The Federal Inland Revenue Service (FIRS) has announced that its sweeping tax reforms have successfully reshaped Nigeria’s tax administration ecosystem, improving efficiency, transparency, and compliance while expanding the nation’s revenue base. According to the agency, the recent structural and digital reforms have not only streamlined tax collection processes but also positioned FIRS as one of the most technologically advanced revenue agencies in Africa. Speaking in Abuja, the Executive Chairman of FIRS, Dr. Zacch Adedeji, stated that the ongoing transformation of the Service is anchored on innovation, collaboration, and simplification of tax processes. He noted that through strategic reforms, the FIRS…
Author: Temitope N.
The Nigerian Exchange Group (NGX Group) has intensified its commitment to promoting gender inclusion in Nigeria’s capital market by engaging women on investment education, wealth creation, and financial literacy. The initiative, which took place at the NGX headquarters in Lagos, brought together women entrepreneurs, professionals, and investors to discuss the importance of participation in the nation’s investment ecosystem and explore strategies to bridge the gender gap in financial markets. The event, themed “Empowering Women Through Investment,” was part of NGX’s broader effort to promote inclusive finance and sustainable economic development. It featured keynote addresses, interactive sessions, and mentorship dialogues designed…
Meta, the parent company of Facebook, Instagram, and WhatsApp, has hosted an Online Safety Summit focused on promoting safer digital experiences and empowering users—especially young people—to navigate the internet responsibly. The summit, held in Lagos, brought together educators, policymakers, digital experts, and civil society leaders to discuss emerging online risks and explore strategies for building a more secure digital ecosystem across Nigeria and Africa. The event formed part of Meta’s global effort to enhance digital literacy and protect users from cyber threats, misinformation, and online abuse. Speaking at the summit, Meta’s Head of Public Policy for West and Central Africa,…
The management of Dangote Refinery has redeployed a group of engineers recently dismissed following a dispute involving the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to other company projects located across states including Borno, Zamfara, and Cross River. The move comes amid efforts by the company to ease tensions and maintain operational stability following weeks of controversy surrounding staff disengagement at the refinery complex in Ibeju-Lekki, Lagos. According to company sources, the redeployment was part of a broader restructuring plan aimed at ensuring optimal manpower utilization across Dangote Industries’ various energy and infrastructure projects. The decision, insiders…
Telecommunications giant MTN Nigeria has reiterated its commitment to empowering accountants and finance professionals through the adoption of digital tools and innovative technologies aimed at improving efficiency, accuracy, and productivity in the financial sector. The company stated that embracing digital transformation within the accounting profession is essential for driving sustainable business growth and aligning with global best practices. Speaking during the 2025 edition of the Institute of Chartered Accountants of Nigeria (ICAN) Annual Accountants’ Conference in Abuja, MTN Nigeria’s Chief Enterprise Business Officer, Lynda Saint-Nwafor, highlighted the company’s role in supporting professionals across industries through tailored digital solutions. She emphasized…
Transnational Corporation Plc (Transcorp Group) has announced a significant 39 percent increase in its revenue, driven by the outstanding performance of its power and hospitality subsidiaries. The conglomerate’s latest financial report reflects the resilience and strategic strength of its diversified portfolio, which continues to perform strongly despite Nigeria’s volatile economic conditions. According to the company’s unaudited financial statement for the nine months ending September 2025, Transcorp recorded total revenue of ₦413.4 billion, up from ₦297.4 billion in the same period of 2024. This sharp rise in earnings highlights the company’s success in optimizing operations across its subsidiaries, particularly in the…
The National Inland Waterways Authority (NIWA) has identified ballast water discharged from ships and other marine vessels as a major factor responsible for the persistent spread of water hyacinth across Nigeria’s inland waterways. The agency said the increasing infestation of the invasive aquatic plant, which continues to threaten navigation, fishing, and environmental sustainability, is largely linked to human activities associated with maritime transport. Speaking in Lokoja during a stakeholders’ engagement on environmental protection and inland waterways management, the Managing Director of NIWA, Bola Oyebamiji, explained that the uncontrolled discharge of ballast water by foreign and local vessels had introduced water…
Transnational Corporation Plc (Transcorp Group) has announced a remarkable revenue of ₦413.4 billion for the nine months ending September 2025, reflecting the group’s continued growth trajectory across its power, energy, and hospitality businesses. The conglomerate’s latest financial report underscores its resilience and strategic diversification in Nigeria’s challenging economic environment. According to the unaudited results released to the Nigerian Exchange Limited (NGX), Transcorp recorded significant growth in revenue, driven primarily by its power generation and hospitality segments. The performance represents a substantial year-on-year increase compared to the ₦291.2 billion recorded during the same period in 2024. The company’s Group Chief Executive…
First City Monument Bank (FCMB) Group Plc has unveiled a ₦160 billion public offer designed to reinforce its capital base and enhance the long-term resilience of the institution. The move comes as part of the bank’s ongoing recapitalisation plan and aligns with the Central Bank of Nigeria’s directive for stronger capitalisation among Nigerian banks. During an investors’ presentation at the Nigerian Exchange Limited (NGX), FCMB’s Group Chief Executive Officer, Ladi Balogun, said the capital raise is a strategic step to ensure the bank remains well-positioned to meet regulatory requirements and drive sustainable growth across its diverse business segments. He emphasised…
The Nigerian Exchange (NGX) closed the week on a negative note as investors engaged in profit-taking on major blue-chip stocks, resulting in a market capitalisation decline of ₦94 billion. The dip came after a strong run of gains recorded in previous sessions, signalling a momentary slowdown as investors moved to lock in returns amid shifting market sentiment. Market data from the NGX showed that the All-Share Index (ASI) fell marginally by 0.24 per cent, closing at 102,715.92 basis points, while overall market capitalisation dipped from ₦58.72 trillion to ₦58.63 trillion. Analysts attributed the decline largely to selloffs in highly capitalised…
Lafarge Africa Plc has announced a remarkable 246 percent increase in its net profit, reaching N207.8 billion for the nine months ending September 2025, signalling one of the company’s strongest financial performances in recent years. The cement manufacturer attributed the surge in profitability to efficient cost management, rising product demand, and improved operational strategies across its production plants nationwide. In its unaudited financial statement released to the Nigerian Exchange Limited (NGX), Lafarge Africa revealed that its revenue rose significantly during the review period, driven by strong market demand for cement and related products despite inflationary pressures and exchange rate volatility…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that the nation’s economic recovery has officially begun, following months of consistent policy reforms and fiscal adjustments introduced by the administration of President Bola Ahmed Tinubu. Speaking during a recent media briefing in Abuja, Edun said key indicators show that Nigeria’s economy is gradually regaining stability, with growth driven by renewed investor confidence, foreign exchange reforms, and improvements in fiscal management. According to the minister, several measures introduced in the past year have started yielding positive results, including the removal of fuel subsidies, foreign exchange market…
The Nigeria Customs Service (NCS) has restated its commitment to sanitising the downstream petroleum sector as part of renewed efforts to curb illegal activities such as smuggling, diversion, and adulteration of refined petroleum products. The agency said it will intensify its collaboration with relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Company Limited (NNPCL), to ensure transparency, accountability, and efficiency in the movement and distribution of petroleum products across the country. In a statement released over the weekend, the Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed that the Service remains…
Fintech giant OPay Nigeria has announced plans to host its annual Empowering Futures Conference 2025, an event designed to promote innovation, financial inclusion, and digital transformation across Africa’s fast-growing technology ecosystem. The conference, scheduled for early 2025 in Lagos, is expected to bring together industry leaders, policymakers, entrepreneurs, and innovators to discuss strategies for advancing financial technology and inclusive economic growth on the continent. In a statement released by the company, OPay said the 2025 edition of the Empowering Futures Conference would serve as a platform for key stakeholders in the digital economy to exchange ideas, showcase groundbreaking solutions, and…
The Nigerian Exchange (NGX) witnessed an impressive rebound last week, closing with a 4.48 percent gain as investors’ renewed appetite for equities lifted the market’s capitalisation by a remarkable N4.32 trillion. The rally, which marked one of the strongest weekly performances in recent months, reflected investors’ optimism over improving macroeconomic indicators and increased confidence in the financial and industrial sectors. Market data showed that the NGX All-Share Index surged from 100,299.48 points recorded in the previous week to 104,791.31 points by the close of trading on Friday. Consequently, the market capitalisation rose from N56.76 trillion to N61.08 trillion, reflecting the…
The Federal Ministry of Housing and Urban Development has announced that youth empowerment will be a key focus of its 2026 budget proposal, aiming to use the housing and construction sector as a strategic tool for job creation, skill development, and economic inclusion. According to the ministry, the upcoming budget will prioritise programmes designed to involve young Nigerians in homeownership schemes, housing construction projects, and technical training opportunities across the country. Speaking in Abuja, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, said the ministry intends to align its 2026 budget with the Renewed Hope Agenda of…
Stanbic IBTC Holdings Plc has reported a remarkable profit after tax of ₦278.48 billion for the nine months ending September 30, 2025, showcasing a strong improvement from the ₦182.87 billion recorded in the same period of 2024. The performance underscores the group’s strategic resilience and effective execution in navigating Nigeria’s complex economic climate, despite high inflation, fluctuating exchange rates, and tight monetary policies. According to its financial statement released to the Nigerian Exchange, the group’s profit before tax surged to ₦393.84 billion from ₦222.93 billion a year earlier, reflecting a 77 percent rise. This impressive growth was largely driven by…
Verve, one of Africa’s leading payment card brands under the Interswitch Group, has partnered with Google Play to promote fitness, technology, and lifestyle experiences for Nigerians through an innovative collaboration tied to the VerveLife 8.0 event. The partnership marks a significant step in integrating financial technology with wellness and digital entertainment, offering cardholders a new way to experience both physical and digital engagement. Announcing the partnership in Lagos, Verve stated that the collaboration with Google Play is designed to reward loyal customers while supporting the broader goal of promoting a healthy and connected lifestyle. The partnership will enable Verve cardholders…
The Dangote Petroleum Refinery and Petrochemicals Company has officially commenced construction work on its planned expansion to boost its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. This bold step is expected to make the Lagos-based refinery the largest single-site refining facility in the world once completed, marking another milestone for Africa’s most ambitious industrial project. Aliko Dangote, the President of Dangote Industries Limited, announced the development during a media briefing at the refinery complex in the Lekki Free Trade Zone, Lagos. He disclosed that the expansion project would be completed within three years and would…
The Federal Inland Revenue Service (FIRS) has achieved a historic rise in tax revenue, collecting a total of ₦47.39 trillion over a two-year period. This remarkable growth, attributed to ongoing reforms, advanced digital systems, and improved compliance measures, underscores Nigeria’s expanding fiscal capacity and efforts to diversify revenue sources beyond oil. According to recent data, FIRS exceeded its targets, recording about 115 percent performance in its overall collection drive. Between October 2023 and September 2025, the agency reported that its collection drive remained strong, with ₦22.59 trillion generated in just the first nine months of 2025 alone. This represents a…