TAJBank Limited and the National Hajj Commission of Nigeria have formalised a new partnership aimed at enhancing the country’s Hajj Savings Scheme, marking a major step toward improving the financial planning process for intending pilgrims. The agreement, signed through a memorandum of understanding, is expected to provide a more structured and transparent framework that will help Muslims across Nigeria save gradually for the annual pilgrimage to Saudi Arabia. The initiative, first introduced to ease the financial burden associated with Hajj, enables prospective pilgrims to build up their travel funds over time rather than relying on one-off payments shortly before departure.…
Author: Temitope N.
At least 82 Bureau De Change operators have successfully met the Central Bank of Nigeria’s newly introduced regulatory guidelines, marking one of the most significant compliance milestones since the apex bank announced sweeping reforms across the foreign exchange market. The development reflects the first batch of operators cleared under the revised framework, which aims to strengthen transparency, curb illicit financial flows and stabilise Nigeria’s FX landscape. The CBN had earlier unveiled stringent operational rules requiring BDCs to upgrade their corporate governance structures, enhance documentation processes, adopt stricter anti–money laundering controls and improve reporting standards. The guidelines were introduced as part…
Nigeria’s foreign exchange market witnessed a mild depreciation of the naira as the local currency closed at approximately N1,451.86 to the United States dollar, reflecting a modest weakening compared to previous trading sessions. The slight movement, according to market analysts, underscores the continuous pressure on the foreign exchange ecosystem despite recent policy adjustments aimed at stabilising the national currency. Trading figures from the official window indicated that the naira encountered renewed demand pressures as importers, investors and businesses sought dollars for various obligations. The uptick in dollar demand, combined with lingering supply constraints, contributed to the marginal depreciation recorded at…
PalmPay has rolled out a new set of digital tasks and reward-driven activities for its users as part of a special December engagement campaign aimed at increasing customer participation on its platform. The initiative, which forms part of the company’s broader strategy to deepen financial inclusion and strengthen user loyalty, encourages Nigerians to interact more actively with its digital financial services in exchange for various prizes. According to information from the fintech firm, the December programme introduces a series of simple but interactive tasks designed to boost digital literacy and promote convenient electronic transactions during the festive season. Users are…
The Nigerian Exchange Limited recorded a notable boost in its market capitalisation as insurance and banking stocks led trading gains, contributing approximately N247.21 billion to the overall value of listed equities. Investors responded positively to upbeat corporate earnings reports and renewed market optimism, which collectively helped lift market performance across key sectors. Trading activity revealed that select banks and insurance firms experienced significant share price appreciation, reflecting investor confidence in the financial sector amid ongoing regulatory reforms and improved business fundamentals. Market analysts noted that the gains were largely driven by expectations of stronger quarterly results, resilient balance sheets, and…
Regulatory Commission (NUPRC) has confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has received a total of $185 million and N14.9 billion from the Frontier Exploration Fund (FEF), a development aimed at supporting ongoing exploration activities in underexplored hydrocarbon basins across the country. The disclosure comes amid ongoing discussions about the management and allocation of exploration funds in Nigeria’s upstream sector. According to NUPRC, the funds were released as part of the government’s efforts to promote oil and gas exploration in frontier areas, including the North and other underdeveloped basins where exploration activity has historically been limited. The…
The Federal Government has announced a new directive prohibiting cash payments to Ministries, Departments, and Agencies (MDAs), mandating the installation and use of Point-of-Sale (POS) terminals to facilitate electronic transactions. The policy is part of ongoing efforts to enhance transparency, reduce revenue leakages, and strengthen accountability in public financial management. Officials explained that the cashless initiative is designed to minimise the handling of physical currency within government offices, which has historically been associated with delays, misappropriation, and poor record-keeping. By requiring MDAs to adopt POS systems, the government aims to ensure that all payments, including service fees, levies, and other…
The recent reforms by the Nigeria Customs Service are being hailed as a clear indication that African institutions are prepared to play a decisive role in shaping global trade standards, according to a senior official, Adeniyi. Speaking at a trade policy forum, Adeniyi emphasized that the reforms are not just about improving revenue collection but also about enhancing operational efficiency, transparency, and competitiveness, positioning Nigeria — and by extension Africa — as a key player in international trade. According to Adeniyi, the overhaul of processes within the Customs Service demonstrates the country’s commitment to aligning with global best practices in…
The Nigeria Customs Service has intercepted a shipment of 25.5 kilograms of cocaine concealed on a Brazilian vessel docked at the Apapa Port in Lagos, underscoring ongoing efforts to combat drug trafficking and enhance port security. The seizure was part of routine intelligence-led operations by the Customs anti-narcotics unit, which has intensified inspections of high-risk shipments following international alerts and monitoring of maritime routes known for illicit drug movements. According to officials, the cocaine was hidden among legitimate cargo on the vessel, demonstrating the sophisticated concealment methods often employed by traffickers attempting to bypass port security measures. The discovery followed…
The Federal Government has recorded a sharp increase in revenue from the electronic transfer levy, with collections reportedly doubling to N360 billion, highlighting the growing impact of digital financial transactions on government revenue. The surge, according to officials, is largely driven by increased adoption of digital payment platforms, mobile banking, and electronic money transfers across the country, reflecting both the expansion of fintech services and higher compliance with the levy. Government sources explained that the electronic transfer levy, introduced to enhance the tax base and capture digital financial activities, applies to transfers above a certain threshold on banks and mobile…
The Federal Government has announced a firm deadline of December 20 for the settlement of outstanding payments owed to contractors across various sectors, signaling a renewed commitment to timely disbursement of funds and the completion of ongoing projects. This directive, issued by the Ministry of Finance in conjunction with relevant implementing agencies, comes amid growing concerns from contractors over delayed payments, which have previously slowed project execution and strained cash flows for businesses engaged by the government. Officials explained that the deadline applies to all federal contractors whose projects have been certified as complete or partially complete and for which…
The National Drug Law Enforcement Agency (NDLEA) has successfully intercepted a massive quantity of illicit substances during coordinated operations across Nigeria, seizing over 7.6 million tramadol pills and 76,273 kilograms of cannabis. The seizures were carried out as part of intensified nationwide raids aimed at curbing drug trafficking, abuse, and distribution, particularly of substances classified as dangerous to public health. According to the NDLEA, the operations targeted high-risk areas identified through intelligence-led strategies and included major cities, border towns, and transit routes commonly used by traffickers. The agency stated that the raids were meticulously planned and executed, involving collaboration between…
The Lagos Chamber of Commerce and Industry (LCCI) has elected Leye Kupoluyi as its new President and Chairman of Council, marking a key leadership transition in one of Nigeria’s foremost business advocacy organizations. Kupoluyi, who has long been involved in private-sector initiatives and economic policy advocacy, is expected to steer the chamber’s efforts in promoting business growth, facilitating trade, and shaping economic policies that enhance Nigeria’s investment climate. The election, conducted during the chamber’s annual general meeting, follows a competitive process involving stakeholders from diverse sectors of the economy, including manufacturing, finance, services, and trade. Members expressed confidence in Kupoluyi’s…
The Nigerian Domestic Petroleum Holding Company (NDPHC) has reportedly gained renewed momentum under the leadership of Managing Director Adighije, as the agency intensifies efforts to strengthen the nation’s domestic petroleum supply chain and ensure efficient fuel distribution. Observers note that NDPHC’s recent initiatives reflect a strategic focus on operational efficiency, financial transparency, and stakeholder engagement, aimed at stabilizing the petroleum sector and supporting broader economic growth. Under Adighije’s tenure, the NDPHC has reportedly prioritized the streamlining of fuel procurement and distribution processes, reducing delays and inefficiencies that have historically plagued the sector. This includes closer coordination with petroleum marketers, refiners,…
The Federal Government has clarified that ongoing tax reforms will not involve unauthorized access to citizens’ bank accounts, reassuring Nigerians about privacy and financial security amid rising concerns over digital tax collection measures. Officials emphasized that the reforms are focused on improving tax administration, broadening the tax base, and enhancing compliance through transparent and accountable procedures, without violating personal financial confidentiality. Speaking on the reforms, a senior official from the Federal Ministry of Finance explained that the government intends to rely on existing financial reporting frameworks, voluntary disclosures, and partnerships with banks to strengthen tax collection. The official stressed that…
A Lagos State lawmaker has donated 400 market stalls to traders in the state, reinforcing efforts to support small businesses and enhance economic activities within local markets. The initiative, aimed at empowering traders, particularly those in the informal sector, reflects a commitment to fostering entrepreneurship, reducing unemployment, and providing sustainable livelihoods for residents. During a ceremony marking the presentation of the stalls, the lawmaker emphasized that the gesture is part of a broader agenda to support economic empowerment and ensure that traders have access to proper, secure spaces to conduct their businesses. He noted that market infrastructure plays a critical…
Investment in Africa’s upstream oil and gas sector has rebounded strongly, reaching a forecasted $41 billion, signaling renewed confidence in the continent’s energy prospects amid global market recovery. Analysts attribute the surge to rising oil prices, favorable regulatory reforms, and increasing interest from international and domestic investors seeking growth opportunities in exploration and production activities across key African markets. According to industry experts, the rebound reflects significant commitments to exploration, drilling, and production capacity expansion. Countries such as Nigeria, Angola, Ghana, and Egypt have seen heightened activity, with operators moving forward on previously delayed projects and announcing new ventures aimed…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reportedly used crude oil valued at about N991 billion to service part of the $3 billion emergency loan it secured last year to stabilise the foreign exchange market and support its operational obligations. The latest findings, sourced from internal industry assessments and disclosures by officials familiar with the repayment structure, indicate that crude oil swaps remain a central mechanism for meeting the company’s external financial commitments. According to the report, the $3 billion loan—initially described as a crude-backed facility—was structured to allow NNPC to repay the debt by allocating portions of…
The European Union (EU) and the Federal Government of Nigeria have entered into a renewed partnership aimed at addressing the persistent skills deficit hindering the country’s power sector. The initiative, announced following high-level energy and development dialogues between both parties, is expected to strengthen human capacity, improve technical competence, and support Nigeria’s transition toward a more reliable, sustainable electricity system. The collaboration comes at a time when Nigeria continues to struggle with inadequate power generation, ageing infrastructure, and technical manpower shortages across the electricity value chain. The EU noted that while Nigeria possesses significant potential for renewable energy expansion and…
Google.org, the philanthropic arm of Google, has approved a $1 million grant to the Africa Talent Foundation (ATF) as part of an ambitious plan to nurture a new generation of artificial intelligence specialists across the continent. The funding marks one of the organisation’s most significant commitments toward closing Africa’s AI skills gap and positioning young professionals for emerging opportunities in the global digital economy. The grant is aimed at strengthening ATF’s capacity to train, mentor, and equip thousands of Africans with skills in cutting-edge AI disciplines, including machine learning, data science, responsible AI deployment, and the development of practical solutions…