MultiChoice Nigeria has cut the price of its DStv decoder by 50 percent, reducing it from ₦20,000 to ₦10,000. The company said the price slash is part of efforts to boost customer acquisition and address falling subscription rates. In a statement issued on Tuesday, Chief Executive Officer John Ugbe described the offer as a reward for customer loyalty and a step toward delivering greater value to subscribers. “We want to ensure our customers feel appreciated and have access to the best entertainment every day. The ‘We Got You’ campaign is about making premium content more accessible and showing that DStv offers something for everyone, not just football fans. “By repositioning itself as a platform for daily value, DStv aims to encourage content discovery across a wider array of genres, including movies, drama, kids’ programming, and news. “This means more channels, more shows, and more reasons to tune in every day,” the statement added. The company also unveiled a promotional offer that gives subscribers a free upgrade to the next DStv package tier when they fully pay for their current plan between June 16 and July 31, 2025. MultiChoice said the price reduction and free upgrade initiative are part of efforts to cushion the harsh economic realities facing Nigerians. The move follows a loss of 1.4 million subscribers between March 2023 and March 2025. It’s worth noting that MultiChoice Nigeria had increased its DStv and GOtv subscription rates three times in the past year—first in April 2023, then in November 2023, and most recently in April 2024, with the new rates taking effect on May 1.

The naira appreciated to N1,595 per dollar in the parallel market on Tuesday, up from N1,600 per dollar on Monday. Meanwhile, it remained stable at N1,550 per dollar in the Nigerian Foreign Exchange Market (NFEM), according to data released by the Central Bank of Nigeria (CBN). As a result, the gap between the parallel market and the NFEM rate narrowed to N45 per dollar, down from N50 on Monday.

Oil prices tumbled over five percent on Tuesday after Israel accepted a bilateral ceasefire proposal from U.S. President Donald Trump aimed at ending hostilities with Iran. The announcement eased fears of a major energy market disruption after nearly two weeks of conflict, lifting investor sentiment across Asian markets. European stocks in London, Paris, and Frankfurt also opened higher. As of 06:50 GMT, Brent crude had fallen by 5.2 percent to \$67.75 per barrel, while U.S. benchmark West Texas Intermediate (WTI) dropped 5.4 percent to \$65.01 per barrel. “A potential end to the conflict has been welcomed by market participants,” wrote Lee Hardman at MUFG, who noted that Brent “has now almost fully reversed all of the gains since the conflict started”. “In the FX market a similar reversal is underway with the US dollar giving back recent gains. If Middle East risks now fade into the background as a market driver, it is more likely that the US dollar weakening trend will resume.” Crude prices had briefly spiked Monday morning on the prospect that Iran could retaliate to a weekend US attack on its nuclear facilities by throttling oil transport through the strategic Strait of Hormuz. But they then tumbled as much as seven percent when Iran said it had launched missiles at a major US base in Qatar, with oilfield assets unaffected. ‘War premium’ – “Tehran played it cool. Their ‘retaliation’ hit a US base in Qatar — loud enough for headlines, quiet enough not to shake the oil market’s foundations,” said Stephen Innes at SPI Asset Management. “And once that became clear, the war premium came crashing out of crude.” The Israeli government said in a statement Tuesday that the country had “achieved all the objectives” in its war with Iran, adding that it had removed “an immediate dual existential threat: nuclear and ballistic”. “Israel will respond forcefully to any violation of the ceasefire,” the statement said.

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), in connection with an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. Isa, during his tenure as CFO, was said to have overseen the disbursement of funds for the turnaround maintenance of the three refineries. Sources told *WAFFI TV* that he, alongside several key officials involved in the refinery projects and other major NNPCL undertakings, are under investigation for alleged abuse of office, misappropriation of funds, corruption, and receipt of kickbacks from contractors. Others being investigated include Tunde Bakare, current Managing Director of Warri Refinery; Ahmed Dikko and Ibrahim Onoja, both former Managing Directors of the Port Harcourt Refinery. As of the time of filing this report, EFCC spokesperson Dele Oyewale had not responded to inquiries for comment. This development follows recent revelations by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which flagged trillions of naira in discrepancies in NNPCL’s audited financial reports from 2017 to 2023. The committee described the findings as alarming and handed over 11 audit queries to the NNPCL finance team, giving them one week to respond.

Point of Sale (POS) terminals processed financial transactions worth N223.27 trillion in 2024, marking a sharp rise from the N110.35 trillion recorded in 2023. This is according to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin, which shows a continued shift from Automated Teller Machines (ATMs) to POS platforms for payments across the country. The total number of POS transactions climbed from 9.85 billion in 2023 to 13.08 billion in 2024, representing a 32.7 per cent year-on-year increase. In contrast, ATM transaction volumes remained largely unchanged, inching up slightly from 1.012 billion to 1.022 billion. ATM withdrawals in 2024 totaled N29.12 trillion, only marginally higher than the N28.21 trillion recorded the previous year, further highlighting the slowing reliance on cash withdrawals in favour of digital payments. Monthly data from the CBN also shows a consistent increase in POS transaction values throughout 2024. In January, POS terminals processed N11.50 trillion, more than doubling the N5.28 trillion recorded in the same month of 2023. ATM withdrawals dropped significantly to N2.15 trillion, from N3.24 trillion. By February, POS transactions rose to N12.46 trillion, a 69 per cent increase from N7.38 trillion the previous year. ATM usage continued to fall, dropping to N1.72 trillion from N1.77 trillion. In March 2024, POS transactions reached N14.73 trillion, up from N10.62 trillion in March 2023, while ATM withdrawals dropped to N1.60 trillion from N2.16 trillion. April followed with N13.74 trillion in POS value, compared to N8.55 trillion in 2023, as ATM withdrawals fell to N1.81 trillion from N2.41 trillion. May recorded a POS transaction value of N13.91 trillion, a 67.3 per cent rise from N8.30 trillion a year earlier. ATM withdrawals dipped slightly to N2.49 trillion from N2.62 trillion. The biggest spike came in June, with POS value soaring to N19.57 trillion—more than double the N8.31 trillion in June 2023. ATM withdrawals remained nearly flat at N2.45 trillion despite a rise in transaction volume, indicating smaller but more frequent withdrawals. In July, POS value reached N15.24 trillion, an 83 per cent increase from N8.31 trillion in July 2023. ATM withdrawals rose to N3.21 trillion, up from N2.24 trillion. August saw another surge in POS value to N18.90 trillion, compared to N9.10 trillion in the same month of 2023. ATM usage rose modestly to N2.21 trillion from N2.14 trillion. POS transaction value in September stood at N19.69 trillion, more than double the N9.40 trillion posted in 2023, while ATM withdrawals increased slightly to N2.30 trillion from N1.99 trillion. In October, POS usage rose to N22.27 trillion from N10.60 trillion in the prior year, while ATM withdrawals declined to N1.93 trillion from N2.54 trillion—the lowest for the year. November saw one of the sharpest increases, with POS transactions hitting N29.42 trillion, a jump from N11.28 trillion in 2023. ATM withdrawals also peaked at N3.35 trillion. December recorded the highest POS value of the year at N31.84 trillion, up from N13.20 trillion the previous year. ATM withdrawals also reached their peak at N3.91 trillion, from N2.43 trillion in December 2023. The data reflects the continued expansion of POS infrastructure nationwide, bolstered by agency banking in both urban and rural communities. While ATMs remain in use, the data points to a steady decline in dependence on physical cash withdrawals for everyday transactions. This growing preference for POS reflects Nigerians’ increasing appetite for convenient, fast, and accessible payment methods. However, the rapid growth has also raised concerns over transaction fees and security. Despite the surge in usage, December 2024 saw a spike in POS charges—some agents reportedly charged N200 per N5,000 withdrawal, a 100 per cent increase. This coincided with widespread ATM cash shortages, leaving many customers with no choice but to rely on POS operators. Inside banking halls, the situation was not much better. Most banks turned customers away due to cash unavailability, and in rare cases where cash was available, withdrawals were capped at N10,000 or N20,000. These developments occurred despite earlier warnings from the CBN, which sanctioned nine Deposit Money Banks with fines totalling N1.35 billion for failing to dispense cash via ATMs during the festive season. The banks—Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, UBA, and Sterling Bank—were each fined N150 million after spot checks revealed non-compliance with cash availability guidelines. The PUNCH

Nigerians may soon face higher petrol prices following a fresh hike by the Dangote Petroleum Refinery, which on Friday raised its ex-depot price for Premium Motor Spirit (PMS) to N880 per litre. This marks a N55 increase from the previous rate of N825, sparking renewed concerns over fuel affordability and volatility in the downstream market. According to data from *petroleumprice.ng* and a Pro Forma Invoice reviewed by *The PUNCH*, the new rate could drive pump prices above N900 per litre in some regions, particularly those far from major supply points. The price hike comes despite a drop in global crude benchmarks: Brent crude fell by 3.02% to \$76.47 per barrel, WTI declined to \$74.93, and Murban slipped to \$76.97. However, the global dip offers little relief due to ongoing fears of sudden supply disruptions. The refinery's rising reliance on imported U.S. crude, coupled with high operational costs and exchange rate fluctuations, continues to pressure pricing. On Thursday, Dangote Group President Aliko Dangote revealed that the 650,000-barrel-per-day refinery is now “increasingly” sourcing crude from the United States. This shift comes amid ongoing supply shortages and under the Federal Government’s naira-for-crude exchange policy. Documents indicate the refinery plans to import approximately 17.65 million barrels of crude oil between April and July 2025, with 3.65 million barrels already delivered over the last two months. Dangote disclosed the supply challenges during a briefing with the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira, noting that the refinery is still struggling to secure adequate local crude volumes.

The Securities and Exchange Commission (SEC) has introduced new corporate governance regulations that bar Chief Executive Officers (CEOs) from immediately assuming the role of board chairman within the same company or corporate group. A mandatory three-year “cooling-off” period must now be observed before such a transition. The directive, detailed in a circular titled *“Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors”* and released on Saturday, also prohibits Independent Non-Executive Directors (INEDs) from taking up Executive Director positions within the same company or its group structure. According to the SEC, these reforms are designed to protect board independence and strengthen corporate governance practices within Nigeria’s capital market. “The Commission has observed a worrying trend of the transmutation of Independent Non-Executive Directors into Executive Directors, including the position of Chief Executive Officer,” the circular noted. “This practice compromises the neutrality and objectivity expected of INEDs and undermines the core principles of independent directorship as outlined in the National Code of Corporate Governance (NCCG) and the SEC Corporate Governance Guidelines (SCGG).” The SEC has therefore instructed all public companies and capital market operators to immediately halt the practice of converting Independent Non-Executive Directors (INEDs) into executive roles within the same company or its group. To enhance board transparency and prevent excessive concentration of authority, the Commission also introduced new rules on board succession, including tenure limits and transition restrictions. Specifically, the SEC mandated that Chief Executive Officers (CEOs) or Executive Directors who have served for 10 consecutive years in a single company—or 12 consecutive years across a group—must vacate their roles. Such individuals are barred from becoming Board Chairman of the same company or group until a mandatory three-year cooling-off period has passed. Even then, if appointed as Chairman, their term must not exceed four years. These measures, the SEC emphasized, are supported by its authority under Section 355(r)(iv) of the Investments and Securities Act (ISA), 2025, which empowers it to set corporate governance standards for regulated entities. “The directives take immediate effect and must be strictly adhered to. Public companies and capital market operators are required to integrate these rules into their board appointments and succession plans,” the SEC stated. The Commission also clarified that the years already served by current executives and directors will count toward the newly established 10- and 12-year tenure thresholds.

The Federal Government has announced plans to link citizens’ credit scores to their National Identification Number (NIN), creating a unified, mandatory record of borrowing and repayment history that will be accessible to banks, fintech platforms, and micro-lenders. It warned that individuals who default on loans may face penalties such as being denied passport or driver’s licence renewal, as well as difficulties securing rental accommodation. Chief Executive Officer of the Credit Corporation of Nigeria, Uzoma Nwagba, disclosed this during the Meet-the-Press briefing organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday. Nwagba said the agency is developing a centralised national credit bureau that will provide lenders with real-time data linked to each borrower’s NIN. He added that the consequences of default would go beyond increased interest rates, as draft regulations propose broader restrictions for chronic defaulters. Nwagba explained, “If you default on your loan, it could affect your ability to renew your passport, your driver’s license, or even rent a house. There will be no hiding place. “Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences. “This is a fundamental shift in how credit works in Nigeria. Your NIN will now serve as the anchor for your credit profile.” He said all licensed lenders must now file repayment data to CreditCorp, which will generate algorithmic scores using both financial and non-financial inputs. The goal, Nwagba said, was to give every adult Nigerian a live credit rating, “not optional, but automatic” that rewards discipline and penalises delinquency without predatory tactics. “More importantly, consequences for defaulters will be structured and deterrent, but not predatory. “We are building a system that encourages responsible borrowing and rewards financial discipline,” he added. The effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult. “The ultimate goal is for everyone to have a credit score. This is not optional. “We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour,” said the CreditCorp chief. Beyond enforcing credit discipline, CREDICORP’s broader mandate, Nwagba said, aligned with President Bola Tinubu’s Renewed Hope Agenda to improve citizens’ quality of life, curb corruption, and stimulate industrial growth. “The first goal is to improve the quality of life. This is President Tinubu’s vision to give Nigerians access to resources that can uplift their living conditions. “The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands.

The Corporate Affairs Commission (CAC) has announced a revision of its service fees, set to take effect on August 1, 2025. The review comes after a comprehensive assessment of prevailing economic conditions, increasing operational costs, and consultations with key stakeholders across various sectors. The revised fees will apply to services rendered to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory processes. A detailed list of the updated charges is available on the CAC’s official website. The Commission stated that the fee adjustment is aimed at enhancing service delivery through improved digital infrastructure.

**The naira yesterday weakened to N1,598 per dollar in the parallel market, down from N1,585 per dollar on Monday.** Likewise, it fell to N1,547.5 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate climbed to N1,547.5 per dollar from N1,543, reflecting a depreciation of N4.5. As a result, the gap between the parallel market and NFEM rates widened to N50.5 per dollar, up from N26 on Monday.