This edition of 234Digest lands in your inbox on a Monday —just a slight shift from our usual Sunday schedule—as I work to keep the editorial rhythm of a weekly deep dive followed by a roundup going strong.

Today, you’ll find a link to our just-published deep dive on Nigeria’s real estate sector, alongside a comprehensive roundup of the week’s major stories: from major banking reforms and the Dangote refinery’s latest moves to surging real estate investment, digital innovation, creative industry milestones, and the latest on security and food supply in Nigeria’s agricultural heartland.

With both the deep dive and the roundup arriving together, you get the full picture—insightful analysis and essential headlines—delivered by this proudly one-man operation. As always, thank you for reading and for making 234Digest part of your week.

Let’s dive in.

Samuel Okocha, Editor, 234Digest here

Quote of the day

"Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may be."
— Dangote Petroleum Refinery statement, June 16.

Today’s briefs

CBN tightens oversight as banking recapitalisation accelerates

Nigeria’s central bank has directed banks operating under regulatory forbearance to halt dividends, executive bonuses, and new foreign investments until they meet capital adequacy and provisioning standards.

The move, part of a broader recapitalisation drive, aims to shore up Nigeria’s banking sector faces mounting macroeconomic risks, including currency volatility, high inflation. Banks are expected to face pressure to retain earnings and limit speculative bets as new capital thresholds are phased in through 2026.

The CBN’s action marks a shift from pandemic-era relief to fiscal discipline, as policymakers seek to prioritize financial stability amid global headwinds.

Dangote refinery offers credit and free fuel delivery to boost supply

Africa’s largest refinery, the 650,000-barrel-a-day Dangote plant, will begin nationwide distribution of petrol and diesel from August 15, offering free logistics and a credit facility to bulk buyers.

The initiative, which includes 4,000 new CNG-powered tankers, aims to revive dormant petrol stations, improve rural access, and stimulate SMEs. The move is part of Dangote’s broader effort to overhaul Nigeria’s downstream sector, shore up investor confidence, and reduce reliance on imported fuels.

Deadly attack in Benue raises food security concerns

At least 100 people were killed in a brutal attack by gunmen on the village of Yelewata in Benue state between late Friday and early Saturday, according to Amnesty International Nigeria. Dozens more were injured or remain missing, with reports that families were locked inside their homes and burned alive.

Benue, often called Nigeria’s “food basket,” has faced repeated violence linked to farmer-herder conflicts and broader insecurity, threatening food production and supply chains. Analysts warn that persistent attacks in food-producing regions risk undermining recent gains from economic reforms and efforts to curb inflation, as insecurity disrupts farming, displaces communities, and exacerbates food shortages.

Nigeria’s real estate sector surges on diaspora and urban demand

Nigeria’s real estate sector is on track to reach $2.61 trillion in value by 2025, with residential properties accounting for $2.25 trillion, according to Statista.

The market is forecast to grow at a compound annual rate of nearly 7% through 2029, propelled by rapid urbanisation, a rising middle class, and a wave of foreign investment—particularly from Nigerians in the diaspora.

Despite this momentum, experts warn that the country’s housing deficit, estimated at over 20 million units, highlights the increasing need for affordable housing to sustain growth.

Betting booms as pay-TV falters for MultiChoice

KingMakers, the sports betting arm of MultiChoice and operator of BetKing Nigeria, posted a 76% revenue surge to $106 million for the year ended March 2025, as the company capitalised on Nigeria’s appetite for online betting.

While MultiChoice lost 1.4 million pay-TV subscribers in Nigeria over two years—amid inflation, power outages, and price hikes—BetKing’s online business grew, acquiring higher-quality first-time bettors and boosting its average wager per user.

The group’s overall revenue was weighed down by naira depreciation, but betting now outpaces TV as a growth engine in the Nigerian market.

OmniRetail exit highlights investor appetite for Nigeria’s B2B platforms

Silverbacks Holdings, a Mauritius-based investment firm with focus on underserved African industries, sold part of its stake in OmniRetail, Nigeria’s leading B2B e-commerce platform, earning a fivefold return.

The gain follows Omniretail’s $20 million Series A round led by Flour Mills of Nigeria. OmniRetail, which connects 150,000 retailers with 5,800 distributors, processed ₦1.3 trillion ($810 million) in transactions last year, was recently named Financial Times’ fastest-growing company in Africa.

The exit marks Silverbacks’ ninth profitable deal, highlighting the momentum in Nigeria’s digital supply chain sector.

Salpha Energy secures $1.3m to scale solar access

Salpha Energy, a Nigerian clean energy startup led by Sandra Chukwudozie, raised $1.3 million from Shell-backed All On to expand its solar home system assembly facility and reach more off-grid communities across Africa.

Salpha, the only female-led solar assembly plant in sub-Saharan Africa, has already provided clean energy to over two million Nigerians. The investment, denominated in local currency to reduce FX risk, will help scale operations and broaden product offerings, advancing Africa’s push for affordable, sustainable energy.

United Capital expands into Francophone West Africa

United Capital Plc, a Nigerian financial services firm, expanded its footprint in Francophone West Africa with launch of an asset management subsidiary in Côte d’Ivoire.

The unit holds a license to operate across all eight WAEMU countries, marking a key step in United Capital's pan-African strategy. With ₦1.72 trillion in total assets at the end of March, the company aims to offer portfolio management and advisory services across across the region.

Abuja arts arena signals creative industry ambitions

Nigeria’s National Council for Arts and Culture (NCAC) and MEFA broke ground on a 4,500-capacity arena at Abuja’s Arts Village, the first of six planned venues across major cities.

The arena, slated to open in eight months, will host music, esports, theatre events, among others. more, and is the first of six planned across major Nigerian cities. NCAC Director-General Obi Asika said the project aims part the "hard infrastructure to support Nigeria’s creative and cultural sectors," aiming to boost jobs, tourism, and global visibility.

The initiative is part of a government-led push to support domestic touring and cultural development.

Kamaru Usman ends UFC drought

Former welterweight champion Kamaru Usman returned to winning ways, defeating Joaquin Buckley by unanimous decision at UFC Atlanta, ending a four-year spell without victory.

Usman’s resurgence, alongside the global rise of Nigerian-born stars like Israel Adesanya, is fuelling interest in mixed martial arts across Nigeria, a country where football still reigns but combat sports are gaining ground.

Photo of the day

And that’s a wrap.  A huge thanks for reading, as we keep tabs on Nigeria’s evolving story. Keep an eye for the next dispatch—a deep dive into a major news topic— arriving this week. Enjoy the rest of the week ahead.

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