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…
Author: Temitope Nlewemchi
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 percent decline in monthly revenue, sliding to N182.11 billion, as the power sector continues to grapple with operational inefficiencies, liquidity constraints, and customer dissatisfaction. This development underscores the persistent challenges in Nigeria’s electricity value chain, despite ongoing reforms aimed at boosting power supply and financial viability. Industry data indicates that the revenue decline is linked to a combination of factors, including lower energy supply from the grid, technical and commercial losses, and issues around metering and tariff collection. The power sector still struggles with energy theft, estimated billing controversies, and weak infrastructure…
Nigeria’s pension fund administrators (PFAs) have significantly increased their investments in real estate, with figures rising by 418% to N77.8 billion as of June 2025, according to fresh data from the National Pension Commission (PenCom). This marks a substantial leap from the N15.02 billion recorded in the same period last year, underscoring growing confidence in the property sector as a viable investment channel for long-term pension assets. Analysts attribute this surge to a combination of factors, including the need for portfolio diversification, the resilience of real estate in times of market volatility, and favourable regulatory frameworks. Pension funds, which have…
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to revitalise its central bank digital currency (CBDC), the eNaira, with the goal of driving mass adoption, strengthening the country’s digital payment ecosystem, and accelerating the shift toward a cash-lite economy. The initiative, according to the apex bank, will involve a complete overhaul of the eNaira’s features, accessibility options, and integration into mainstream financial services. Launched in October 2021 as the first CBDC in Africa, the eNaira was designed to complement physical cash by providing Nigerians with a secure, cashless, and easily accessible means of payment. The currency operates…
President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to reviving Nigeria’s moribund steel industry, pledging to bring dormant steel companies back to life as part of his administration’s broader agenda to accelerate industrialisation and drive sustainable economic growth. Speaking on Tuesday in Abuja, Tinubu described the steel sector as the “backbone of industrialisation” and emphasised that without it, Nigeria’s ambition to become a manufacturing hub and a competitive global economy would remain unrealised. He assured that the Renewed Hope Agenda is designed to transform the nation’s industrial base, with the steel sector as a central pillar. “We cannot…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to prioritising frontier basin exploration and strengthening the competitive licensing process as part of efforts to drive sustainable growth in the nation’s oil and gas sector. The move comes as Nigeria intensifies strategies to unlock new hydrocarbon reserves and attract foreign and local investments amid global energy transition concerns. The initiative, according to the regulator, is aimed at boosting reserves, ensuring energy security, and increasing the nation’s revenue base. NUPRC Chief Executive, Gbenga Komolafe, who made this known at an industry stakeholders’ session in Abuja, explained that the commission…
The National Drug Law Enforcement Agency (NDLEA) has recorded another major breakthrough in its ongoing war against narcotics trafficking with the arrest of a notorious drug kingpin from Delta State and the seizure of opioids valued at ₦7.8 billion at the Onne Port in Rivers State. According to NDLEA authorities, the suspect, identified as a high-profile trafficker with vast links to international drug cartels, was intercepted following months of painstaking intelligence gathering and surveillance. The operation, described as one of the most significant in recent years, highlights the growing menace of illicit drug smuggling into Nigeria and the agency’s determination…
The Infrastructure Concession Regulatory Commission (ICRC) has introduced fresh guidelines for Public-Private Partnership (PPP) projects in Nigeria, while also decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to fast-track infrastructural development. The new framework, announced in Abuja on Friday, is aimed at deepening transparency, efficiency, and accountability in the execution of PPP arrangements across the country. It also seeks to reduce bureaucratic bottlenecks that have historically delayed the approval and implementation of major projects. According to the ICRC, the decision to decentralise certain approval powers will empower MDAs to play a more active role in designing, initiating, and managing…
The Federal Government has successfully settled over ₦2 trillion in outstanding capital budget arrears, significantly boosting the financial standing of states and raising their combined surplus to ₦7.1 trillion, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Edun disclosed this on Tuesday while briefing journalists in Abuja, explaining that the clearance of the arrears was part of the government’s broader fiscal reforms aimed at stimulating economic activity, improving liquidity, and restoring contractors’ confidence. He said the move aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises infrastructure development and fiscal discipline. According to…
Nigeria’s crude oil production climbed to 1.559 million barrels per day (bpd) in July 2025, marking its highest output level so far this year, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant boost from the 1.43 million bpd recorded in June, reflecting ongoing efforts by the Federal Government and oil industry stakeholders to stabilise and ramp up production. The increase is seen as a welcome development for Africa’s largest oil producer, which has struggled in recent years with fluctuating output due to pipeline vandalism, crude theft, ageing infrastructure, and underinvestment. Industry analysts…
The Nigeria Customs Service (NCS) has announced the interception of contraband goods valued at ₦3.1 billion and the arrest of 13 suspected smugglers in a sweeping anti-smuggling operation carried out over the last three weeks. The operation, which spanned several border points, highways, and storage facilities, was part of the NCS’s intensified enforcement drive to curb illicit trade, protect local industries, and safeguard the nation’s revenue base. Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the development during a press briefing in Lagos on Tuesday, describing the seizures as a significant blow to smuggling networks operating across Nigeria. According to…
The House of Representatives has commenced an investigation into the N1.06 trillion Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, following growing concerns that the initiative has failed to deliver significant benefits to ordinary Nigerians despite its vast funding. The programme, launched in 2021, was designed to mitigate the socioeconomic impacts of the COVID-19 pandemic by providing targeted interventions for vulnerable individuals, small businesses, and communities across the country. Lawmakers, during a plenary session on Tuesday, expressed dissatisfaction with the reported outcomes of the NG-CARES initiative, alleging that its reach and effectiveness have been far below expectations. They argued…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
The Presidency has announced that investments in Nigeria’s Compressed Natural Gas (CNG) sector have reached $980 million, marking a significant milestone in the Federal Government’s efforts to promote cleaner and more affordable energy alternatives. This achievement is part of a broader strategy to reduce the country’s dependence on petrol and diesel, while simultaneously addressing environmental and economic challenges. Chief Executive Officer and Programme Director of the Presidential Compressed Natural Gas Initiative (PCNGI), Michael Oluwagbemi, disclosed the figure on Tuesday in Abuja, noting that the CNG expansion programme is a major pillar of President Bola Tinubu’s Renewed Hope Agenda. He stated…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a Dubai-bound passenger apprehended at the Murtala Muhammed International Airport, Lagos, for failing to declare a cash sum of $49,000 in his possession. The arrest was made in collaboration with the Nigeria Customs Service (NCS) during routine checks on outbound passengers on Monday. According to EFCC sources, the suspect was scheduled to board a flight to Dubai, United Arab Emirates, when officers conducting clearance procedures discovered the large sum concealed in his luggage. Under Nigerian law, any person transporting cash or negotiable instruments above $10,000 is required…
The Nigerian Independent System Operator (NISO) has commended the Kano Electricity Distribution Company (Kano DisCo) for attaining a 100% market remittance rate, describing the achievement as a milestone in the electricity industry’s quest for efficiency, transparency, and financial discipline. The commendation was issued during a recent industry review session, where NISO acknowledged Kano DisCo’s outstanding performance in meeting its full financial obligations to the Nigerian Electricity Market. The recognition, according to stakeholders, highlights the potential of distribution companies to operate sustainably and responsibly, despite the daunting challenges confronting the power sector. The electricity market in Nigeria is characterised by liquidity…
The United States government has given the green light for a possible foreign military sale to Nigeria valued at approximately $346 million, covering a range of advanced precision-guided munitions, rockets, and related equipment. The Defense Security Cooperation Agency (DSCA) announced the development in Washington, stating that the proposed sale aims to bolster Nigeria’s capacity to combat security threats and enhance regional stability. According to the DSCA, the package includes AGM-114R2 Hellfire missiles, Advanced Precision Kill Weapon System (APKWS) II rockets, and associated training, support equipment, and technical assistance. The US agency stressed that the deal would provide Nigeria with critical…
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Lagos State recorded the highest volume of Premium Motor Spirit (PMS) distribution in June 2025, while Jigawa State ranked lowest among all states. The figures, which reflect nationwide fuel distribution patterns, show significant disparities in consumption levels across regions, underscoring differences in population density, economic activity, and transportation demand. According to the NMDPRA’s latest petrol evacuation and consumption report, Lagos received the largest share of fuel distributed to states in June, a trend consistent with its position as Nigeria’s commercial hub and most populous state. The…