Labour unions have formally escalated allegations of workers’ rights violations against the government to the International Labour Organization (ILO), citing concerns over poor labour conditions, alleged breaches of collective bargaining agreements, and what they describe as a pattern of disregard for internationally recognized labour standards. The move marks a significant step in the long-running tensions between organised labour and public sector authorities over wage disputes, workplace conditions, and compliance with labour laws. According to labour representatives, the decision to involve the ILO became necessary after repeated attempts to resolve the issues domestically failed to yield satisfactory outcomes. The complaints reportedly…
Author: Temitope Nlewemchi
The African Petroleum Producers’ Organisation (APPO) has confirmed that the long-anticipated Africa Energy Bank (AEB) is now scheduled to commence operations in September 2026, marking a major milestone in the continent’s effort to create a dedicated financing institution for energy infrastructure and development projects. The confirmation follows several years of planning, restructuring, and postponements that delayed the bank’s operational launch. The initiative is being developed jointly by APPO and the African Export-Import Bank (Afreximbank), with Nigeria hosting the headquarters in Abuja. The institution is designed to mobilise long-term financing for Africa’s energy sector, particularly in oil, gas, and related infrastructure…
Health experts, nutrition advocates, and food industry stakeholders have intensified efforts to address the growing spread of misinformation around dairy nutrition, warning that inaccurate claims about milk and dairy products could undermine public health outcomes, particularly among children and vulnerable populations. The renewed push comes amid increasing concerns that social media platforms and unverified online sources are shaping public perceptions of food and nutrition without scientific backing. Stakeholders argue that misleading narratives about dairy consumption—ranging from claims that milk is inherently harmful to assertions that it offers no nutritional value—are discouraging consumption of a key source of essential nutrients. Nutrition…
The Manufacturers Association of Nigeria (MAN) has stated that Nigeria’s industrial sector could experience a meaningful rebound if ongoing policy initiatives such as the naira-for-crude arrangement and planned tax reforms are effectively implemented and sustained. According to the association, the combination of improved access to locally priced crude oil and a more efficient tax structure could significantly reduce production costs, enhance competitiveness, and stimulate growth across key manufacturing segments. MAN noted that high operating costs, foreign exchange volatility, and multiple taxation have continued to weigh heavily on industrial output in recent years. The naira-for-crude initiative, which allows domestic refiners to…
Africa’s rapidly expanding digital payments ecosystem is growing at an unprecedented pace, but industry stakeholders and analysts say the boom is also exposing deep regulatory inconsistencies and infrastructure gaps that could slow long-term financial inclusion and cross-border efficiency if not urgently addressed. Across the continent, mobile money platforms, fintech startups, and digital banking solutions have transformed how individuals and businesses send, receive, and store money. The shift has been driven by increased smartphone penetration, rising internet access, and growing demand for faster, cheaper, and more accessible financial services, particularly in underserved communities. However, despite this strong growth trajectory, experts warn…
Economists and financial analysts have raised concerns over the timing of Oyo State Government’s planned N200 billion bond issuance, arguing that prevailing economic conditions, high interest rates, and increasing debt servicing obligations warrant careful consideration before proceeding with a large-scale borrowing programme. The proposed bond, which is expected to be used to finance infrastructure and development projects across the state, has generated debate among stakeholders regarding its potential impact on public finances and long-term fiscal sustainability. While supporters of the initiative argue that strategic borrowing can accelerate development and improve infrastructure, critics contend that the current economic environment may make…
Fortis Global Insurance Plc has reported a loss of N1.89 billion, reflecting the challenges facing insurance operators in an environment marked by economic volatility, rising operating costs, inflationary pressures, and evolving regulatory requirements. The financial performance, disclosed in the company’s latest results, highlights the difficult operating conditions confronting many players within Nigeria’s insurance industry. Despite ongoing efforts to improve market penetration, strengthen underwriting performance, and expand product offerings, insurers continue to navigate a complex business landscape shaped by macroeconomic uncertainty and changing consumer behavior. The reported loss represents a significant setback for the company and underscores the pressure on profitability…
Wema Bank has returned as the headline sponsor of Fashion Souk, reaffirming its commitment to supporting Nigeria’s creative economy, promoting entrepreneurship, and empowering businesses operating within the fashion, beauty, lifestyle, and creative industries. The bank’s renewed partnership with the popular fashion and lifestyle event highlights the growing recognition of the creative sector as an important contributor to economic growth, job creation, and innovation. Through its continued sponsorship, Wema Bank aims to provide entrepreneurs, designers, artisans, and small business owners with opportunities to showcase their products, expand their customer base, and strengthen their commercial prospects. Fashion Souk has evolved into one…
Shareholders of Ecobank Transnational Incorporated (ETI) have approved a dividend payout of $40 million, reaffirming confidence in the pan-African banking group’s financial performance, strategic direction, and commitment to delivering value to investors across its markets of operation. The approval was granted at the company’s annual general meeting, where shareholders reviewed the bank’s financial results, assessed management’s performance, and considered key resolutions relating to corporate governance, business growth, and capital management. The dividend declaration reflects Ecobank’s continued efforts to balance shareholder returns with investments needed to support long-term expansion and operational resilience. The dividend payout comes amid a period of evolving…
The Central Bank of Nigeria (CBN) has increased the allowable foreign exchange limit for overseas tuition payments to $25,000, a move expected to provide relief to Nigerian students studying abroad and their families amid rising global education costs and foreign exchange challenges. The adjustment is aimed at improving access to foreign currency for educational expenses and addressing concerns raised by parents, students, and educational stakeholders regarding the difficulties associated with funding international studies. The new limit reflects growing recognition of the financial pressures facing Nigerians pursuing academic programmes in foreign institutions. Education remains one of the largest categories of foreign…
Shareholders of Greenwich Holdings Limited have commended the company’s performance and strategic direction at its maiden Annual General Meeting (AGM), expressing confidence in its governance structure, operational growth, and long-term value creation prospects. The AGM, which brought together investors, board members, and management executives, provided an opportunity for the company to present its financial results, outline its strategic priorities, and engage directly with shareholders on key issues affecting its operations and future outlook. During the meeting, shareholders praised the company’s progress in expanding its business portfolio and strengthening its presence across key segments of the financial services sector. They…
The Nigerian Exchange (NGX) recorded a loss of N581 billion in market capitalization as bearish sentiment persisted across the equities market, extending the current downturn to a fourth consecutive trading session. The sustained decline reflects increased profit-taking activities, cautious investor sentiment, and selling pressure across key sectors of the market. Market data showed that the overall value of listed equities fell significantly as investors continued to offload shares in major companies, resulting in a broad-based decline in stock prices. The latest loss adds to a series of negative trading sessions that have wiped substantial value from the market and tempered…
The Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies to compensate Band-A customers affected by prolonged power outages and service failures, reinforcing regulatory efforts to ensure that consumers receive the level of electricity supply promised under the country’s service-based tariff framework. The directive follows growing concerns from consumers over persistent power interruptions despite paying premium tariffs associated with the Band-A category. Under NERC’s service-based tariff structure, Band-A customers are expected to receive a minimum of 20 hours of electricity supply daily and are charged higher rates based on the enhanced service commitment. According to the regulator, distribution companies…
First Bank, in partnership with the Federal Ministry of Housing and Urban Development, has launched a single-digit mortgage scheme aimed at improving access to affordable housing finance and expanding homeownership opportunities for Nigerians. The initiative is expected to provide prospective homeowners with access to mortgage facilities at interest rates significantly lower than prevailing commercial lending rates, thereby addressing one of the major barriers to homeownership in the country. The scheme forms part of broader efforts by both the public and private sectors to tackle Nigeria’s housing deficit, which industry estimates place in the millions of housing units. High construction costs,…
The African Development Bank (AfDB) has stated that African countries collectively have the capacity to mobilize up to $469 billion in additional revenue without increasing taxes, pointing instead to improved efficiency in public finance management, reduction of illicit financial flows, better debt management, and enhanced domestic resource mobilization systems. The disclosure highlights a growing focus among development institutions on strengthening internal revenue systems across the continent as governments grapple with rising debt burdens, infrastructure deficits, and expanding social needs. According to the AfDB, the emphasis is shifting away from tax rate increases toward plugging leakages and optimizing existing financial systems.…
The Senior Vice President of First City Monument Bank (FCMB) has emphasized that small and medium-sized enterprises (SMEs) require more than just access to financing to thrive, stressing that adequate infrastructure, supportive ecosystems, and capacity-building initiatives are equally critical to their long-term success. Speaking on the challenges facing SMEs in Nigeria, the executive noted that while financing remains an important component of business growth, structural gaps in infrastructure continue to limit the ability of many small businesses to scale sustainably. These challenges include unreliable electricity supply, inadequate transportation networks, limited access to modern technology, and insufficient business development support systems.…
The International Finance Corporation (IFC) and Standard Chartered have launched a $300 million finance facility aimed at expanding access to capital for businesses, supporting economic growth, and strengthening private sector development across emerging markets. The initiative is expected to provide much-needed financing for companies operating in key sectors of the economy, particularly those facing challenges in accessing affordable long-term funding. The new facility underscores the growing role of development finance institutions and commercial banks in addressing financing gaps that continue to limit business expansion and economic development in many emerging economies. By combining IFC’s development expertise with Standard Chartered’s extensive…
The Federal Government has announced that electricity consumers who generate surplus power from solar energy systems will be allowed to sell excess electricity to distribution companies (Discos), a move aimed at expanding renewable energy adoption, improving electricity access, and strengthening the country’s power supply network. The initiative forms part of broader efforts to modernize Nigeria’s electricity sector and encourage greater participation by consumers in power generation. By enabling households, businesses, and institutions with solar installations to feed unused electricity into the national grid, the government hopes to create a more decentralized and efficient energy ecosystem. Officials said the policy is…
Quest Merchant Bank has reinforced its standing within Nigeria’s financial services industry following the affirmation of its credit rating with a stable outlook, a development that reflects confidence in the institution’s financial health, risk management practices, and long-term growth strategy. The rating affirmation comes at a time when financial institutions are navigating a challenging operating environment characterized by inflationary pressures, exchange rate volatility, regulatory changes, and evolving customer expectations. Market analysts say the stable rating underscores the bank’s resilience and ability to maintain operational stability despite prevailing economic uncertainties. Credit ratings are widely regarded as important indicators of an institution’s…
CardinalStone has successfully completed the N21 billion rights issue undertaken by Fidson Healthcare Plc, marking a significant milestone in the pharmaceutical company’s growth strategy and highlighting sustained investor confidence in Nigeria’s healthcare sector and capital market. The completion of the rights issue represents a major capital-raising achievement for Fidson Healthcare, one of Nigeria’s leading pharmaceutical manufacturers. The exercise was designed to provide the company with additional funding to support expansion plans, strengthen operational capacity, and enhance its long-term competitiveness in the healthcare industry. As the issuing house and financial adviser to the transaction, CardinalStone played a central role in coordinating…