The Money Briefing: Nigeria, Africa and Global Markets
From the Federal Government's latest Treasury bill offer to Dangote Refinery's profit surge, Shell's planned exit from domestic gas distribution and a fresh warning from Nigeria's securities regulator, here are the developments shaping the financial conversation.
Today's key developments across finance, business, fintech, technology and digital assets
Nigeria
1. CBN Offers ₦450 Billion in Treasury Bills as Q4 Borrowing Continues
The Central Bank of Nigeria is offering ₦450 billion in Treasury bills at its October 14 auction on behalf of the Debt Management Office. The offer comprises ₦50 billion in 91-day bills, ₦50 billion in 182-day bills and ₦350 billion in 364-day bills.
The one-year instrument accounts for nearly 78 per cent of the offer. With ₦80.84 billion in bills due to mature at settlement, a full sale could withdraw approximately ₦369.16 billion in net liquidity, although the final effect will depend on the amount allotted.
2. Dangote Refinery Reports $4.73 Billion Nine-Month Profit
Dangote Petroleum Refinery and Petrochemicals reported a net profit of $4.73 billion for the nine months ended September 30, 2026, compared with a $117.2 million loss in the corresponding period last year.
Revenue climbed to $22.48 billion, while earnings before interest, taxes, depreciation and amortisation reached $5.52 billion. The results mark a major financial turnaround as the refinery prepares for a planned initial public offering.
3. SEC Warns Nigerians Against Investing Through WayvePay
Nigeria's Securities and Exchange Commission has warned the public against investing through WayvePay, stating that the platform is not registered to solicit investments from the public or operate in the Nigerian capital market.
The warning, published on October 10, cited suspected fraudulent activities and cautioned that dealing with unregistered investment operators exposes users to potential financial losses. The commission advised investors to verify operators through its official registration channels before committing funds.
Business and energy
4. Shell Agrees to Sell Nigerian Gas Distribution Business
Shell has agreed to sell its entire interest in Shell Nigeria Gas Group to Nigerian energy company Vaaris Energy Limited. The transaction remains subject to regulatory approvals, and the companies have not disclosed the financial terms.
The business supplies natural gas to industrial and commercial customers, operating approximately 170 kilometres of pipeline infrastructure across Ogun, Abia and Rivers states and serving more than 130 customers. Shell says the transaction forms part of its strategy to simplify its portfolio and concentrate on areas of greater strategic importance.
Africa's fintech and financial markets
5. Standard Bank Backs OPay as Fintech Pursues US Listing
Standard Bank Group has signed an agreement to make a strategic investment in OPay, subject to the completion of its proposed initial public offering and applicable regulatory approvals.
OPay has also filed a registration statement with the United States Securities and Exchange Commission for a proposed listing on the New York Stock Exchange under the ticker symbol OPAY. The planned partnership could create opportunities to expand digital financial services and distribute selected Standard Bank products through OPay's platform.
6. Airtel Money's London Debut Puts Mobile Finance Under the Spotlight
Airtel Money began trading on the London Stock Exchange after an initial public offering that raised approximately $703 million through the sale of existing shares. Its shares closed below the offer price on the first trading day, despite initial gains.
The listing valued the mobile money business at approximately $7 billion and provided another major test of investor appetite for African digital financial services. Airtel Money operates across several sub-Saharan African markets, including Kenya, Malawi and Tanzania.
Global finance and digital payments
7. Ecobank Moves to Expand Direct Yuan Payments With China
Ecobank is preparing to join China's Cross-Border Interbank Payment System, which supports payments and settlement in yuan. The bank is also discussing yuan-settlement services with Bank of China.
The move comes as trade and investment links between China and Africa deepen. Direct yuan settlement could give businesses another option for cross-border transactions and reduce their reliance on converting payments through the United States dollar, depending on the currencies and arrangements involved.
What Monica readers should watch
Three themes stand out from today's verified developments:
- Government borrowing and liquidity: The Treasury bill auction will help show how investors respond to the government's short-term funding programme.
- Investor confidence: Dangote Refinery's results, OPay's proposed listing and Airtel Money's market debut offer different perspectives on the opportunities and risks in African businesses.
- Digital financial safety: The SEC's warning on WayvePay underlines the importance of checking regulatory status before investing through online platforms.
The bigger picture is that financial technology and digital payments continue to expand, but growth does not remove the need for sound financial decisions, regulatory oversight and transparent business practices.
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