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…
Author: Temitope Nlewemchi
A 12-year-old Nigerian student has emerged as the winner of the prestigious MED-EL ear care contest, showcasing remarkable knowledge and advocacy for hearing health. The competition, organized by MED-EL, a global leader in hearing implant technology, aims to raise awareness about hearing loss and the importance of ear care. The young champion competed against participants from various countries, impressing judges with their understanding of hearing health, innovative ideas, and commitment to spreading awareness. Their presentation highlighted the significance of early detection, proper ear hygiene, and the role of technology in improving the lives of people with hearing impairments. Winning this…
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 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…
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…
The Nigerian government has assumed full control of Keystone Bank, a move aimed at stabilizing the financial institution and ensuring its continued operations. This development comes amid increasing regulatory scrutiny and efforts to maintain the health of the country’s banking sector. The Central Bank of Nigeria (CBN) spearheaded the transition, citing the need to protect depositors and maintain public confidence in the financial system. While specific details on the government’s plans for the bank remain unclear, authorities have assured customers that Keystone Bank will continue operating as usual, with no disruptions to services. Keystone Bank has faced financial challenges in…
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 Chairperson and Chief Executive Officer of Wema Bank have reaffirmed the bank’s dedication to empowering women through financial inclusion, business support, and leadership opportunities. Their renewed commitment aligns with the bank’s ongoing initiatives to create a more inclusive financial system that caters to the needs of female entrepreneurs and professionals. Speaking at a recent event, Wema Bank executives emphasized the importance of providing women with access to capital, mentorship, and digital banking solutions. They highlighted various programs designed to support women-led businesses, including loan facilities, capacity-building workshops, and networking platforms aimed at fostering economic growth and stability. Over the…
The Federal Ministry of Industry, Trade, and Investment has released an update on Lagos’ economic development, highlighting key projects and policies aimed at driving growth in Nigeria’s commercial capital. The report outlines ongoing initiatives focused on infrastructure, trade facilitation, and business reforms to strengthen the state’s position as an economic powerhouse. According to the ministry, Lagos continues to attract significant local and foreign investments due to its strategic location, large consumer market, and improving business environment. The update detailed progress in various sectors, including manufacturing, technology, real estate, and transportation, emphasizing government efforts to support entrepreneurship and industrialization. One of…
Bonded terminal operators have called on the Federal Government to implement policies that protect their investments and ensure the sustainability of the sector. The operators raised concerns over regulatory uncertainties, infrastructure challenges, and policy inconsistencies that threaten the viability of their businesses. Bonded terminals, which serve as storage and clearance points for imported cargo outside seaports, play a crucial role in decongesting ports and facilitating trade. However, operators argue that unfavorable policies, high operational costs, and unpredictable government interventions have made it increasingly difficult to sustain their businesses. Speaking on the issue, stakeholders emphasized the need for the government to…
The Nigerian Shippers’ Council (NSC) has emphasized the importance of barge operations in enhancing cargo evacuation and easing congestion at the nation’s ports. The council noted that the efficient movement of goods via barges is essential to decongesting road networks and improving overall port efficiency. According to the NSC, barge operations provide a viable alternative to road transport, reducing traffic bottlenecks caused by heavy-duty trucks and minimizing delays in cargo movement. With the increasing volume of imports and exports, the council stressed the need for greater investment in waterway infrastructure to support seamless logistics operations. Stakeholders in the maritime sector…
The Nigeria Customs Service (NCS) has commenced training for stakeholders on the automated transire system, aimed at enhancing efficiency in cargo clearance and cross-border trade operations. The initiative seeks to familiarize importers, exporters, freight forwarders, and other industry players with the digital platform designed to streamline transit procedures and reduce processing delays. The automated transire system is part of Customs’ broader efforts to modernize trade facilitation, minimize human intervention, and curb irregularities in cargo movement. By digitizing the transire process, Customs aims to improve compliance, enhance transparency, and accelerate the clearance of goods at ports and border posts. During the…
The Lagos State Waterways Authority (LASWA) has successfully removed a dredging pipe obstructing navigation on the state’s waterways. The move was part of ongoing efforts to enhance safety and improve the free flow of water transport in Lagos. The dredging pipe, which had posed risks to boat operators and commuters, was identified as a major hazard along a frequently used route. LASWA officials, in collaboration with marine safety teams, carried out the operation to clear the obstruction and restore safe passage for watercraft. According to LASWA, the removal of the pipe aligns with the agency’s commitment to ensuring that Lagos…
The Lagos Area Manager of the National Inland Waterways Authority (NIWA) has been honored with a prestigious award in recognition of outstanding contributions to the development and management of Nigeria’s inland waterways. The award highlights the manager’s leadership in enhancing water transport efficiency, safety, and infrastructure within the Lagos region. Under the manager’s tenure, NIWA Lagos has implemented key initiatives aimed at improving waterway navigation, regulating boat operations, and ensuring compliance with safety standards. These efforts have been instrumental in reducing accidents and promoting the use of inland waterways as a viable mode of transportation. The recognition comes at a…
The Minister of Works, David Umahi, has revealed that Northern Nigeria is benefiting from 52% of the ongoing road construction projects across the country. He made this known while addressing concerns about regional infrastructure development, emphasizing that the federal government is committed to ensuring balanced road projects nationwide. According to Umahi, the large share of projects in the North is part of the government’s strategy to enhance connectivity, boost economic activities, and improve the overall quality of life for residents. He noted that several major highways, bridges, and rural road networks are currently under construction, with significant progress recorded despite…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to suspend the newly introduced 4% Comprehensive Import Supervision Scheme (CISS) charge on imports, warning that it will worsen production costs and stifle business growth. In a statement, LCCI argued that the additional levy would place an undue burden on importers, manufacturers, and consumers, leading to higher prices of goods and increased inflation. The chamber stressed that businesses are already struggling with multiple taxes, forex instability, and rising logistics costs, making it difficult to absorb further financial pressures. The CISS charge, introduced as part of the…
A new report by Nigerian data analytics firm, Mustard Insights, has revealed that 44% of businesses in the country reduced their workforce in 2024 due to economic challenges and operational constraints. The report, based on a nationwide survey of companies across various sectors, attributed the layoffs to rising inflation, foreign exchange volatility, high production costs, and declining consumer spending. Many businesses, particularly in manufacturing, finance, and retail, struggled to maintain profitability, leading to widespread job cuts. Industry experts have raised concerns over the impact of these workforce reductions, warning that high unemployment rates could further weaken economic growth and increase…
The Nigeria Labour Congress (NLC) has strongly condemned the recent dismissal of workers by the Ibadan and Kaduna Electricity Distribution Companies, calling it an unjust and unacceptable move. According to reports, hundreds of employees were laid off without due process, sparking outrage among labor unions and affected workers. The NLC has accused the electricity distribution companies (Discos) of disregarding labor rights and failing to provide adequate severance packages for those affected. In response, workers at Kaduna Electric staged a protest, demanding immediate reinstatement and fair treatment. The NLC has vowed to take further action if the Discos do not reconsider…
The Bureau of Public Enterprises (BPE) has emphasized that tolling is a crucial component for maintaining and expanding Nigeria’s road infrastructure sustainably. According to the agency, implementing toll systems on major highways will generate the necessary funds for road maintenance, reduce reliance on government funding, and enhance the overall quality of transportation networks. Speaking on the issue, BPE’s Director-General, Ayodeji Gbeleyi, stated that tolling would provide a steady revenue stream for road repairs and new projects, ensuring that Nigerian roads remain in good condition without straining public finances. He added that private sector participation in road infrastructure development is key…