Author: Temitope N.

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 Federal Airports Authority of Nigeria (FAAN) has announced plans to implement cashless payment systems at the Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport (NAIA), Abuja, as part of its modernization drive to enhance transparency, accountability, and efficiency in airport operations. The initiative is expected to kick off before the end of the year and will serve as a pilot phase for a nationwide rollout. According to FAAN management, the adoption of cashless transactions will align the nation’s airport operations with global best practices, reduce leakages in revenue collection, and improve the ease of doing…

Heirs Energies has restated its dedication to unlocking value in Nigeria’s oil and gas industry, underscoring its strategic role in shaping the country’s energy future. The company, one of the leading integrated energy firms in Africa, emphasized that its long-term vision remains centered on maximizing Nigeria’s vast hydrocarbon resources while aligning with global standards of sustainability and innovation. Speaking at a recent industry engagement, company executives highlighted that Heirs Energies has consistently positioned itself as a forward-looking operator capable of driving efficiency and delivering value across the oil and gas value chain. They noted that Nigeria’s energy landscape is undergoing…

The Lagos Chamber of Commerce and Industry (LCCI) has set its sights on attracting one million participants to its forthcoming annual trade fair, marking what is expected to be one of the largest and most significant editions of the event in recent years. The chamber, which organizes the Lagos International Trade Fair (LITF), announced that preparations are in top gear, with a focus on creating a platform that not only promotes commerce but also drives innovation, partnerships, and investment opportunities across various sectors of the Nigerian economy. The Lagos International Trade Fair, known as the largest business and trade exhibition…

Mastercard has entered into an expanded partnership with Smile ID, a leading pan-African identity verification company, to boost the development of secure and scalable digital identity solutions across the continent. The collaboration is aimed at addressing the growing need for trusted digital identity systems that can foster financial inclusion, combat fraud, and support Africa’s rapidly evolving digital economy. The deal comes at a time when African nations are accelerating digital transformation efforts, with governments, regulators, and private sector stakeholders placing greater emphasis on identity infrastructure to drive economic growth. Mastercard, known globally for its role in advancing digital payments and…

TAJBank Limited, one of Nigeria’s leading non-interest financial institutions, has confirmed that it has successfully met the new capital requirement set by the Central Bank of Nigeria (CBN), well before the regulatory deadline. The announcement was made by the Managing Director and Chief Executive Officer of the bank, Hamid Joda, who emphasized that the milestone reflects the lender’s resilience, growth strategy, and the unwavering confidence of its stakeholders. The CBN had earlier rolled out a recapitalisation policy requiring all deposit money banks in the country to strengthen their capital base. The directive, which was part of wider reforms to reinforce…

Shell Nigeria Exploration & Production Company (SNEPco) and Nigerian Agip Exploration (NAE) have finalized the acquisition of the 12.5 percent stake previously owned by TotalEnergies in Oil Mining Lease (OML) 118, a deepwater block that hosts the prolific Bonga oil field. The transaction, valued at $510 million, strengthens the strategic position of both Shell and Agip in Nigeria’s offshore oil industry, while also reflecting the changing landscape of international oil company participation in the country. According to details of the deal, Shell secured 10 percent of the divested interest for $408 million, while Agip purchased the remaining 2.5 percent for…

Nigerian billionaire investor, Femi Otedola, alongside his investment vehicle Calvados Global Services Limited, has expanded his stake in FBN Holdings Plc with the acquisition of 64.8 million units of the company’s shares valued at about ₦2 billion. The fresh purchase reinforces Otedola’s position as one of the largest individual shareholders in the parent company of First Bank of Nigeria, a strategic move that continues to shape the ownership structure of one of the country’s oldest and most influential financial institutions. Market disclosures confirmed that the transaction was carried out on the floor of the Nigerian Exchange, further strengthening Otedola’s long-term…

Nigeria’s equities market staged a strong recovery on Wednesday, buoyed by renewed investor interest in key sectors that helped the Nigerian Exchange (NGX) record a ₦279 billion gain after a string of bearish sessions. The rally, driven by bargain-hunting and improved investor sentiment, saw market capitalization climb back into positive territory, easing concerns over recent losses that had dampened confidence. Market data showed that the rebound was broad-based, cutting across sectors such as banking, consumer goods, industrials, and energy. Analysts noted that the uptick was largely fueled by renewed appetite for fundamentally strong stocks that had been undervalued due to…

JAC Motors has renewed calls for the Federal Government and the National Assembly to expedite the passage of Nigeria’s long-awaited automotive policy, describing it as critical to the survival and growth of the country’s automobile industry. The company, one of the leading players in Nigeria’s vehicle assembly and distribution space, stressed that a clear and enforceable framework is urgently required to stimulate local production, attract fresh investment, and reduce the country’s dependence on imported vehicles. Speaking on the state of the auto industry, the company emphasized that Nigeria’s current reliance on used vehicle imports is unsustainable and damaging to both…

Guaranty Trust Holding Company (GTCO), the parent company of Guaranty Trust Bank, has announced that its total assets have surged to N16.7 trillion, marking one of the most significant asset growths in Nigeria’s financial sector. The new figures reflect the bank’s ability to sustain resilience in a challenging macroeconomic environment, while also underscoring the positive momentum within the Nigerian banking industry as institutions expand their balance sheets despite inflationary pressures, currency fluctuations, and rising operational costs. The achievement comes at a time when banks in Nigeria are navigating multiple headwinds, including high interest rates, regulatory adjustments, and evolving customer needs.…

The National Pension Commission (PenCom) has issued a new directive requiring pension fund operators (PFOs) to report all dollar-denominated pension contributions or benefits exceeding US$10,000. The move is part of broader measures aimed at strengthening oversight, enhancing transparency in cross-border pension transactions, and curbing potential abuses in the pension sector. Under the new rule, any pension payments, disbursements, or holdings in foreign currency that surpass the US$10,000 threshold must be documented and submitted to PenCom. Operators are expected to provide details such as the beneficiary, the source of funds, the exchange rate applied, and the rationale for the foreign currency…

First City Monument Bank (FCMB) has expanded its SheVentures loan pool to N1 billion, reaffirming its commitment to supporting women entrepreneurs across Nigeria and promoting gender-inclusive growth. The initiative, designed to provide financial and business support to women-owned small and medium-sized enterprises (SMEs), marks a significant boost for female entrepreneurs who often struggle with limited access to funding and growth opportunities in the country’s competitive business landscape. Announcing the expansion, FCMB management explained that the increase from its previous funding pool underscores the bank’s recognition of women as crucial drivers of economic development. The SheVentures programme offers zero-interest loans, capacity-building…

Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared the maritime sector a top priority for Nigeria’s economic diversification and long-term development, stressing that it holds the potential to generate significant revenue, create millions of jobs, and boost the country’s global competitiveness. Speaking during a recent engagement with industry stakeholders, Oyetola emphasized that the government is committed to unlocking opportunities in shipping, port development, inland waterways, and associated services, as part of efforts to strengthen non-oil revenue streams. The minister noted that Nigeria’s strategic geographic location, with its extensive coastline and proximity to key international trade routes, makes it…

The Nigerian Exchange (NGX) has disclosed that domestic investors accounted for transactions worth ₦5.46 trillion between January and August 2025, highlighting a growing shift in market participation amid fluctuating foreign interest. This surge reflects increasing confidence in Nigeria’s capital market despite economic headwinds, currency volatility, and global uncertainties. According to NGX’s latest market data, domestic participation far outweighed foreign transactions during the eight-month period. Analysts suggest that the trend signals renewed trust by local institutional and retail investors, particularly at a time when the Central Bank of Nigeria (CBN) is rolling out reforms to stabilise the naira and tame inflation.…

The Nigerian National Petroleum Company Limited (NNPCL) has secured ₦318 billion in funding to boost new oil exploration projects across the country, a development that marks a significant step in the government’s drive to expand Nigeria’s hydrocarbon reserves and strengthen its energy security. The announcement has sparked discussions in both policy and industry circles, as stakeholders view the move as a bold statement of intent by NNPCL to revitalise exploration efforts at a time when the global oil market is undergoing major shifts. The funding is expected to finance a series of upstream exploration and appraisal activities across key oil…

The House of Representatives has pledged strict monitoring of the Federal Government’s newly introduced crude-for-naira programme, assuring Nigerians that the scheme will not be allowed to fall into the pitfalls that undermined similar policies in the past. Lawmakers made it clear that their oversight role would be exercised fully to ensure transparency, accountability, and tangible economic benefits for citizens. The crude-for-naira initiative is one of the government’s latest responses to Nigeria’s foreign exchange crisis. Under the programme, crude oil will be allocated to trading partners in exchange for naira payments deposited directly into government accounts, rather than being settled in…

Polaris Bank has convened its Global Trade Forum in Lagos with a strong emphasis on enhancing Nigeria’s non-oil export sector and providing a platform for stakeholders to chart a path toward sustainable growth. The event, themed “Trade Export: Partnering for Growth”, brought together exporters, regulators, policymakers, and industry experts to discuss challenges and opportunities shaping the nation’s export landscape. Speaking at the forum, Polaris Bank’s Managing Director and Chief Executive Officer, Kayode Lawal, highlighted the critical role non-oil trade plays in diversifying Nigeria’s economy and creating long-term stability. He noted that for decades, the country’s heavy reliance on oil had…

The Central Bank of Nigeria (CBN) has raised fresh concerns over the growing abuse of the naira, warning that the trend is inflating the cost of currency printing and undermining the integrity of the nation’s legal tender. The apex bank emphasized that careless handling, mutilation, spraying at parties, and hawking of banknotes are driving up expenses in maintaining the quality of Nigeria’s currency, while also eroding public confidence in its use. The warning comes at a time when the country is grappling with fiscal pressures, with the cost of printing new banknotes steadily increasing due to inflation and foreign exchange…

The Nigerian Electricity Regulatory Commission (NERC) has disclosed that a total of 148,077 electricity consumers across the country were metered within May and June 2025, as part of ongoing efforts to close the country’s huge metering gap and improve transparency in electricity billing. The report comes amid rising public concern over estimated billing, which continues to generate complaints among unmetered customers. According to NERC’s latest statistics, the new installations bring the number of metered customers closer to the commission’s target under the Meter Asset Provider (MAP) and National Mass Metering Programme (NMMP). Despite progress, however, millions of households and businesses…