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Nigerian banks will begin deducting 10 per cent withholding tax on interest earned from foreign currency deposits from 1 January 2026, aligning with the Nigeria Tax Act, 2025. Access Bank notified customers on Wednesday that the deduction applies to all FCY deposit interest, with taxes remitted to the federal government in line with regulatory requirements.

The directive forms part of broader changes to banking transactions effective from the new year. The electronic money transfer levy of N50, previously charged to recipients on transfers of N10,000 or more, will now be deducted from senders’ accounts instead. The Nigeria Revenue Service in October directed banks to deduct withholding tax from interest payments on short-term investment securities, ending a decade-long exemption period that expired in January 2022. The tax applies to treasury bills, corporate bonds, promissory notes, government bonds, commercial papers, and bills of exchange, with exceptions for Federal Government of Nigeria bonds and Central Bank OMO bills.

The Nigerian National Petroleum Company Limited recorded N502 billion profit after tax in November 2025, maintaining profitability despite crude oil production averaging 1.36 million barrels per day during the month. Revenue stood at N4.36 trillion, driven by improved gas output, steady infrastructure availability, and domestic fuel supply.

The state oil company simultaneously cut pump prices below N800 per litre, joining a downstream price war triggered by Dangote refinery’s reduction to N739 per litre at MRS stations. NNPC filling stations along the Lagos-Ibadan Expressway sold petrol at N785 per litre on Wednesday, down from approximately N875 per litre two weeks earlier. The adjustment followed weeks of customer migration to cheaper outlets after Dangote slashed ex-depot prices from N828 to N699 per litre. Gas production remained relatively stable at 6,968 million standard cubic feet per day in November, supporting the company’s revenue performance. Statutory payments to the Federation Account reached N12.12 trillion between January and October 2025. Chief Executive Bayo Ojulari assured Nigerians that market competition would benefit consumers, describing current tensions as natural consequences of Nigeria’s transition from import dependence to domestic refining.

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Tony Elumelu has become the largest shareholder in Seplat Energy through a $496 million acquisition of a 20.07 per cent stake from Maurel & Prom. The deal, completed through Heirs Holdings and its subsidiary Heirs Energies, involves 120.4 million shares sold at 305 pence per share.

M&P received an initial payment of $248 million, with the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of up to $10 million may become payable depending on Seplat’s share price performance over the next six months. M&P, one of Seplat’s three founders and its largest shareholder since 2010, described the investment as delivering strong returns since inception. Chief Executive Olivier de Langavant said the company believed now was the right time to monetise the position and focus on direct investments in oil and gas assets. Seplat’s shares rose 11 per cent in London following the announcement, whilst M&P shares advanced 8 per cent in Paris. Heirs Holdings executed a $750 million financing arrangement with the African Export-Import Bank ahead of the transaction.

British boxer Anthony Joshua was discharged from Lagoon Hospital in Lagos on Wednesday afternoon after Nigerian authorities deemed him clinically fit to recuperate at home. The two-time former heavyweight champion and Olympic gold medalist had been under observation following Monday’s fatal car crash near Lagos that killed two of his close associates and team members.

Lagos State Commissioner for Information, Gbenga Omotoso, confirmed that Joshua and his mother visited a funeral home in Lagos on Wednesday afternoon to pay their final respects to Sina Ghami and Latif Ayodele, as they were being prepared for repatriation. Ghami served as Joshua’s strength and conditioning coach, while Ayodele was a trainer, and both men were longtime friends of the boxer. The crash occurred on the congested Lagos-Ibadan expressway when the vehicle carrying Joshua collided with a stationary truck. The hired driver has been discharged from the hospital and is cooperating with police, with authorities indicating he could face reckless driving charges. Police are searching for the truck driver who fled the scene immediately after the accident. The incident occurred less than two weeks after Joshua’s knockout victory over Jake Paul in Miami.

The Nigerian Exchange recorded N36.46 trillion in market capitalisation gains during 2025, closing the year at N99.2 trillion compared with N62.92 trillion at the start of January. The All-Share Index advanced from 103,180.14 points to its year-end level, reflecting sustained investor confidence throughout the period.

Market capitalisation climbed steadily through the year, reaching N67.19 trillion by the end of February before continuing its upward trajectory. In the final trading session of 2025, investors exchanged 1.23 billion shares valued at N35.13bn across 27,872 deals. Market breadth closed positive, with 47 equities recording price gains whilst 16 declined. Aluminium Extrusion Industries led gainers with a 9.9 per cent rise to close at N21.65 per share. Chams recorded the highest trading volume with 710.28 million shares exchanged, followed by Zenith Bank with 58.76 million shares. Aradel Holdings led value transactions at N9.52 billion, followed by Seplat Energy with N7.12 billion and Zenith Bank with N3.67 billion.

Oluwatosin Ogunjuyigbe is a writer and journalist who covers business, finance, technology, and the changing forces shaping Nigeria’s economy. He focuses on turning complex ideas into clear, compelling stories.

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