Business
S&P upgrades Nigeria’s credit rating, FG reacts
S&P Global Ratings has upgraded Nigeria’s credit rating from B- to B with a Stable Outlook, an indication that the US-based agency believes Nigeria’s economy is getting better.
The improved rating was disclosed by finance minister Taiwo Oyedele in an X post early on Saturday.
“This latest upgrade by S&P follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings,” Mr Oyedele wrote.
PREMIUM TIMES reports that Fitch and Moody’s had upgraded Nigeria’s sovereign rating, with Fitch also raising the rating from B-to B with a stable outlook.
Mr Oyedele said the improved ratings by the three global ratings firms indicate their belief in President Bola Tinubu’s economic policies.
“It further reinforces growing international confidence in Nigeria’s economic reform trajectory, policy consistency, and medium-term growth prospects,” he wrote.
Read Mr Oyedele’s full statement below.
T ’ &
The Federal Government welcomes the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook.
This latest upgrade by S&P follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings. It further reinforces growing international confidence in Nigeria’s economic reform trajectory, policy consistency, and medium-term growth prospects.
These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy.
In particular, S&P highlighted improvements in Nigeria’s external position, stronger balance of payments dynamics, increased oil production, expanding domestic refining and export capacity, and the sustained implementation of key macroeconomic reforms including foreign exchange market liberalisation.
The agency also recognised ongoing fiscal reforms aimed at broadening the tax base, improving public revenue mobilisation, enhancing fiscal transparency, and strengthening debt sustainability. Notably, Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further as reforms continue to mature.
The upgrades by Fitch, Moody’s, and now S&P send a strong signal to global investors, development partners, financial markets, and the international business community that Nigeria is regaining macroeconomic credibility and restoring confidence in the management of its economy.
The government remains firmly committed to prudent fiscal management, macroeconomic stability, and structural reforms that promote inclusive and sustainable growth. We have maintained our position against the reintroduction of inefficient fuel subsidies which historically created significant fiscal distortions, incentivised smuggling, weakened foreign exchange liquidity, and diverted scarce public resources away from critical national priorities.
We remain committed to a market-driven economy anchored on transparency, competition, and effective regulatory oversight. Accordingly, the Federal Government will continue to uphold policies that support free enterprise, respect private investment, and provide a stable and predictable environment for businesses and investors to thrive.
While these positive ratings developments are encouraging, we recognise that the work ahead remains substantial. We are focused on addressing inflationary pressures, improving food security, expanding decent job opportunities, and ensuring that economic growth translates into meaningful and inclusive prosperity for all Nigerians.
The Federal, States and Local Governments will continue to implement reforms with discipline, pragmatism, and compassion while maintaining close engagement with citizens and all stakeholders.
The Federal Government appreciates the resilience, patience, and support of Nigerians in this reform journey. The improving outlook from leading global rating agencies will further position our country to attract investments and and enhance the country’s ability to secure financing on more favourable terms. We are strengthened in our resolve to build a stronger economy that is globally competitive, fiscally sustainable, and works for all Nigerians.
BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
The post AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board appeared first on Business Today NG.
The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
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