The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…
Author: Temitope N.
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…
The Nigerian equities market on Monday witnessed a significant dip as profit-taking activities among investors dragged the overall performance of the Nigerian Exchange Limited (NGX). The bearish trend resulted in a loss of about N325 billion in market capitalization, signaling a pullback after weeks of sustained rallies that had pushed the stock market to new highs. Analysts attributed the downturn to cautious sentiment among investors who sought to lock in gains amid ongoing economic uncertainties. Data from the NGX showed that the All-Share Index (ASI) slipped by 0.57 percent, closing at 98,552.76 basis points, compared to the previous trading session’s…
The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged as part of renewed efforts to combat the increasing wave of electronic fraud. The policy, which is set to take effect in collaboration with banks, fintech operators, and payment service providers, aims to improve the monitoring of transaction points, enhance transparency in payment systems, and strengthen consumer protection. According to the CBN, the rise in electronic payment adoption has been accompanied by a surge in fraudulent activities, especially those perpetrated through PoS terminals. Criminal syndicates have taken advantage of weak…
The Nigerian Economic Summit Group (NESG) has urged the federal government to strengthen its reform momentum and prioritize economic stabilization strategies that will not only safeguard current gains but also set the stage for sustainable long-term growth. Speaking at the mid-year Private Sector Forum for 2025, the policy advocacy group outlined three key pillars that it believes are critical for Nigeria’s future: business continuity, improved productivity and job creation, and expanded social protection systems for vulnerable households. According to NESG, recent reforms have helped the country recover from years of volatility, with modest improvements recorded across various economic indicators. Reforms…
Nigeria has been ranked 116th in the 2025 edition of the Good Governance Index, underscoring the country’s ongoing struggles with governance challenges, economic instability, and institutional inefficiencies. The latest global ranking, which assesses the performance of 193 countries across key governance pillars, revealed that Nigeria fell short of making Africa’s top five despite being the continent’s largest economy and most populous nation. The Good Governance Index evaluates countries based on factors such as political stability, rule of law, economic management, institutional quality, transparency, human rights protection, public service delivery, and accountability. While Nigeria made slight improvements in a few categories…
China has announced a donation of $1 million to Nigeria to support ongoing efforts to assist victims of recent floods that have devastated several communities across the country. The donation, made through the Chinese government, underscores the growing ties between Nigeria and China, particularly in humanitarian cooperation, and aims to provide urgent relief for families affected by one of the most severe flooding incidents in recent years. The flooding, which has been worsened by heavy rains and overflowing rivers across multiple states, has displaced thousands of people, destroyed farmlands, and damaged critical infrastructure. Homes, schools, and healthcare facilities have been…
Nigeria’s capital market has posted a remarkable turnaround under President Bola Tinubu’s reform agenda, with the volume and value of transactions nearly tripling in just two years, according to the Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga. Speaking during a diplomatic visit to Brazil, Kwairanga credited Tinubu’s wide-ranging interventions—particularly in the oil and gas sector, foreign exchange policy, and tax administration—for restoring stability and investor confidence in the financial markets. He described the surge in activity as a direct outcome of bold reforms that have positively transformed both the economy and the capital market. Building on his remarks,…
Dangote Group, Africa’s largest conglomerate led by Nigerian billionaire Aliko Dangote, has signed a landmark $2.5 billion deal with the Ethiopian government to construct a state-of-the-art fertilizer plant in the East African nation. The agreement, which represents one of the largest single private investments in Ethiopia’s history, underscores Dangote’s strategic vision of expanding beyond cement into other critical sectors that support Africa’s agricultural and industrial development. The project, expected to significantly boost Ethiopia’s agricultural productivity, will involve the establishment of a fertilizer manufacturing complex with the capacity to produce millions of tonnes of fertilizer annually. Ethiopia, a country with an…
Heirs Energies, one of Nigeria’s leading integrated energy companies, is preparing to showcase its growth plans at a major international gathering in South Africa, further positioning itself as a key player in the African energy landscape. The move underscores the company’s ambition to strengthen its footprint across the continent while reinforcing its vision of delivering sustainable and impactful energy solutions that align with Africa’s development priorities. The company, which has in recent years accelerated investments in oil, gas, and power, is expected to use the platform in South Africa to highlight its operational achievements and outline new strategies aimed at…
The United Bank for Africa (UBA) has announced a bold initiative in collaboration with the Bank of Industry (BOI) to empower female entrepreneurs and strengthen financial inclusion in Nigeria. Under the scheme, a dedicated ₦5 billion fund has been earmarked to support women-owned micro, small, and medium enterprises (MSMEs), positioning the program as one of the largest targeted financing drives for women in business across the country. The fund is part of UBA’s broader commitment to gender equity and inclusive growth, reflecting the bank’s recognition of the critical role women play in driving economic activity and job creation. By providing…
The Kaduna State Government has announced a comprehensive update of its tax laws as part of efforts to align with international best practices and strengthen the state’s fiscal framework. The move, according to officials, is aimed at creating a transparent, efficient, and investor-friendly tax system that will boost internally generated revenue (IGR) while supporting sustainable development. Governor Uba Sani, in a statement issued through his spokesperson, explained that the reforms were necessary to modernize Kaduna’s tax regime, eliminate outdated provisions, and ensure consistency with evolving global economic realities. He said the updated laws will help strike a balance between enhancing…
Open Access Data Centres (OADC) has unveiled a new internet connectivity platform aimed at expanding digital access and improving broadband penetration across Africa. The initiative, which aligns with the company’s vision to drive digital transformation, was formally launched during an industry event that brought together stakeholders in the telecommunications and technology sectors. According to OADC, the newly introduced platform will provide enterprises, service providers, and government institutions with high-speed, reliable, and cost-effective internet connectivity. The company highlighted that the solution integrates cutting-edge technology to meet growing data demands, improve service delivery, and support the rapid expansion of Africa’s digital economy.…
Ecobank Nigeria is set to host a landmark art exhibition titled “Enduring Legacies: A Collector’s Tribute to Masters” from August 30 to September 21, 2025, at the Pan African Centre in Victoria Island, Lagos. The exhibition is designed to celebrate Nigeria’s most revered visual artists and highlight the rich creative heritage that has shaped the country’s cultural landscape over the decades. The showcase will feature a rare collection of works from some of the most influential figures in Nigeria’s art history. Curated by renowned art historian Adekepemi Aderemi, the exhibition draws from a private collection assembled by KrabHouse. Among the…
The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo Adighije, has disclosed that the company has begun a strategic programme aimed at reviving dormant and underperforming power plants across the country. Speaking during an industry briefing in Abuja, Adighije explained that the move is part of the government’s commitment to stabilizing Nigeria’s electricity supply and unlocking the full capacity of its power assets. According to him, several NDPHC-owned power stations have remained idle or operated below optimal capacity due to challenges such as inadequate gas supply, transmission bottlenecks, and financial constraints affecting…
The Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG) have entered into landmark 20-year gas supply agreements with six major firms, a move aimed at solidifying Nigeria’s position as a leading gas producer and exporter. The agreements, which span two decades, are part of the government’s broader strategy to leverage the country’s vast gas reserves for economic diversification and increased foreign exchange earnings. Under the new deals, NNPCL will supply feed gas to NLNG’s facilities from various upstream projects operated by the participating companies. The agreements are designed to ensure a stable and long-term gas supply that…
The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has announced plans to establish a $100 million youth investment bank aimed at providing financial support and resources for young entrepreneurs across the country. The initiative is part of ongoing efforts to tackle unemployment and boost economic growth by nurturing youth-led businesses and start-ups. According to government officials, the youth investment bank will serve as a specialized financial institution dedicated to offering affordable loans, grants, and business development services to young Nigerians with viable business ideas. The move comes amid growing calls for targeted interventions to address…
A new industry report has revealed that Nigeria has an estimated ₦341 trillion worth of crude oil resources lying idle in undeveloped fields, raising concerns over missed opportunities for revenue generation, foreign investment, and energy security. The findings underscore the urgency for the government and industry stakeholders to take decisive action in unlocking these stranded assets, particularly at a time when the nation grapples with fiscal pressures, dwindling foreign reserves, and rising debt levels. According to the report, the undeveloped oil reserves are scattered across both onshore and offshore fields, including marginal assets awarded to indigenous operators that remain largely…
Lagos State Governor Babajide Sanwo-Olu has announced that the state’s burgeoning leather industry is projected to generate an estimated N387.5 billion annually from exports, positioning Lagos as a key player in Nigeria’s non-oil revenue diversification drive. Speaking at an event showcasing the state’s industrial and export potential, the governor emphasized that the leather value chain holds significant opportunities for wealth creation, job growth, and foreign exchange earnings. Sanwo-Olu explained that the state government is implementing a comprehensive strategy to enhance leather production, processing, and exportation. This includes investments in modern tanneries, training programs for artisans, and the establishment of industrial…
First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country. The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20…