Author: Temitope Nlewemchi

The Federal Government has announced the appointment of Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a move that comes after weeks of pressure from the Nigeria Labour Congress (NLC). The appointment is expected to bring stability to the commission and restore confidence in the management of the country’s pension system. President Bola Tinubu approved Agbaje’s appointment following recommendations from key stakeholders in the finance and labour sectors. The decision comes against the backdrop of a seven-day ultimatum issued by the NLC, which had accused the government of failing to comply with the provisions of the…

Nigeria’s manufacturing sector has recorded a significant boost in its Value Added Tax (VAT) contribution, climbing 39 percent to N803.5 billion, according to the latest figures from the National Bureau of Statistics (NBS). This surge underscores the sector’s resilience despite grappling with economic headwinds such as high production costs, inflationary pressures, and foreign exchange instability. The NBS report revealed that manufacturers remain one of the largest contributors to the country’s VAT revenue, accounting for a substantial portion of the total VAT collected nationwide. Analysts attribute this increase to improved tax compliance, gradual recovery in production activities, and heightened government enforcement…

The United Bank for Africa (UBA) has announced the launch of its latest Super Savers Promo, which will reward customers with a total of N150 million in cash prizes. The initiative is aimed at encouraging a savings culture among Nigerians while giving loyal customers an opportunity to win life-changing rewards. According to the bank, the Super Savers Promo is open to both existing and new account holders across its branches nationwide. Customers are required to maintain or grow their savings with specific qualifying balances over a set period to be eligible for the draws. Winners will be selected through transparent…

MTN Nigeria has increased its tariffs by 50%, raising the cost of data and other services for millions of users. The price hike, which took effect recently, has sparked mixed reactions among customers, many of whom are already grappling with rising living costs. The telecom giant attributes the increase to inflation, rising operational expenses, and the need to maintain service quality. MTN stated that the adjustment was necessary to keep up with economic challenges, including fluctuating exchange rates and the high cost of network expansion. Subscribers have expressed frustration over the new pricing, with many taking to social media to…

First City Monument Bank (FCMB) has successfully trained 44,278 entrepreneurs in business growth and financial management as part of its commitment to fostering small and medium-sized enterprises (SMEs) in Nigeria. The initiative aims to equip business owners with essential skills to scale their operations, improve financial literacy, and enhance sustainability. According to FCMB, the training covered key areas such as business planning, access to finance, digital transformation, and effective marketing strategies. The program, which was delivered through a combination of physical workshops and virtual sessions, targeted SMEs across various sectors, including agriculture, retail, technology, and manufacturing. Participants expressed appreciation for…

Stanbic IBTC Infrastructure Fund has announced its financial backing for SIFAX Group’s Ijora Terminal project, a move aimed at enhancing Nigeria’s port infrastructure and logistics capabilities. The investment will support the development and expansion of the terminal, which is expected to ease cargo movement and reduce congestion at Lagos ports. According to stakeholders, the Ijora Terminal project aligns with Nigeria’s broader efforts to improve trade facilitation and modernize its transport infrastructure. By providing critical funding, Stanbic IBTC Infrastructure Fund is enabling SIFAX Group to develop a world-class facility equipped with modern cargo handling systems, warehousing solutions, and multimodal transport access.…

The government is set to revive the struggling textile industry while intensifying efforts to curb smuggling, according to Minister of Industry, Trade, and Investment, Enoh. Speaking at a stakeholders’ meeting, he emphasized that revamping the textile sector is crucial for job creation and economic growth. Enoh outlined plans to provide financial incentives, modernize factories, and implement policies that promote local production. He also stressed that smuggling remains a significant threat to the industry, undercutting local manufacturers and discouraging investment. To combat this, the government will strengthen border security, enforce stricter trade regulations, and work closely with law enforcement agencies to…

A Federal High Court has dismissed a N374 billion lawsuit filed by a group of ginger farmers against Keystone Bank, ruling that the claims lacked sufficient merit. The case, which had drawn significant attention in the agricultural and financial sectors, centered on allegations of financial mismanagement and contract breaches related to loan disbursements for ginger farming projects. The farmers had accused Keystone Bank of failing to release funds allocated for agricultural expansion under a financing agreement. They claimed that the bank’s actions resulted in significant financial losses, crop failures, and an inability to meet supply contracts. The plaintiffs sought N374…

The Nigerian Association of Petroleum Explorationists (NAPE) has urged stakeholders to ramp up investments in the country’s energy sector to ensure sustainability and growth. Speaking at a recent industry forum, NAPE President emphasized the need for increased funding in exploration, infrastructure, and renewable energy to maintain Nigeria’s competitive edge in the global market. He noted that dwindling investments in oil and gas exploration could impact energy security and economic stability. According to NAPE, attracting both local and foreign investors requires policies that encourage ease of doing business, tax incentives, and improved regulatory frameworks. Beyond fossil fuels, NAPE also highlighted the…

Inflation can put a strain on finances, making it essential to find ways to cut costs while maintaining financial stability. Here are 14 practical strategies to help you navigate rising prices and stay ahead. Track Your Expenses – Monitor your spending to identify areas where you can cut back. Small savings add up over time. Create a Budget – Set clear spending limits for essentials and discretionary expenses. Sticking to a budget helps prevent unnecessary purchases. Reduce Energy Consumption – Save on electricity by turning off unused appliances, using energy-efficient bulbs, and opting for natural ventilation. Buy in Bulk –…

Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…

The Lagos State Government has announced plans to reconstruct and modernize the Obafemi Awolowo Technology Mall in Ikeja, as part of its wider strategy to position the state as a hub for innovation, digital commerce and economic growth. Governor Babajide Sanwo-Olu revealed that the project is intended to transform the aging mall, popularly known as the Awolowo Market, into a state-of-the-art technology and retail center that will serve the needs of traders, startups, and technology-driven businesses. Speaking through the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, the government explained that the redevelopment is aimed at revitalizing the Ikeja…

The Rotary Club of Ikate has officially inaugurated Rotarian Chukwuma Ofoegbu as its new president for the 2025/2026 Rotary year, with a renewed commitment to expand humanitarian services and deepen community development initiatives. The installation ceremony, which took place in Lagos, attracted dignitaries, Rotarians from other clubs, business leaders, and community stakeholders, reflecting the high expectations placed on the club’s leadership to deliver impactful projects. In his acceptance speech, Ofoegbu expressed gratitude for the confidence reposed in him and vowed to build on the solid foundation laid by his predecessors. He outlined a comprehensive action plan that aligns with Rotary…

The Central Bank of Nigeria (CBN) has intensified its efforts to protect bank customers and ensure fair treatment in the financial sector through a renewed focus on the Customers’ Bill of Rights. The apex bank is taking decisive steps to address issues of transparency, accountability, and consumer redress as part of its wider mandate to strengthen confidence in Nigeria’s banking system. CBN officials noted that the Bill of Rights is aimed at safeguarding consumers against unfair practices and providing them with clear avenues for complaints and dispute resolution. The initiative sets out the obligations of banks towards their customers, including…

JMG, a leading energy solutions provider in Nigeria, has announced that its recent deployment of solar power has enabled the company to save an estimated N40 million in diesel costs. The development highlights the growing shift among businesses towards renewable energy as firms continue to grapple with high fuel costs and unreliable power supply across the country. According to the company, the move to integrate solar energy into its operations was driven by both economic and environmental considerations. Nigeria’s prolonged reliance on diesel generators has placed heavy financial burdens on businesses, with volatile fuel prices and rising operational costs making…

The Nigerian Railway Corporation (NRC) and APM Terminals have officially commenced freight services between Lagos and Ibadan, marking a significant boost for cargo transportation in the country. The new rail service is expected to ease congestion at the Apapa port and improve the movement of goods between the two major cities. The initiative aims to provide businesses with a faster and more efficient alternative to road transport, which has long been plagued by gridlock and delays. With the Lagos-Ibadan rail corridor now operational for freight, importers and exporters can move cargo more seamlessly, reducing both transit time and logistics costs.…

United Bank for Africa (UBA) has announced plans to celebrate International Women’s Day (IWD) 2025 with a special edition of its Business Series, aimed at empowering female entrepreneurs and professionals. The initiative will provide women with valuable insights, financial literacy, and networking opportunities to support their business growth and career advancement. According to UBA, the IWD Business Series will feature expert-led discussions on financial management, business sustainability, and leadership development. The event will bring together successful women in business, finance, and technology to share their experiences and offer practical guidance to aspiring entrepreneurs. UBA has been at the forefront of…

The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…

Nigeria’s debt obligations to the International Development Association (IDA), a subsidiary of the World Bank Group that provides concessional loans and grants to the world’s poorest countries, have climbed to $18.2 billion, according to the latest financial report. The figure underscores the country’s growing reliance on external borrowing to finance its development agenda amid pressing fiscal challenges. The IDA, often described as the World Bank’s concessional arm, supports developing nations with loans carrying low-interest rates and extended repayment periods, as well as grants for projects in critical sectors such as health, education, agriculture, and infrastructure. Nigeria, Africa’s largest economy, has…

The Dangote Refinery is gearing up to reach full production capacity, marking a major milestone for Nigeria’s energy sector. However, the company has yet to disclose where it will source the crude oil needed to sustain operations, raising questions about supply stability. The $19 billion refinery, one of the largest in the world, has been gradually ramping up operations and recently began supplying petroleum products to the Nigerian market. Once fully operational, it is expected to refine up to 650,000 barrels of crude per day, significantly reducing Nigeria’s dependence on imported fuel. Despite this progress, uncertainty lingers over whether the…