reduction of N129, representing 15.58%.

This latest review marks the 20th price adjustment by the refinery this year and comes just weeks before the busy Yuletide season.

The reduction also follows recent price cuts by the NNPC and independent filling stations, which have lowered pump prices at least twice in the last three weeks, bringing the retail cost of petrol to between N915 and N937 per litre in Abuja.