Business
Crude Oil Sales Rise By 46% To N21tn – NBS
Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022.
This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude oil accounted for 78.74 per cent of total export.
According to data from the National Bureau of Statistics, total exports for 2022 rose by 41.72 per cent from N18.91tn in 2021 to N26.79tn as of 2022. Imports rose by 22.77 per cent from N20.84tn in 2021 to N25.59tn in 2022.
In 2022, Nigeria spent N2.63tn importing food and live animal; N10.12tn importing petroleum and other mineral fuel; N1.93tn on manufactured goods; and N5.93tn on machinery and transport equipment.
READ ALSO: Crude Oil Production: Angola, Libya Overtake Nigeria — OPEC Report
Commenting on the growth of foreign trade, the NBS said, “In the fourth quarter of 2022, Nigeria’s total trade stood at N11.72tn of which total exports stood at N6.36tn and total imports amounted to N5.36tn.
“On an annual basis, total trade was N52.39tn, total imports amounted to N25.59tn, and total exports were recorded at N26.79tn.”
Explaining the breakdown for Q4, 2022, the national statistics body stated, “The top five export destinations in the fourth quarter of 2022 were Spain, Netherlands, India, France, and Indonesia accounting for 9.70 per cent, 9.03 per cent, 7.71 per cent, 7.70 per cent and 7.44 per cent respectively of total exports.
“Altogether, exports to the top five countries amounted to 41.59 per cent of the total value of exports.”
It added, “In terms of Imports, in the fourth quarter of 2022, China, Belgium, India, The Netherlands, and the United States of America were the top five countries of origin of imports to Nigeria.
“The values of imports from the top five countries amounted to N2.99tn representing a share of 55.82 per cent of the total value of imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1.56tn), ‘Gas Oil’ (N220.47bn), and ‘Durum Wheat (Not in seeds)’ (N187.96bn)”
READ ALSO: How Govt Officials Facilitated $1.2bn Crude Oil, Gas Theft – Source
Despite witnessing a boost in crude oil sales, the World Bank had stated that Nigeria did not benefit from oil price boom because of fuel subsidies and reduce oil production.
According to the global bank, the average price of crude oil increased by over 150 per cent from 2020 to 2022, but Nigeria’s macroeconomic performance weakened over this time, with its fiscal space shrinking. It stated that in 2022, the government fiscal deficit was estimated to have increased to 5.7 percent of GDP from 5.4 percent in 2020 before the boom.
The Washington-based bank said that high production costs, theft and insecurity, joint-venture cash-call arrears, and inadequate investment have caused Nigeria’s crude oil output to fall consistently below its Organisation of the Petroleum Exporting Countries quota since June 2020.
Commenting on fuel subsidy, the bank explained, “Second, the ballooning cost of the petrol subsidy: The continuation of the petrol subsidy (deducted directly from oil revenues) implies forgone fiscal revenues of 2.5–2.7 per cent of GDP in 2022.
“This, combined with the protracted decline in oil production, has resulted in the lowest levels of net oil revenues (in percent of GDP) being transferred to the government in over a decade.”
In its recent article IV report on Nigeria, the International Monetary Fund stated, “Higher oil prices are yet to deliver tangible benefits amid contraction of oil production and costly fuel subsidies.”
According to the IMF, Nigeria has missed its opportunity to benefit from higher global oil prices. From January to July 2022, Nigeria’s oil production slumped by 28 million barrels threatening the Federal Government’s N9.37tn oil and gas revenue target for 2022.
READ ALSO: Stolen Crude Oil Found In Churches, Mosques – NNPC
From January and April, the government projected that it would earn N3.12tn, but only generated only N1.23tn in the period.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, had stated that the continued reduction in oil production and the country’s inability to meet its revenue target might lead to bankruptcy.
He said, “The massive oil theft in the Niger Delta, which is on an industrial scale, has continued to stop Nigeria from meeting its OPEC production quota. The impact of this is very clear. The finance minister told you that the government was finding it difficult to meet its obligations because of a lack of funds.”
Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
READ ALSO:Full List: FG Releases Names Of 68 ambassadorial Nominees Sent To Senate For Confirmation
“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
READ ALSO: First Bank Releases Statement On Foiled Abuja Robbery Attack
“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
READ ALSO:JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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