The Founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, disclosed this in a statement issued on Friday in Abuja.

Agboola said the development followed the company’s processing of more than 40 billion dollars in payments across its platform within 10 years of operations.

He explained that the approval marked a significant milestone for the Lagos-based payments company, enabling it to expand beyond core payment infrastructure services into broader financial offerings.

“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services.

“By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth.

“Moreover, the development signals a growing shift in Nigeria’s financial technology sector, where leading fintech firms are increasingly moving closer to full-scale financial service operations.”

He further said the regulatory progress coincided with another initiative by the CBN involving the selection of several fintech firms, including Flutterwave and Paystack.

According to him, the initiative is designed to strengthen oversight of digital-asset service providers and ensure compliance with anti-money laundering and counter-terrorism financing standards as Nigeria’s digital finance ecosystem continues to evolve.

“Our platform has reflected the rapid expansion of digital payment adoption across Africa and among businesses that rely on the company’s infrastructure to receive and process transactions globally,” Agboola said.

He noted that the latest developments came only weeks after Flutterwave marked its 10th anniversary, a milestone that highlighted the company’s growth since its establishment in 2016.

He further explained that over the past decade, the fintech firm had expanded its payment network across numerous African markets.

He added that it had also built partnerships that allowed businesses to accept payments from customers around the world.

“What began as a payment gateway designed to simplify cross-border transactions has evolved into one of the continent’s most prominent financial technology platforms.

“Consequently, the combination of a banking licence, participation in the Central Bank’s virtual-asset pilot programme and a decade of operational growth underscores Flutterwave’s expanding role in Nigeria’s financial ecosystem.

“In addition, the company’s regulatory progress may further accelerate innovation in the country’s fintech landscape, particularly as regulators and financial technology firms seek to balance rapid digital growth,” he added.

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The Acting Chairman of ODIRS, Mr Bayo Rojugbokan, made the disclosure in an interview with our correspondent in Akure on Friday.

He said the figure, which represented a significant increase, was the highest annual IGR ever generated in the state’s history.

Rojugbokan, a tax expert, said that the state’s monthly revenue rose from an average of N3 billion in 2024 to N5 billion in 2025.

He explained that while the core revenue directly accounted for an average of N3 billion monthly, additional inflows from other revenue-generating agencies and investment channels brought the total monthly IGR to N5 billion.

Rojugbokan attributed the increase to improved transparency, accountability and the deployment of technology in revenue collection and monitoring.

“People now have more trust in the system. Payments are receipted digitally, and taxpayers can easily verify and store their records.

“This has reduced leakages and improved compliance,” he said.

He added that the ongoing reforms in tax administration, including accurate assessment of taxpayers based on income rather than arbitrary increments, also contributed to the growth.

Rojugbokan said the government had discontinued the previous practice of automatic annual tax increases, opting instead for assessments in line with existing laws.

He noted that efforts were ongoing to expand the state’s tax net and deploy more technology-driven solutions, including the introduction of electronic ticketing systems to curb revenue leakages.

According to him, the state is optimistic of surpassing the 2025 performance in 2026, given the current revenue trajectory and ongoing reforms.

“Our target from the government this year is about N33 billion for the core revenue.

“So, what we’re doing, is that when the government gives us target, we come back home and give ourselves another target that is far ahead of what the government gave us. If we fail our own target, we will still meet the government’s target.

“Today, we are monthly meeting the government’s target of N33 billion.

“We are even far ahead of it, and we’re sure that it will take us, at the end of the year, to surpass the government’s target and beat our prior year’s achievements.

“So, we’re positively convinced that we are going to exceed what we achieved in December 2025. By the time December 2026 comes, we would have achieved beyond that,” he said.

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The NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed this on Wednesday while presenting an overview of the nation’s oil, condensate, associated gas and non-associated gas reserves as of Jan. 1, 2026.

Eyesan said the Associated Gas (AG) and Non-Associated Gas (NAG) reserves stood at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total gas reserves of 215.19 TCF.

“The Reserves Life Index is 59 years and 85 years for oil and gas, respectively.

“The reason for the slight change in 1.1.2026 oil and condensate reserves by 0.74 per cent is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.

“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies.

“I, Mrs Oritsemeyiwa Eyesan, Commission Chief Executive, hereby declare the total oil and condensate reserves of 37.01 billion barrels and total gas reserves of 215.19 as the official National Petroleum Reserves Position as of Jan. 1, 2026,” she said.

She said the commission, in keeping with its mandate, was committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity.

This, she said, was via operationalisation of the Petroleum Industry Act, 2021, and implementation of the strategic pillars of the commission.

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The NMDPRA State Coordinator, Dr Akinyemi Atilola, made the call on Wednesday during a stakeholders’ sensitisation workshop organised for Liquified Petroleum Gas (LPG) retailers in Abeokuta.

Our correspondent reports that sensitisation workshop is with the theme: “Gas Deepening and Expansion: Hazards Associated with Decantation Business and Operations.”

Atiliola said that LPG retailers play a critical role in the federal government’s gas expansion and utilisation programme, noting that they serve as the last link between suppliers and end users.

According to him, operators in the sector must strictly adhere to safety regulations and global best practices while conducting their businesses.

Atilola assured that the NMDPRA would continue to provide guidance and leadership to ensure sustainable growth in the gas sector.

He, however, warned that the authority would not hesitate to sanction operators found violating established safety standards.

Speaking on the theme, Atilola explained that LPG retailers fall under “Category D” operations, which are designed for a “drop-and-pick cylinder” model.

He noted that the approved model require customers to drop their empty cylinders and collect already filled ones.

The coordinator expressed concern that many operators had instead adopted the practice of “decanting”, which involves transferring gas from one cylinder to another.

According to him, decanting is a dangerous practice that could lead to overfilling, gas leaks, severe fire outbreaks, and possible explosions.

He urged retailers to discontinue the practice and strictly follow approved operational procedures or risk having their outlets sealed.

Atilola disclosed that the no fewer than five gas outlets were sealed and penalised in 2025 for breaching safety and operational guidelines, while several others were issued warnings.

He warned that the authority would intensify monitoring to ensure full compliance with regulations.

Speaking with journalists on the sideline of the event, Atilola described the engagement as a continuation of 2025 gas public sensitisation campaign aimed at promoting safe handling and expansion of LPG usage.

He said the workshop focused particularly on cylinder business operators who serve domestic consumers.

“We believe that while they are helping to deepen LPG utilisation, there must also be emphasis on the growth of the business and safety of the public, their businesses and home users.

“That is why we organised this engagement,” he said.

He reiterated that the NMDPRA, as the regulatory body for the midstream and downstream oil and gas sector, remains committed to supporting the federal government’s gas expansion drive under the Decade of Gas initiative.

Also speaking, Mr Ogunkoya Abiodun, Chairman of the Liquefied Petroleum Gas Retailers branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Ogun, commended the NMDPRA for its support towards the development of the gas industry.

Similarly, Engr Raifu Oyedele, Chairman of the Nigeria Association of Liquefied Petroleum Gas Marketers in the state, called for sustained collaboration with the regulatory authority, particularly in the areas of training and sensitisation of operators.

NAN reports that a 10-point communique was issued at the end of the engagement, emphasising the need for self-regulation among LPG stakeholders.

It also tasked gas unions with organising regular training and safety retreats for their members.

The communiqué further urged operators to ensure proper scrutiny of cylinder integrity, avoid overfilling, and maintain continuous safety engagement with stakeholders.

Participants also agreed that decanting of LPG should be discouraged and that operators found engaging in the practice be penalised.

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Chairman of the NGX Group, Dr Umaru Kwairanga made this known at the unveiling of the CIoD 2026 Corporate Governance Outlook held in Ikoyi, Lagos.

He described the institute as Nigeria’s premier body for directors, noting its leadership role in advancing corporate governance through training, research and advocacy across private and public sectors.

According to him, while business environments remain dynamic and constantly evolving, directors must uphold strong ethical principles in their decision-making processes.

“Good ethical values should serve as a compass guiding directors, especially in today’s rapidly changing business landscape,” he said.

Kwairanga noted that the Corporate Governance Outlook provided an important platform for practitioners to review best practices, gain insights and stay updated on emerging trends in governance.

Speaking on the role of the Exchange, he said the NGX remained the listing platform of choice for companies seeking public quotation, with a responsibility to protect investors through strict adherence to governance standards.

He explained that the Exchange embedded corporate governance requirements as part of its listing criteria.

He said the NGX actively monitors compliance among listed companies, and sanctions defaulters while rewarding entities that demonstrate exemplary practices.

He noted that the NGX and CIoD shares common objectives in promoting ethical leadership and sound governance in corporate institutions.

Kwairanga commended the institute for its continued efforts, stating that such initiatives supported the Exchange in fulfilling its regulatory responsibilities.

He also pledged sustained collaboration between the NGX Group and the CIoD to further strengthen corporate governance practices in Nigeria.

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In a statement on Tuesday, Rabiu spoke while hosting UBA Chairman, Tony Elumelu, and his executive team at BUA headquarters in Lagos.

He said the nearly three-decade partnership had evolved from Standard Trust Bank into a trusted collaboration focused on long-term value creation.

“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said.

He added the relationship reflected a shared understanding of Nigeria’s development and the role of capital in achieving sustainable growth.

Elumelu described BUA Group as a model of disciplined execution and industrial scale, pledging continued support for transformative enterprises.

“Our role is to enable scale by providing long-term capital to businesses reshaping the Nigerian economy,” he said.

Discussions focused on expanding financing frameworks for large-scale manufacturing, boosting domestic production and supporting export-oriented value chains.

Meanwhile, BUA Foods reported N1.77 trillion revenue for 2025, representing a 16 per cent increase from N1.53 trillion recorded in 2024.

The company posted gross profit of N737.26 billion, up from N540.82 billion, while profit after tax rose 95 per cent to N518.4 billion.

Earnings per share increased to N28.80, reflecting improved profitability.

The board proposed a dividend of N28 per share, up 115 per cent from N13 in 2024, totalling N504 billion, subject to approval.

Further analysis showed cost of sales at N1.037 trillion, while total assets rose 27 per cent to N1.39 trillion.

Rabiu attributed the performance to sustained demand for sugar, flour, pasta and rice, alongside effective execution of expansion strategies.

“Our performance reflects disciplined growth, increased capacity and strong commitment to delivering value to shareholders,” he said.

Managing Director, Ayodele Abioye, said the company would expand capacity, strengthen market presence and optimise its supply chain.

He expressed confidence that strong demand would support sustained growth in the coming years.

The development underscores the growing role of indigenous firms in driving Nigeria’s economic expansion through partnerships, investment and industrial capacity growth.

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Adeosun made this known in a statement by the Chief Operating Officer (COO) of Nidacity, Oluwadamilola Oguntimoju, on Tuesday in Abuja.

She said that the platform – ‘www.nidacity.com’, had officially started, and the target were young and female founders, offering them tools and resources aimed at strengthening businesses and addressing the country’s high rate of startup failures nationwide.

Adeosun said that the initiative sought to tackle Nigeria’s 95 per cent startup failure rate, of which SMEs accounted for about 85 per cent of employment in the country, hence, it became critical to ensure business sustainability.

She said the platform became necessary due to the widespread of failed businesses, which continued to affect livelihoods, economic stability and growth across communities in the country.

According to her, Nigeria has one of the highest entrepreneurship rates globally, yet most startups fail within five years, creating significant job losses and economic challenges across the country.

She said that the same statistics present an opportunity to strengthen businesses, emphasising that supporting entrepreneurs would significantly boost job creation and overall economic development of Nigeria.

Adeosun said that Nidacity was an investment in entrepreneurs that were already driving economic activities, so as to improve their capacity, toward yielding widespread benefits for employment, productivity and national growth outcomes.

The former minister also unveiled the “Many Roads” survey, a nationwide initiative designed to document the origins of Nigerian enterprises and generate data-driven insights into the country’s entrepreneurial ecosystem development.

She said that the survey would collect stories of family businesses to map cultural and generational influences shaping entrepreneurship, while providing evidence-based insights for policymakers, investors and the general public.

Adeosun said that findings from the survey would be published on the platform, forming the foundation for policies and programmes, aimed at reducing startup failures and strengthening enterprise development nationwide.

She added that Nidacity was built on key pillars, including education, business resources, entrepreneur profiles, podcast storytelling and news analysis, all designed to address challenges facing Nigerian entrepreneurs.

According to her, the platform will deliver content through digital, audio and community channels, providing practical guidance and relevant information to help entrepreneurs navigate Nigeria’s evolving business environment successfully.

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Edun made the call at the opening of the fifth session of the African Union Sub-Committee on Tax and Illicit Financial Flows of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration (STC – FMAEPI), on Tuesday in Abuja.

He said that Africa stood at a defining moment where the urgency for reform was no longer in doubt, but required bold and decisive actions to unlock economic potential and strengthen Africa’s domestic resource mobilisation efforts.

According to him, Africa’s over 1.4 billion population and vast resources can only translate into prosperity through effective mobilisation and management of domestic financial resources.

He said that global shifts in trade, finance and cooperation frameworks had reinforced the need for African countries to rely more on their institutions and internal capacities.

The minister said that sustainable development could not depend solely on debt, aid or foreign investments, but domestic resource mobilisation as the foundation for long-term growth.

He said that Africa aimed to finance up to 90 per cent of its development needs internally, in line with the African Union’s Agenda 2063 Development Blueprint.

Edun, however, lamented that illicit financial flows cost the continent about 88 billion dollars annually, depriving critical sectors like healthcare, education and infrastructure of needed funding.

He also identified key challenges facing Africa to include tax evasion, weak institutional capacity, limited economic diversification and continued reliance on external financing sources.

The minister said that the agenda 2063 provided a clear reform pathway through improved tax systems, enhanced governance, financial inclusion, capital market development and efforts to curb illicit financial flows.

He said that the leadership of President Bola Tinubu had implemented tax policies to simplify the system, expand the tax base and ease the burden on vulnerable citizens.

Edun said that measures such as fuel subsidy removal, exchange rate unification and improved transparency in oil revenue management had strengthened fiscal discipline and investor confidence.

According to him, Nigeria also introduced a National Single Window system to enhance trade efficiency and reduce leakages associated with illicit financial practices.

He said that the reforms had led to improved non-oil revenue performance, stronger fiscal buffers and enhanced international cooperation in tracking illicit financial transactions.

Edun said that Africa’s fiscal reform priorities must include broadening the tax base, strengthening public financial management and promoting domestic savings and financial inclusion.

He called for robust capital market development and stronger cross-border collaboration, to effectively combat illicit financial flows across the continent.

The minister said that sustainable reform required strong institutions, digital infrastructure, regional cooperation and active citizen participation, to ensure transparency and accountability in governance.

Edun said that successful reforms would enhance economic stability, reduce vulnerability to external shocks and create fiscal space for investment in critical sectors of the economy.

He urged African leaders to demonstrate courage, discipline and collective responsibility in implementing reforms that would drive inclusive growth and long-term development across the continent.

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Profit before tax recorded a loss of N12.46 billion in 2025, from a profit of N42.26 billion in the previous year.

Similarly, the company posted a loss after tax of N13.85 billion, compared with a profit of N27.50 billion in 2024.

Total comprehensive income also declined to a loss of N13.96 billion, from a gain of N27.49 billion recorded a year earlier.

Shareholders’ funds fell by 37 per cent to N47.54 billion, down from N75.08 billion, while share capital remained unchanged at N169.76 million.

Earnings per share dropped to a loss of 40.80 kobo, compared with earnings of 80.99 kobo in 2024.

The company’s share price declined by eight per cent to N640, from N698.00 in the previous year.

Staff strength eased slightly to 413 employees, from 420 recorded in 2024.

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Edun also said the country requires about 14 billion dollars in annual investment to bridge its infrastructure gap.

He said this on Monday in Lagos at the Islamic Development Bank (IsDB) Day, where he highlighted Nigeria’s deepening partnership with the bank.

According to him, the seven per cent growth target is critical to reducing poverty and outpacing the country’s population growth rate of about three per cent.

Edun said Nigeria had been repositioning its economy to attract large-scale domestic, diaspora and foreign investments within a stable macroeconomic environment.

“We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” he said.

He noted that Nigeria faces an estimated 14 billion dollars in annual infrastructure financing gap, which the government is addressing through strategic initiatives and partnerships, particularly with the IsDB.

According to him, the Nigeria-IsDB engagement framework for 2026–2028 is anchored on infrastructure development, social investment, innovative finance and regional cooperation.

He listed priority sectors to include energy, transport, agriculture and digital infrastructure to boost productivity and competitiveness.

“In a young country like Nigeria, digital infrastructure is key to empowering our population for innovation, technology and global competitiveness,” he said.

Edun said 2026 has been designated as the year of social development, with plans to integrate up to 10 million Nigerians into productive economic activities.

He said this would be achieved through skills development, financing support and job creation initiatives.

The minister added that government would empower micro, small and medium enterprises to boost production and expand access to markets.

On financing, Edun said Nigeria would deepen the use of Sukuk, expand domestic capital markets and securitise public assets to attract private investment.

He stressed the need to de-risk investments and create an enabling business environment.

Edun said Nigeria was positioning itself as a leader in regional cooperation within the IsDB framework and targeting a one trillion-dollar economy.

The minister emphasised the need to accelerate project implementation and mobilise capital efficiently to create jobs at scale.

In his presentation, Mr Anasse Aissami, Director-General of Country Programmes, IsDB, reaffirmed the bank’s commitment to supporting Nigeria’s economic transformation.

Aissami said the bank had expanded interventions across agriculture, energy, transport, health and education.

He added that IsDB would scale up support to Nigeria over the next five years, exceeding its engagement over the past 25 years.

Our correspondent reports that the IsDB Group Day featured a MoU signing ceremony, business partnership presentations, a news conference and panel discussions, among other activities.

The event brought together senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners and international stakeholders.

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