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“Ways and Means advances of N10trn for FG development finance funds will no longer be granted.”, Says CBN Boss

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday, February 9, said the apex bank will no longer grant Ways and Means Advances to the federal government unless the outstanding balance is settled.

The apex bank also said it has halted “quasi-fiscal measures” of over N10 trillion it pays under the guise of development finance interventions.

Cardoso revealed these when he appeared before the joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, and National Planning to address critical concerns related to exchange rates and inflationary pressures in the economy.

Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, and the Minister of Agriculture, Abubakar Kyari were also at the interactive session with the lawmakers.

Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the federal government’s budget deficits.

Last December, the National Assembly approved the securitization of the outstanding debit balance of N7.3 trillion of the Ways and Means Advances in the Consolidated Revenue Fund (CRF) of the Federal Government.

In March 2022, the Debt Management Office (DMO) announced that the Federal Government had borrowed a total of N18.16 trillion from the Central Bank.

The debt as of then was more than 40 percent of the money supply in the economy.

During the session with the Senate, Cardoso did not state whether the Federal Government had exceeded the allowable threshold of Ways and Means Advances.

But he insisted that the apex bank would not be a part of the Ways and Means agreement with the Federal Government again if it failed to repay all the outstanding debts it incurred through the Ways and Means Advances.

The CBN governor said its position was in line with section (38) of the CBN Act (2007).

Cardoso said that the payment of the outstanding balance of the Ways and Means Advances would help to curtail inflation in the country.

Cardoso said: “I am pleased to note the Fiscal Authorities efforts in discontinuing Ways and Means Advances. This is also in compliance with section (38) of the CBN Act (2007).

“The Bank is no longer at liberty to grant further Ways and Means Advances to the Federal Government until the outstanding balance as of December 31, 2023, is fully settled.

“The Bank must strictly adhere to the law limiting advances under Ways and Means to five percent of the previous year’s revenue.

“We have also halted quasi-fiscal measures of over N10trillion by the Central Bank of Nigeria under the guise of development finance interventions which hitherto contributed to flooding excess Naira and raising prices to the levels of Inflation we are grappling with today.

“The CBN’s adoption of the inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.

“Our MPC (Monetary Policy Committee) meeting on the 26th and 27th of February is also expected to review the situation and take further decisions on these important issues.

Bank chiefs okay CBN’s reforms
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures”.

On Foreign Exchange Management, the CBN boss said the nation’s “foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira.

“Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.

“The shift to a market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding.

“However, short-term volatilities are attributed to arbitrage and speculation.

“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets.

“This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations, and adjusting the remunerable Standing Deposit Facility cap among others.

“These measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass-through to domestic inflation.”

He insisted that the measures have already started yielding early results with “significant interest from Foreign Portfolio Investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.”

He added: “For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of N1trillion which saw an oversubscription earlier this week.

“Our measures aimed at improving USD supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates.

“However, for these measures to be sustainable, we must as a country, moderate our demand for FX.”

He told the lawmakers that what has negatively impacted the exchange rate was the simultaneous decrease in the supply of, and increase in the demand for, US Dollars.

“It is also clear that the task of stabilizing the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself.

“It will also include actions by corporations and individuals to reduce our frequent demand for the dollar for business and personal needs.

“I would like to underscore the importance of the ongoing collaboration between the Fiscal and Monetary authorities and particularly progress made with the Minister of Finance, Minister of Budget and National Planning, and the Minister of Agriculture on tackling a number of the issues challenging our economy today,” Cardoso said.

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GTCO Food and Drink Festival 2026 Presents “Everything Food and Drink”

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Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference

This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.

Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.

Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”

Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.

Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com

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Fidelity Bank Partners Aircraft Finance Germany to Grow African Aviation Industry

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Leading financial institution, Fidelity Bank Plc, has announced the signing of a strategic partnership agreement with Aircraft Finance Germany (AFG) to advance the aviation sector in Nigeria and across Africa by both organisations.

The agreement was formally executed by Mr. Christian Hatje, Managing Director, Business Aviation and SVP Commercial, representing AFG; and Mr. Stanley Amuchie, Executive Director and Chief Operations and Information Officer of Fidelity Bank Plc at a signing ceremony in Germany recently.

Speaking at the signing ceremony, Mr. Christian Hatje stated, “This partnership marks a significant milestone in our commitment to Africa’s aviation future. Partnering with Fidelity Bank, Nigeria’s leading aviation financier, we are confident in our ability to structure solutions that will drive meaningful growth across the sector.”

Through this partnership, both institutions will work closely to identify, finance, and grow aviation opportunities across the continent. The collaboration aims to provide innovative leasing and financing solutions that support airlines, aviation operators, and related stakeholders in expanding capacity, modernizing fleets, and strengthening operational and fleet efficiency.

“Fidelity Bank remains dedicated to supporting the aviation industry through tailored financial solutions. Our collaboration with AFG strengthens our capacity to provide sustainable financing that will contribute to the expansion of aviation in Nigeria and across Africa,” explained Mr. Stanley Amuchie.

This partnership reflects a shared vision to foster long-term development, stimulate investment, and create sustainable opportunities within the African aviation industry.

Nigeria remains a strategic hub for aviation development in Africa. By combining AFG’s leasing expertise with Fidelity Bank’s deep sector knowledge and financial strength, the partnership is positioned to unlock new growth pathways and enhance the sustainability of the aviation ecosystem.

This collaboration in Africa forms part of AFG’s broader global portfolio expansion strategy, reflecting the company’s continued commitment to structured aviation investments across multiple international markets.

Fidelity Bank is regarded as a market-leader in the Nigerian aviation industry with a long list of interventions across the value chain. Its aviation finance solutions support aircraft acquisition and leasing, route expansion, aviation infrastructure development, cargo and export enablement; and partnership structures for large projects.

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GTCO Plc Releases 2025 Full Year Audited Result …Declares Another Record Dividend of 12.76k;

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Re-affirming Unrivalled Capacity to Creating Value₦ Lagos, London – 31st March 2026Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).The Group reported profit before tax of 1.23trillion underpinned by strong growth in core earnings, with interest₦ income and fee income increasing y-o-y by 23.2% and 25.9%, respectively. The performance reaffirms its capacity to generate sustainable earnings and builds on the momentum from 2024, when GTCO delivered a record profit of 1.27trillion, driven in part by 517.5billion in fair value gains, which did not recur in 2025.₦ ₦The Group’s 2025 profit after tax came in at 865.75billion against 1.02trillion recorded in 2024. The profit after tax₦ ₦ reflects the impact of recent fiscal policy adjustments to the taxation of investment securities, notably withholding tax on short-term instruments. However, when normalised for this effect, underlying earnings remain robust, driven by growth in core operating income. The Group continues to maintain a well-structured, healthy, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at 1₦ 7.8trillion and 3.₦ 4trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 43.8%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.4% and 5.0% at Bank and Group level in FY-2025 (Bank, 3.5%, and Group, 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 12.4% from 2.79trillion as of December 2024 to₦ 3.13trillion in December 2025. Similarly, deposit liabilities grew by 23.8% from 10.40trillion to 12.87trillion during₦ ₦ ₦ the same period.Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses. The strength of our underlying earnings, despite a stronger Naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns. Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential. Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 28.3%, Post-Tax Return on Assets (ROAA) of 5.3%, Capital Adequacy Ratio (CAR) of 43.8% and Cost to Income Ratio of 27.9%.Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. GTCO Plc is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

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