CHAMS Plc, a leading identity management and technology services company in Nigeria, has posted an impressive 42 percent year-on-year increase in revenue during its most recent financial reporting period, underscoring the firm’s expanding relevance in the digital identity and business solutions market. According to the company’s audited accounts, revenue rose from ₦5.9 billion in the previous comparable period to ₦8.4 billion. This performance reflects growth across key business lines, including biometric identity management, digital onboarding services, and enterprise solutions such as virtual ATM cards and payment receipts processing. CHAMS Management attributed the growth to rising demand for secure identity verification…
Author: Temitope Nlewemchi
Lagos’s main port terminal operator has unveiled a comprehensive transition plan aimed at integrating solar energy across its facilities, signaling a shift toward cleaner, more reliable power sources for cargo operations, warehouses, and administrative centres. The initiative seeks to reduce greenhouse gas emissions, lower electricity costs, and protect terminal operations from disruptions caused by Nigeria’s chronic grid instability. While details on financing and deployment timelines are being finalised, the announcement represents a strategic pivot in how industrial infrastructure engages with the country’s energy challenges. Company executives outlined that the solar plan will begin with pilot installations of rooftop photovoltaic systems…
Rotary International has extended its commitment to humanitarian service by providing crucial healthcare aid to underserved communities across Nigeria. The initiative, spearheaded by various Rotary Clubs in partnership with local medical professionals, targets rural and low-income areas where access to basic healthcare services remains limited or entirely unavailable. As part of the outreach, thousands of residents in selected regions have benefited from free medical consultations, drug prescriptions, and minor surgical procedures. The intervention also includes the distribution of essential medicines, health education on disease prevention, and screening services for chronic illnesses like hypertension, diabetes, and eye conditions. Rotary’s District Governors…
Providus Bank has reiterated its strong commitment to supporting small and medium-sized enterprises (SMEs) across Nigeria, reaffirming that the sector remains central to its business strategy. During its annual SME forum held in Lagos, the bank emphasised its intention to deepen financial and advisory services geared at nurturing MSMEs and facilitating their growth in a challenging economic environment. The bank’s executive director of business banking, Mrs. Ifeoma Okoro, underscored the vital role SMEs play in national development, citing their contribution to job creation, innovation, and domestic production. “At Providus, we view SMEs as the heartbeat of Nigeria’s economy. Ensuring they…
The Nigerian Economic Summit Group (NESG) has raised fresh concerns over the broader implications of Nigeria’s domestic policy decisions, warning that the country’s strategic choices are not only shaping its own future but also influencing economic trends and political developments across the African continent. Speaking during a recent policy dialogue in Abuja, the NESG emphasized that Nigeria’s size, economy, and geopolitical position place it at the center of Africa’s prospects for integration and development. As such, decisions made by the Nigerian government — especially on monetary policy, fiscal reforms, and regulatory frameworks — could either bolster or undermine collective progress…
The Federal Government has extended heartfelt congratulations to Chief Owolabi Salis following his historic involvement in a recent international space mission. As a distinguished Nigerian figure taking part in this scientific venture, Salis’ participation marks a symbolic and inspirational moment in the country’s pursuit of technological and aerospace excellence. At a media briefing in Abuja, the Minister of Innovation, Science and Technology, Uche Nnaji, lauded Salis for representing Nigeria on such a critical global stage, calling the achievement “a major step forward for national pride and scientific credibility.” He described Salis’ journey as one that will inspire countless young Nigerians…
Nigeria’s financial sector is witnessing a noteworthy achievement as women-led banking teams collectively posted a combined surplus of ₦18.8 million in the latest reporting period. This impressive performance reflects their growing influence in a traditionally male‑dominated industry and marks a significant milestone in gender representation within banking leadership. The surplus, representing earnings above operating costs, emerged from revenue‑focused operations overseen entirely by women. These units, which include relationship management, loan operations, and retail banking segments, reported contributions that exceeded projected budgets. Analysts say this underscores not just gender inclusivity but also the commercial viability and leadership effectiveness of women bankers.…
In a strategic move to accelerate the adoption of electric vehicles (EVs) in Nigeria, the Federal Government has launched a nationwide university innovation challenge, inviting students to develop creative and practical solutions for the country’s transition to sustainable transportation. The initiative is part of broader efforts to encourage local research, innovation, and awareness around the benefits of EV technology amid global climate concerns. The contest, spearheaded by the National Automotive Design and Development Council (NADDC) in partnership with the Federal Ministry of Industry, Trade, and Investment, challenges students from public and private tertiary institutions to design and present prototypes or…
Digitvant, a leading digital lending firm in Nigeria, has announced that it has successfully disbursed loans to more than 50,000 small and medium enterprises (SMEs) across the nation. The move underscores the company’s rapid expansion and commitment to addressing financing gaps in the informal and micro-enterprise segment. Since launching its lending platform in mid-2023, Digitvant has targeted businesses typically underserved by traditional banks—traders, tailors, local manufacturers, and service providers—offering quick credit through a mobile-based application. Borrowers can apply in minutes, receive instant decisions, and get funds transferred directly into their mobile wallets or bank accounts, provided they meet minimal documentation…
FCMB Group, one of Nigeria’s leading financial conglomerates, has announced gross earnings totaling ₦529.2 billion in its recent financial results, underlining strong performance across its banking, wealth management, and investment operations. This marks a significant growth trajectory for the Group amid challenging macroeconomic conditions. The reported figure represents an impressive year-on-year increase, driven by higher interest and non‑interest income streams. Core banking operations saw growth in net interest revenue, reflecting expanded lending activities and improved asset quality. At the same time, fee-based services—such as transaction processing, advisory services, and digital banking charges—contributed significantly to the earnings outcome. The Group’s Chief…
The upcoming Annual General Meeting (AGM) of the International Chamber of Commerce (ICC) is set to place significant emphasis on maritime trade, as stakeholders across global shipping, logistics, and policy sectors prepare to gather for the high-level event. The ICC, known for its role in fostering international trade standards and commercial cooperation, announced that this year’s meeting will center on challenges, reforms, and innovations in maritime commerce. The AGM, scheduled to take place in Lagos, Nigeria, will bring together leading maritime authorities, port operators, shipping lines, customs officials, and trade policy experts from across the globe. The focus on maritime…
The nationwide blackout that gripped Nigeria over the past 48 hours has begun to ease after the National Union of Electricity Employees (NUEE) announced the suspension of its strike on Wednesday night. The strike, which had thrown homes, businesses, and industries into darkness, was called off following a marathon meeting between electricity sector unions and the Federal Government in Abuja. The industrial action began after unresolved disputes over workers’ welfare, pension entitlements, and stalled negotiations on salary reviews. The strike led to the shutdown of several critical facilities across the country, including transmission substations operated by the Transmission Company of…
The Central Bank of Nigeria (CBN) has announced a reduction in its benchmark interest rate, lowering the Monetary Policy Rate (MPR) to 27 percent. The move marks the first downward adjustment in months and signals the apex bank’s bid to ease credit conditions, stimulate investment, and consolidate gains from falling inflation. The decision was reached at the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to cut the rate after carefully reviewing recent economic data. According to the CBN, the adjustment reflects the need to balance inflation control with the urgency of stimulating growth…
The Nigerian Exchange (NGX) extended its bearish run as investors lost N265 billion in market value, deepening concerns over persistent sell-offs and weak market sentiment. The downturn, which has affected several key sectors, reflects growing investor caution amid economic uncertainties and global financial pressures. The latest decline saw the NGX All-Share Index drop further, erasing gains recorded earlier in the year. Analysts attribute the losses to profit-taking by investors, concerns over inflation, and fluctuations in foreign exchange rates. The banking, consumer goods, and industrial sectors were among the hardest hit, with major stocks recording price declines. Market watchers suggest that…
Zenith Bank Plc has announced its financial results for the first half (H1) of 2025, recording a remarkable surge in gross earnings to ₦2.5 trillion. The performance reaffirms the bank’s position as one of Nigeria’s most resilient and profitable financial institutions, despite a challenging macroeconomic environment and tightening global financial conditions. The new figures represent a significant leap compared to the ₦1.4 trillion gross earnings reported in the corresponding period of 2024, underscoring the bank’s strong revenue-generating capacity across its core banking operations. The growth was largely driven by higher interest income, robust trading gains, and improved customer transaction volumes,…
The Manufacturers Association of Nigeria (MAN) has raised fresh concerns over the Federal Government’s proposed tax stamp policy, warning that the move could increase production costs, hurt local manufacturers, and ultimately shift the financial burden onto consumers. The association stressed that at a time when Nigerians are grappling with inflation, high energy costs, and dwindling purchasing power, implementing such a policy may worsen economic hardship. The Federal Government, through its revenue agencies, has been exploring new fiscal strategies to boost tax collection and curb illicit trade, including the introduction of excise stamps across various sectors. However, manufacturers argue that the…
Stanbic IBTC Holdings Plc has announced an impressive profit after tax of N173.4 billion for the first half of 2025, a performance that underscores the bank’s resilience in Nigeria’s evolving financial landscape. The results, filed with the Nigerian Exchange (NGX), highlighted the Group’s ability to leverage its diversified operations, even amid macroeconomic pressures. The bank attributed this strong financial showing to a significant boost in interest income, which benefited from the Central Bank of Nigeria’s (CBN) tight monetary stance. With the policy rate remaining elevated, yields on loans and investment securities surged, creating opportunities for banks to earn more from…
The Federal Inland Revenue Service (FIRS) has defended the Federal Government’s borrowing framework, insisting that the country’s debt profile remains within sustainable limits when weighed against ongoing reforms, projected revenue growth, and fiscal consolidation plans. Speaking against the backdrop of mounting concerns over Nigeria’s rising debt stock and borrowing costs, the FIRS emphasized that public debt should be viewed in relation to revenue-generating capacity and economic growth, not just as isolated figures. The Service maintained that recent fiscal and tax reforms are designed to boost revenue and enhance the government’s ability to meet its obligations without jeopardizing financial stability. Nigeria’s…
The National Pension Commission (PenCom) has announced plans to redesign the Micro Pension Plan (MPP) to capture millions of Nigerians in the informal sector, as the number of registered contributors remains slightly above 200,000 despite the scheme being introduced more than five years ago. PenCom said the revamp would make the scheme more attractive and accessible to workers in the informal economy, which accounts for over 80 percent of Nigeria’s labor force. The initiative is expected to deepen financial inclusion, strengthen social security, and provide retirement savings for millions of self-employed Nigerians, artisans, and small business operators who have…
The Nigerian Exchange (NGX) closed another volatile session in the red as investors lost an estimated N322 billion in market value, extending a bearish run that has persisted over the past week. The sustained downturn highlights growing concerns among market participants as macroeconomic headwinds, profit-taking, and weak investor sentiment continue to weigh on equities. At the close of trading, the market capitalisation of listed equities dropped to N88.6 trillion, compared to N88.9 trillion in the previous session. Similarly, the All-Share Index (ASI) shed 0.36 percent to close at 156,204.31 points, as investors offloaded shares in key sectors, including banking, industrial…