Tony Elumelu, Chairman of United Bank for Africa (UBA), has embarked on a strategic tour across key African markets, strengthening the bank’s pan-African partnerships and reinforcing its position as a leading financial institution on the continent. The tour, aimed at deepening collaborations with governments, corporates, and financial institutions, underscores UBA’s commitment to fostering economic growth, trade facilitation, and regional integration. During the tour, Elumelu engaged with top business leaders, regulators, and policymakers across several African countries, discussing opportunities for expanding banking services, supporting cross-border trade, and enhancing financial inclusion. The visits also focused on identifying collaborative initiatives that would enable…
Author: Temitope N.
Stanbic IBTC Holdings Plc has successfully hosted the 11th edition of the Together4ALimb Walk, reinforcing its commitment to social responsibility and community engagement. The annual event, which attracts participants from across Nigeria, aims to raise awareness about limb loss, promote disability inclusion, and support charitable initiatives that provide prosthetic limbs and rehabilitation services to affected individuals. The event saw a diverse turnout, including corporate executives, employees, community leaders, and members of the public, all united in support of the cause. Participants engaged in a series of walking activities designed to symbolize solidarity with persons living with limb disabilities and highlight…
The Nigerian Stock Exchange (NGX) staged a recovery yesterday after experiencing a steep sell-off that saw billions of naira wiped off market capitalization earlier in the week. Market analysts attribute the rebound to renewed investor confidence, bargain hunting, and improved sentiment in key sectors, signaling a potential stabilization after days of volatility. According to reports, the NGX All-Share Index regained lost ground, buoyed by gains in banking, consumer goods, and oil and gas stocks. Market capitalization rose as investors took advantage of lower share prices to increase their holdings, reflecting optimism about medium-term corporate earnings and economic performance. The rebound…
The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have announced a strategic collaboration aimed at addressing the country’s persistent housing deficit, with a focus on increasing affordable housing supply and mobilizing private sector investment in the housing sector. The partnership is expected to create innovative financing solutions, improve access to mortgage loans, and accelerate housing delivery across Nigeria. The initiative was unveiled at a joint stakeholders’ forum attended by regulators, housing developers, financial institutions, and industry experts. Both SEC and FMBN emphasized that bridging the housing gap requires coordinated efforts between government agencies, capital…
Champion Breweries Plc has formally held a signing ceremony for its N15.9 billion rights issue, marking a significant milestone in the company’s capital-raising efforts aimed at strengthening its financial base, supporting expansion plans, and enhancing shareholder value. The rights issue is intended to raise additional equity capital to fund strategic investments and modernize operational infrastructure across the company’s breweries. The ceremony, attended by company executives, shareholders, and regulatory representatives, symbolized the official launch of the rights offering, which allows existing shareholders to purchase additional shares at a predetermined price, proportionate to their current holdings. This approach enables shareholders to maintain…
Access Bank Plc has inaugurated its SME Academy, a strategic initiative aimed at empowering small and medium-sized enterprises across Nigeria by providing critical business skills, mentorship, and financial literacy training. The first cohort of the programme saw 100 entrepreneurs undergo intensive training, equipping them with practical tools to scale their businesses, improve operational efficiency, and enhance competitiveness in both local and global markets. The bank’s initiative comes amid growing recognition of SMEs as vital drivers of economic growth, job creation, and innovation in Nigeria. Access Bank stated that the SME Academy seeks to address persistent challenges faced by small businesses,…
Fidelity Bank Plc has posted a significant growth in its earnings for the first half of 2025, recording N748.7 billion in revenue, reflecting robust performance across its core banking operations and strategic investments. The figures, released in the bank’s half-year financial statement, underscore the institution’s resilience and ability to navigate challenging economic conditions while expanding its market footprint. According to the report, the bank’s profit before tax (PBT) and other key financial metrics showed marked improvements compared to the corresponding period in 2024. The growth has been attributed to increased interest income, higher fee-based revenue, and effective cost management. Fidelity…
A growing number of Nigerian diaspora pensioners have raised concerns over persistent delays in receiving their entitlements, despite having completed all verification requirements, highlighting systemic challenges in the country’s pension administration process. The frustrations, expressed during recent interactions with pension agencies, point to inefficiencies that continue to affect retirees living outside Nigeria. According to reports, many diaspora pensioners have fulfilled all documentation and verification protocols, including the submission of identification documents, bank account details, and pension application forms. Despite this, they continue to experience delays in the disbursement of their monthly pensions, with some retirees reporting waiting periods of several…
Dangote Group has dismissed circulating reports suggesting that it intends to distribute petroleum products using motorcycles, describing the claims as baseless and misleading. The company emphasized that it remains committed to conventional and safe fuel distribution methods, underscoring its adherence to regulatory standards and safety protocols in the petroleum sector. A statement released by the conglomerate clarified that the circulating information, which has gained traction on social media platforms and local news outlets, is entirely unfounded. Dangote Group stressed that it has no plans to implement motorcycle-based fuel delivery, which could pose significant safety and environmental risks. The company’s spokesperson…
Nigeria has spent close to $3 billion on servicing its Eurobond obligations under President Bola Tinubu’s administration, according to debt-management data and fiscal reports. The figure reflects the growing burden of external debt on government finances and underscores the challenges Nigeria faces in balancing debt obligations with budgetary priorities. According to data from the Central Bank of Nigeria (CBN), the country’s foreign debt-service costs surged in recent years, driven largely by interest payments on Eurobonds and other external liabilities. Reports indicate that between January and April 2025 alone, Nigeria expended approximately $2.01 billion on external debt servicing — a significant…
Nigeria’s business environment is being severely hampered by chronic power shortages and escalating insecurity, according to the latest Business Expectations Survey (BES) released by the Central Bank of Nigeria (CBN). These deficiencies are eroding business stability, constraining profitability, and threatening growth across key sectors. The survey, conducted in early October 2025 among approximately 1,900 enterprises in industry, services, and agriculture, revealed that firms ranked insecurity as the primary operational constraint, scoring 71.8 on the CBN’s constraint index. Insufficient power supply followed closely with a score of 70.9, ahead of high and multiple taxation (70.2), high interest rates (68.4), and financial…
The Nigerian equities market staged a strong rebound on Tuesday, recovering from previous losses as investors recorded a substantial gain of N2.59 trillion in market capitalization. The turnaround marked a renewed wave of optimism among market participants, driven by bargain hunting in high-cap stocks and positive sentiment across major sectors of the Nigerian Exchange (NGX). Data from the NGX showed that the market capitalization, which opened at N56.87 trillion, closed higher at N59.46 trillion, reflecting a 4.56 percent appreciation. The All-Share Index (ASI) also rose by 4.56 percent, climbing from 100,530.04 points to 105,114.78 points, underscoring a broad-based recovery after…
JMG Limited, a leading Nigerian power and energy solutions company, has commissioned a state-of-the-art solar power system at a major hospital in Lagos, reaffirming its commitment to advancing renewable energy adoption and supporting Nigeria’s healthcare infrastructure. The project, aimed at improving energy reliability and cutting operational costs, marks another milestone in JMG’s mission to drive sustainable development through clean energy innovation. Speaking during the commissioning ceremony, the company’s Managing Director, Mr. Deepak Thakur, explained that the solar installation was part of JMG’s broader strategy to enhance energy access across critical sectors. According to him, hospitals play a vital role in…
Polaris Bank has been recognized for its innovative digital banking solutions for micro, small, and medium enterprises (MSMEs), winning a prestigious award that underscores its commitment to financial inclusion and technological advancement. The award highlights the bank’s efforts to provide tailored digital products that enhance efficiency, accessibility, and growth opportunities for MSMEs across Nigeria. Speaking at the award ceremony in Lagos, the bank’s Group Managing Director, Emeka Emuwa, described the accolade as a testament to Polaris Bank’s continuous drive to empower entrepreneurs through digital banking solutions. “This recognition reflects our dedication to creating an ecosystem where MSMEs can thrive using…
The Group Managing Director of United Bank for Africa (UBA), Olufunke Iyabo, has highlighted the transformative economic gains expected from the bank’s involvement in the $30 billion oil and infrastructure project in Chad. Speaking at a recent stakeholder engagement in Lagos, the UBA chief emphasized that the project represents a landmark achievement for regional economic integration, cross-border trade, and energy development in Central and West Africa. Iyabo explained that the Chad project, which includes oil exploration, pipeline development, and associated infrastructure investments, positions UBA as a key financial partner in continental energy initiatives. The bank’s role in facilitating financing, managing…
The Manufacturers Association of Nigeria (MAN) has appealed to the National Agency for Food and Drug Administration and Control (NAFDAC) to rethink its impending ban on alcoholic beverages packaged in sachets and small-volume containers, warning that the move could disrupt investments and threaten jobs across the nation. MAN’s leadership emphasized that the ban, if implemented abruptly, risks undermining the operations of several manufacturers who have invested heavily in the production and distribution of sachet-packaged alcoholic drinks. In a statement, MAN’s Director General, Segun Ajayi-Kadir, noted that the industry had been anticipating a phased approach to any regulatory changes rather than…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has reaffirmed the Federal Government’s commitment to enhancing aviation safety and security through a new partnership with the Turkish government. The move follows a high-level meeting in Abuja between Keyamo and the Turkish Ambassador to Nigeria, Mehmet Poroy, aimed at deepening bilateral relations in the aviation and aerospace sectors. During the meeting, both parties discussed strategies to bolster aviation security systems, technology transfer, and improve air transport connectivity between Nigeria and Türkiye. Ambassador Poroy, who led a delegation of Turkish officials and representatives from Turkish Airlines, said Türkiye was eager to…
In a landmark announcement, Bitget has reportedly surpassed the $1 billion mark in cumulative volume of its US stock-linked futures contracts, the company’s Chief Executive Officer revealed this week. The milestone is being hailed as a significant development for the derivatives segment of the fintech’s offering, reflecting growing investor appetite for equity-linked futures at a time of heightened global market volatility. According to industry updates shared by the platform, Bitget’s US stock-linked futures — contracts that allow investors to speculate on the price movements of major US‐listed companies without owning the underlying shares — have now cleared more than $1…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured capital market stakeholders that the government will pursue a balanced and growth-oriented approach in implementing the proposed capital gains tax (CGT) framework, amid growing concerns among stockbrokers and investors over the potential impact of the reform on market liquidity and investment inflows. Speaking during a meeting with representatives of the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) in Abuja, Edun emphasised that the administration of President Bola Tinubu remains committed to supporting capital market development and ensuring that…
Nigeria’s successful $2.25 billion Eurobond issuance has renewed investor confidence in the country’s economic management, signaling a strong vote of confidence in the fiscal and monetary reforms introduced by President Bola Tinubu’s administration. The bond, which was oversubscribed by more than 400 percent, marks Nigeria’s first major foray into the international capital market in years, attracting interest from global investors despite lingering concerns about inflation, debt sustainability, and exchange rate volatility. The Federal Government raised the funds through a dual-tranche offer consisting of 10-year and 20-year bonds, priced at yields of 9.125 percent and 9.625 percent respectively. The debt sale,…