Business
FG Loses N793.3trn Annually To Dependence On Foreign Ships
The Federal Government (FG) is losing about N793.3 trillion ($1 trillion) to dependence on foreign ship owners for the shipment of its import and export goods.
A member of the former Presidential Committee of Fleet Expansion and Chief Executive Officer of Starz Marine and Engineering Ltd, Greg Ogbeifun, disclosed this at a one-day event with the theme “Ships, Ports, and the Challenges of Infrastructure, Skills Sets and Tools.”
Ogbeifun, who was the Chairman of the occasion, said the revenue loss is growing annually, adding that the estimated loss as at 2011 was about $500 million.
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While commending President Bola Tinubu for the steps taking so far such as establishment of the Marine and Blue Economy, he however charged the President to go further to ensure that ships are acquired by Nigeria through the private sector to halt the revenue loss.
He stated: “If I am to just assert the guess, this country is losing close to a trillion dollars in the entire shipping sector both infrastructure, human capacity, cargo carriage.”
He maintained that creating private platforms will help to refloat the sector and ensure its continuity.
READ ALSO: Old, New Naira Notes Remain Legal Tender – CBN
He noted: “If we get established platforms for the policies of the new Ministry of Marine and Blue Economy, that ministry can get ahead of others and that is what has called me out back into active Maritime activities.
“These are the areas the government must come in and address and there will be proliferation of different fleets and carrying different cargoes.’’
VANGUARD
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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