First City Monument Bank (FCMB) has reaffirmed its dedication to innovation and personalised financial services as it participated in the 2025 Customer Service Week (CSW), themed “Driving Service Excellence through Innovation.” The bank used the occasion to celebrate its customers, employees, and partners, emphasizing its continued drive to deliver cutting-edge solutions tailored to individual and business needs in today’s evolving digital landscape. In a statement, FCMB’s Managing Director, Yemisi Edun, highlighted that customer satisfaction remains at the heart of the bank’s operations. She noted that the 2025 CSW celebration provided a unique opportunity to recognize the loyalty of customers while…
Author: Temitope N.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to attract and drive a projected $4.9 billion capital expenditure (capex) in non-associated gas (NAG) developments, as part of the federal government’s strategy to expand domestic gas production, enhance energy security, and position Nigeria as a key global gas supplier. The move comes amid renewed efforts to diversify the nation’s hydrocarbon portfolio and strengthen its transition to cleaner energy sources. Non-associated gas, which refers to natural gas found in reservoirs that are not in contact with crude oil, has become increasingly vital to Nigeria’s quest for energy sustainability and economic…
Telecommunications giant MTN Nigeria has called on accountants across the country to embrace digital transformation and continuous innovation or risk becoming obsolete in an era dominated by emerging technologies and automation. The company made this appeal during a recent professional development event organized by the Institute of Chartered Accountants of Nigeria (ICAN), where it emphasized the need for finance professionals to adapt to the rapidly changing business landscape. Speaking at the event, MTN Nigeria’s Chief Financial Officer, Modupe Kadri, underscored the evolving nature of accounting practice and how digital tools, data analytics, and artificial intelligence are redefining traditional accounting roles.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a decisive measure to stop crude oil producers from exporting crude without first offering it to local refineries, in a move designed to strengthen Nigeria’s domestic refining capacity and ensure energy self-sufficiency. This policy marks a significant shift in Nigeria’s upstream oil management and aligns with the federal government’s broader push to prioritize in-country value addition and reduce dependence on imported refined petroleum products. The NUPRC’s directive is expected to compel international oil companies (IOCs) and indigenous producers to comply strictly with the provisions of the Petroleum Industry Act (PIA) regarding…
Nigeria’s equities market resumed its bullish momentum on Friday as gains in the banking and oil & gas sectors lifted the Nigerian Exchange Limited (NGX) market capitalization by ₦459 billion, underscoring renewed investor confidence in key sectors of the economy. The market rally was largely driven by price appreciation in leading banking and energy stocks such as Access Holdings, Guaranty Trust Holding Company (GTCO), Zenith Bank, and Seplat Energy. The strong performance of these blue-chip equities helped offset losses in other sectors and boosted overall market sentiment. According to trading data from the NGX, the All-Share Index (ASI) advanced by…
Telecommunications giant, Globacom Limited, has reaffirmed its commitment to supporting the Nigerian Communications Commission (NCC) in strengthening the protection and sustainability of the country’s broadband infrastructure. The company’s pledge aligns with the federal government’s efforts to enhance digital connectivity, promote data security, and safeguard vital telecommunication assets across the nation. In a statement issued in Lagos, Globacom emphasized that broadband infrastructure forms the backbone of Nigeria’s digital economy, and protecting it is essential for achieving national development goals. The company expressed full support for the NCC’s initiatives aimed at curbing vandalism, improving network resilience, and ensuring uninterrupted internet access for…
First Bank of Nigeria Limited has reiterated its commitment to driving financial inclusion and bridging the economic divide through advanced digital banking solutions tailored to meet the needs of individuals, small businesses, and underserved communities. The bank’s renewed focus underscores its determination to ensure that every Nigerian, regardless of location or income level, has access to convenient, secure, and affordable financial services. In a statement released in Lagos, FirstBank’s Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, emphasized that technology remains the cornerstone of the bank’s growth strategy as it transitions into a fully digital financial institution. He stated…
UAC Foods Limited, one of Nigeria’s foremost fast-moving consumer goods companies, has expanded its product portfolio with the introduction of Zuri Seasoning, a new line of culinary products designed to cater to the diverse tastes of Nigerian households. The launch marks another strategic milestone in UAC’s commitment to product innovation and strengthening its leadership in the local food manufacturing sector. The unveiling of Zuri Seasoning, held in Lagos, brought together key stakeholders, distributors, retailers, and culinary experts who commended UAC for responding to changing consumer demands with a product that reflects both quality and affordability. The new seasoning line, developed…
President Bola Ahmed Tinubu has reiterated his administration’s commitment to achieving lasting peace and sustainable development in the Ogoni region of Rivers State, as part of broader efforts to strengthen Nigeria’s oil production capacity and environmental stability. The reaffirmation comes at a time when global oil demand has surged past $540 billion, intensifying pressure on oil-producing nations like Nigeria to balance energy output with social and environmental responsibility. Speaking through the Minister of State for Petroleum (Oil), Heineken Lokpobiri, during a stakeholders’ engagement in Port Harcourt, the President emphasized that peace in Ogoniland is central to Nigeria’s economic recovery and…
A wave of tension is reportedly building within the Dangote Petroleum Refinery as a section of engineers and technical staff have expressed strong opposition to a recent redeployment exercise ordered by the refinery’s management. The redeployment, which reportedly affects several key departments, has sparked discontent among employees, with some alleging that the move was abrupt, poorly communicated, and could disrupt ongoing operations at the multi-billion-dollar facility. According to sources close to the refinery, the management recently initiated an internal restructuring plan aimed at improving efficiency, streamlining operations, and aligning workforce deployment with the refinery’s evolving operational needs. However, several engineers…
PalmPay, one of Nigeria’s fastest-growing fintech platforms, has been recognized as the Consumer-Friendly Brand of the Year at a recent financial technology and consumer excellence event, further cementing its reputation as a leading player in Nigeria’s digital payment ecosystem. The award highlights PalmPay’s unwavering commitment to user satisfaction, innovative service delivery, and financial inclusion for millions of Nigerians. The recognition came during the 2025 Nigerian Business and Consumer Value Awards (NBCVA), held in Lagos, where industry leaders and stakeholders gathered to celebrate organizations that have demonstrated exceptional dedication to consumer satisfaction and value-driven services. PalmPay’s outstanding performance in digital payments,…
The management of Eko Electricity Distribution Company (EKEDC) has debunked circulating reports suggesting that the company has been sold to new investors, describing the claims as entirely false and misleading. The company made this clarification following speculations in some quarters that ownership of Eko DisCo had changed hands as part of the ongoing reforms and recapitalisation in Nigeria’s power sector. In an official statement issued in Lagos, the company’s Head of Corporate Communications, Mr. Babatunde Lasaki, affirmed that Eko DisCo remains fully operational under its existing management and ownership structure. He stressed that no sale, transfer, or takeover process had…
Nigeria’s pension industry achieved a major milestone in August 2025 as total pension assets under management surged to ₦26 trillion, reflecting growing investor confidence and consistent remittance by both private and public sector employers. This significant rise marks a sustained period of growth for the Contributory Pension Scheme (CPS) despite macroeconomic challenges, inflationary pressures, and exchange rate volatility. According to data compiled by the National Pension Commission (PenCom), the pension assets grew from ₦25.6 trillion recorded in July 2025 to ₦26 trillion in August, representing a month-on-month increase of approximately ₦400 billion. The increase was largely driven by improved compliance…
The Pension Transitional Arrangement Directorate (PTAD) has announced a change in the date for implementing the deduction of check-off dues from the monthly pension payments of retirees under its management. The agency disclosed this development in a recent statement, explaining that the decision was made to ensure thorough stakeholder engagement and proper alignment of administrative and financial processes before the policy takes effect. The PTAD, which oversees the pension administration of Federal Government retirees under the Defined Benefit Scheme (DBS), stated that the new implementation date will provide ample time for all necessary consultations with pension unions, relevant ministries, and…
The Federal Government has announced plans to inject an additional 7,000 megawatts (MW) of electricity into the national grid as part of its comprehensive energy reform agenda aimed at transforming Nigeria’s power sector and ensuring reliable electricity supply across the country. The Minister of Power, Chief Adebayo Adelabu, disclosed this during a press briefing in Abuja, reaffirming the government’s determination to address the persistent challenges undermining power generation and distribution. According to Adelabu, the initiative aligns with President Bola Tinubu’s economic renewal strategy, which places energy security at the heart of industrial and economic revitalization. He explained that the government’s…
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has reiterated the apex bank’s unwavering commitment to achieving and maintaining price stability as a cornerstone of Nigeria’s economic recovery efforts. Speaking during an engagement with financial stakeholders in Abuja, Cardoso emphasized that the CBN remains resolute in implementing monetary policies aimed at curbing inflation, stabilizing the exchange rate, and restoring confidence in the financial system. According to the CBN governor, the institution’s priority remains taming inflation, which has been a major challenge for the Nigerian economy, as well as ensuring macroeconomic stability that supports sustainable growth. Cardoso…
Access Bank Plc has once again demonstrated its commitment to customer empowerment and financial inclusion by awarding a ‘Salary 4 Life’ prize and distributing N6.62 billion to winners across various categories in its ongoing AccessMore Mega Reward campaign. The initiative, which seeks to reward loyal customers who actively use the AccessMore app, continues to reinforce the bank’s reputation for innovation and customer engagement in Nigeria’s competitive financial landscape. The bank, during a special reward event held in Lagos, celebrated the latest round of winners who emerged through a transparent, digitally driven draw process supervised by relevant regulatory authorities. The highlight…
The Nigerian Exchange Limited (NGX) closed the week on a bullish note as renewed investor interest in insurance and banking stocks lifted the overall market capitalisation by N92 billion. The positive performance, which followed days of cautious trading, reflected improved investor confidence and optimism surrounding the financial sector’s recovery prospects. Data from the NGX showed that the market capitalisation increased from N56.372 trillion to N56.464 trillion, representing a 0.16 percent gain. Similarly, the All-Share Index (ASI) advanced by 163.08 points, closing at 99,962.84 points compared to 99,799.76 points previously. Analysts attributed the uptrend to gains in key insurance and banking…
Air Peace Limited, one of Nigeria’s leading airlines, has firmly refuted claims circulating online that it has slashed its airfares by 30 percent. The airline described the information as false and misleading, warning the public to disregard any social media posts or websites advertising such discounts. The alleged promotion, which spread widely across various online platforms, claimed that Air Peace was offering a massive 30 percent reduction on flight tickets across its local and regional routes. In a strongly worded statement released by its spokesperson, Osifo-Whiskey Efe, the airline stated that the publication was fraudulent and not initiated by the…
The World Bank has expressed doubts over Nigeria’s ability to achieve its ambitious goal of bringing inflation down to single digits in the near term, citing persistent structural challenges, policy inconsistencies, and global economic pressures. The global financial institution made this observation following recent statements by Nigerian policymakers that ongoing fiscal and monetary reforms could lower inflation to below 10 percent within a few years. In its latest economic outlook on Nigeria, the World Bank noted that while the country has made significant strides in implementing macroeconomic reforms — including the unification of the foreign exchange rate and removal of…