Here are the seven top business stories you need to track this week — November 17 to November 21.
BANKS ASK CUSTOMERS TO LINK ACCOUNTS TO NIN BEFORE 2026
Commercial banks have asked customers to link their accounts to their national identification numbers (NINs) or tax identification numbers (tax IDs) ahead of the implementation of the new tax laws.
In separate notices to customers, the banks said the new laws require all accounts to be linked to a tax ID before the effective date.
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The financial institutions said customers without a tax ID are required to link their accounts to their national identity numbers (NINs).
DANGOTE SIGNS DEAL TO INVEST OVER $1BN IN ZIMBABWE
Aliko Dangote, Africa’s richest man and the chief executive officer (CEO) of Dangote Group, on November 12, said the company has signed a deal to invest over $1 billion in various sectors, including cement and energy, in Zimbabwe.
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The billionaire businessman said he signed an agreement on behalf of Dangote Group to build cement and power plants as well as a fuel pipeline.
FCCPC GIVES OPERATORS TILL JANUARY 2026 TO COMPLY WITH DIGITAL RULES
The Federal Competition and Consumer Protection Commission (FCCPC) has set January 5, 2026, as the deadline for full compliance with its digital traditional consumer lending rules.
The FCCPC had introduced the regulations to address harassment, data breaches, and exploitative practices in Nigeria’s digital lending space.
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In a statement on November 13, Ondaje Ijagwu, the commission’s director of corporate affairs, said the regulations, which took effect on July 21, 2025, were introduced under the Federal Competition and Consumer Protection Act (FCCPA) 2018 to promote fairness, transparency, and accountability in Nigeria’s growing digital lending market.
SENATE PANEL BEGINS PROBE OF STAMP DUTY COLLECTIONS
The senate committee on public accounts has commenced an investigation into how the stamp duty revenues are generated, remitted, and managed by relevant government agencies.
Speaking on November 13, Aliyu Wadada, chairman of the committee, said the move followed growing calls for transparency and accountability in the management of government finances.
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PAYSTACK CO-FOUNDER SUSPENDED OVER ALLEGATIONS OF SEXUAL MISCONDUCT
Paystack, a Nigerian payment startup, has suspended Ezra Olubi, its co-founder and chief technology officer, over allegations of workplace sexual misconduct.
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A report by TechCabal said the fintech company has launched a formal investigation into the matter, after the allegation trended on social media on November 12.
Although Olubi’s X account has been deleted, social media trend showed his tweets were posted before he co-founded Paystack.
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AIR PEACE DOMESTIC FLIGHTS DISRUPTED
Air Peace, Nigeria’s flag carrier, has attributed sudden disruptions in its domestic operations to the “unlawful” withdrawal of three aircraft by its wet lessor, SmartLynx Airlines, resulting in a $15 million financial loss.
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Nowel Ngala, the airline’s chief commercial officer (CCO), spoke on Friday at a press conference in Lagos, explaining that the withdrawals caused flight delays and cancellations.
S&P UPGRADES NIGERIA’S OUTLOOK TO POSITIVE
Standard and Poor’s (S&P), the international rating agency, has revised Nigeria’s outlook to positive from stable.
The rating agency revised the outlook on November 14, affirming Nigeria with ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings.
According to the agency, the positive outlook reflects improving external, economic, fiscal, and monetary results.
