Business

Bakers announce new price hikes for bread

Published

4 years ago

July 26, 2022

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Nigerian consumers of bread will in the coming days pay more for bread as bakers in some states have announced price hikes to cover the high cost of ingredients.

Kogi Master Bakers said on Sunday they were resuming production after weeks of strike, but will increase prices of their products.

The association had on Wednesday joined the nationwide strike declared by its national body to demand government intervention regarding prices of materials used in bread production.

“Although the Federal Government is yet to respond to our pleas and demands, we are satisfied that we have at least sent a message hoping for a positive result,” Gabriel Bamidele-Adeniyi, Chairman, Association of Master Bakers and Caterers of Nigeria, Kogi Chapter, said.

“Unfortunately, as we resume production, July 25, prices of bread will definitely increase by 20 per cent.

“A bread of N200 will cost between N240 and N250, that of N500 will cost N600, that of N600; N750, that of N700 will cost N880 and that of N800; between N980 and N1, 000 respectively

“We want the public to know that the new increment in prices of stable bread is not our making but that of the increase in the prices of commodities we use in bread production.

“We want the government to see to it that prices of yeast, sugar and flour being imported are drastically reduced so that only three companies have the licence to import them.

“Unfortunately those three firms are monopolizing the prices of sugar, yeast and flour to the detriment of bakers in Nigeria,” he lamented.

Bamidele-Adeniyi appealed to the government to ensure that the sugar company in Bashuta commenced production and equally open the opportunity for members to obtain the licence to import and obtain loans for better bread production.

Bakers in Abuja said last week they had decided not to take part in the strike as they preferred to engage with the government to find solutions. They warned that they would suspend production, however, if that failed.

In Cross River, bakers said they were increasing prices and reducing production quantities amid high cost of ingredients and production.

This was disclosed by a leader of the state Master Bakers group, Thomas Odey, in an interview with NAN on Monday.

Odey said the Cross River master bakers did not join the national body in their two weeks’ withdrawal of service but resolved to increase price and reduce the quantity of production to prevent wastage.

The Director of Canaan Delight Bakery Nigeria Limited said that a withdrawal of service was not good for the system as a lot of average Nigerians would suffer because bread was a staple commodity in the country.

“The planned increment is not even enough, this is because the price of every means of production has increased from condiments to diesel and all other raw materials.

“This is a global issue that is not peculiar to Nigeria or materials for baking alone but the price of every foodstuff has increased significantly.

“In my contacts with big flour mills in the country, they will tell you the Russia/Ukraine crisis, exchange rate and the issue of sourcing foreign currency are posing major challenges and increasing the price of wheat flour,” he said.

Speaking further, Odey noted that the use of cassava and potato flour was an option but the challenge was that the specific species of cassava needed for good flour production was not sufficient in Nigeria.

He said the normal cassava that was common in Nigeria was bitter when used to produce flour while potato cultivation was still largely at subsistence level, making production insufficient in the country.

“In my training with Flour Mill, I discovered that they mixed cassava flour with wheat to get what they used but the kind of cassava they used was a specie we need to develop in large quantities.

“Potato flour is also good and can be combined with wheat flour but the challenge is that it is not enough in the country for industrial purposes and is a seasonal crop.

“Nigeria needs to channel its resources and mindset to developing agriculture and stop paying lip service because if we continue to depend on the importation of foreign raw materials to salvage our few industries, it will never help us,” he asserted.

Last week, residents of Enugu decried the four-day warning strike embarked upon by bread bakers, as the current price of the commodity had become unaffordable.

Some of the residents, who spoke to NAN in Enugu on Sunday, said the warning strike had affected many bread consumers because it ended up making the price of the commodity to further increase.

Some bread sellers said there had been an increase in price of bread by 30 per cent following the strike by the Bakers Association of Nigeria.

A bread seller, Samson Igwe, said that the price would further increase across the state after the warning strike due to the high cost of raw materials used for baking bread.

Business

Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

2 months ago

August 24, 2026

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

3 months ago

July 20, 2026

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.