Business
CBN Orders Banks to Restrict Services to Large Loan Defaulters
The Central Bank of Nigeria (CBN) has directed all banks in the country to restrict banking services to large borrowers with non-performing loans, in a move aimed at strengthening financial stability and reducing risks in the banking sector.
In a circular dated March 12, 2026, and addressed to all financial institutions, the apex bank said the directive targets “non-performing large ticket obligors” whose debt exposures could pose a systemic risk to the financial system.
Under the new directive, banks are required to deny additional credit facilities to any large borrower whose loan has been classified as non-performing and recorded in the Credit Risk Management System (CRMS) or any licensed private credit bureau.
The restriction covers all forms of credit, including loans and other direct lending facilities. Banks have also been instructed not to extend contingent banking services such as letters of credit, performance bonds, banker’s confirmations, or advance payment guarantees to such borrowers.
The CBN further directed banks to strengthen collateral coverage by obtaining additional realizable collateral from affected borrowers in order to secure existing exposures.
According to the apex bank, large ticket obligors are borrowers whose total exposure meets the threshold outlined in the Prudential Guidelines for Deposit Money Banks in Nigeria or whose combined borrowings across banks exceed the Single Obligor Limit (SOL), thereby posing potential risks to banks’ Capital Adequacy Ratio (CAR).
The directive forms part of the regulator’s efforts to protect depositors, enforce prudential compliance, and maintain stability within Nigeria’s banking system.
Vietnam recorded the world’s largest trade surplus with the United States in January 2026, surpassing both Mexico and China, according to the newly released U.S. trade data.
The figures show that Vietnam’s exports to the United States surged sharply at the start of the year, helping the Southeast Asian country top the list of America’s largest trade surplus partners.
Data from U.S. authorities indicate that the trade surplus reached about $19 billion in January, driven largely by a 53% increase in Vietnamese exports to the U.S., which exceeded $20 billion during the period.
The development reflects a continuing shift in global trade patterns, as American imports from China declined while more goods are sourced from Vietnam and other Asian manufacturing hubs.
Despite the strong trade figures, negotiations between Washington and Hanoi over a bilateral trade agreement remain unresolved. Officials say disagreements over tariff rates and the widening trade imbalance have delayed progress on a deal.
Analysts also note that Vietnam’s trade surplus with the United States has been expanding steadily in recent years, partly because higher tariffs on Chinese goods encouraged companies to shift manufacturing and exports to Vietnam.
Business
TINUBU APPROVES FISCAL INCENTIVES TO UNLOCK $20 BILLION BONGA SOUTHWEST APARO DEEPWATER PROJECT
President Bola Ahmed Tinubu has approved a targeted fiscal incentive designed to unlock the long awaited Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project, marking a milestone in Nigeria’s ongoing drive to attract strategic investments and accelerate sustainable economic growth.
The project is estimated to attract about $20 billion in Foreign Direct Investment and position Nigeria for a new era of deepwater production.
A statement signed by Chief Corporate Communications Officer, NNPC Limited, Andy Odeh, stated that the approval followed months of intensive technical and commercial negotiations involving NNPC Limited as the concessionaire, the Nigeria Revenue Service (NRS), the Special Adviser to the President on Energy, Olu Verheijen, and the Shell CEO Mr. Wael Sawan. It represents the culmination of the President’s directive, issued during a courtesy visit by Shell CEO, Mr. Wael Sawan, to fast-track the enablers required to move this strategic national asset to FID. It signals renewed confidence in Nigeria’s policy direction and its resolve to translate reform momentum into tangible investment outcomes.
Speaking on the development, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, stated: “This approval is a testament to the President’s leadership, NNPC’s disciplined execution and our ability to structure complex, bankable transactions that deliver value for Nigeria. For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have broken that logjam. This is what partnership, persistence, and policy clarity can achieve.”
Ojulari further stated, “This milestone further affirms NNPC’s commitment, under the President’s leadership, to unlocking Nigeria’s vast energy potential through partnerships, disciplined innovation and execution excellence”.
The Bonga Southwest project will be the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008, re-establishing Nigeria as a premier deepwater investment destination. The fiscal package approved by President Tinubu includes an enhanced Production Tax Credit and resolution of the 2021 dispute settlement agreement, creating a competitive framework that balances national value with investor returns.
NNPC Limited, as concessionaire, worked closely with SNEPCo and the broader contractor party to develop alternative fiscal solutions that address structural constraints while protecting Nigeria’s long-term interests. The approval was granted following rigorous evaluation by the National Revenue Service and submission of recommendations to the Presidency.
This milestone reinforces NNPC’s strategic pivot toward partnership-driven growth. By aligning with global majors like Shell and securing the enabling fiscal environment, NNPC Ltd is translating the President’s investment reform agenda into tangible outcomes—jobs, revenues, and energy security for Nigerians.
With Presidential approval secured, NNPC Limited and its partners will now progress toward FID, triggering the multi-billion-dollar capital commitment that will transform Nigeria’s deepwater landscape and deliver enduring value to the nation.
The Bonga Southwest Aparo project, operated by Shell with all IOCs in Nigeria as partners, will create over 5,000 direct and indirect jobs, and deliver 150,000 barrels per day of crude oil and 140 million standard cubic feet per day of gas upon completion.
The Nigerian equities market returned to negative territory on Wednesday as investors lost about N101 billion following sell-offs in several major stocks after two straight sessions of gains.
Losses in key equities including Dangote Sugar Refinery Plc, Jaiz Bank Plc, Chemical and Allied Products Plc, Union Dicon Salt Plc and Haldane McCall Plc weighed on overall market performance.
At the close of trading on the Nigerian Exchange Limited, market capitalisation declined to N126.097 trillion from N126.198 trillion recorded in the previous session, representing a loss of N101 billion or 0.08 per cent.
Similarly, the All-Share Index (ASI) dropped by 158.74 points, or 0.08 per cent, to settle at 196,463.22 points, down from 196,621.96 points recorded on Tuesday. Despite the decline, the market maintained a year-to-date return of 26.25 per cent.
Market breadth closed negative as 37 stocks recorded losses compared to 22 gainers.
On the losers’ chart, Dangote Sugar Refinery Plc and Jaiz Bank Plc topped the list after each shed 10 per cent to close at N74.70 and N10.80 per share respectively.
Chemical and Allied Products Plc declined by 9.97 per cent to N84.85 per share, while Union Dicon Salt Plc dropped 9.94 per cent to N14.95. Haldane McCall Plc also fell by 9.89 per cent to close at N3.92 per share.
On the gainers’ side, Premier Paints Plc led the table with a 10 per cent increase to close at N12.10 per share. Fortis Global Insurance Plc rose by 9.73 per cent to N1.24, while UAC of Nigeria Plc gained 7.78 per cent to close at N115 per share.
Other notable gainers included Eterna Plc, which advanced by 6.38 per cent to N35, and Custodian Investment Plc, which added 6.06 per cent to close at N70 per share.
Trading activity weakened compared to the previous session. Total volume traded declined by eight per cent, while the value of transactions dropped by 14 per cent. The number of deals also fell by 18 per cent.
Investors exchanged 805.3 million shares worth N38.4 billion in 71,312 deals, compared with 880 million shares valued at N44.5 billion traded in 86,761 deals on Tuesday.
Veritas Kapital Assurance Plc recorded the highest trading volume with 56.42 million shares, accounting for 7.01 per cent of the total market turnover.
Meanwhile, MTN Nigeria Communications Plc led in transaction value with trades worth N7.08 billion, representing 18.42 per cent of the total value exchanged during the session.