The World Bank has called on the Federal Government to tackle key obstacles hindering private sector growth in Nigeria, stressing that reforms in critical areas could unlock billions of dollars in investment and drive economic expansion. In its latest assessment, the global financial institution highlighted issues such as inconsistent policies, inadequate infrastructure, forex shortages, and high operational costs as major constraints affecting businesses in the country. It emphasized that without urgent interventions, private sector-driven economic recovery could be stalled. The World Bank advised the government to create a more stable policy environment, improve access to credit, and enhance ease of…
Author: Temitope Nlewemchi
A professional development group has launched a new initiative aimed at empowering women in leadership and communication, equipping them with the skills needed to excel in various industries. The program, designed to support career growth and personal development, seeks to bridge the gap in female representation in executive and managerial roles. Through a series of workshops, mentorship sessions, and networking events, participants will receive hands-on training in effective leadership, strategic decision-making, and persuasive communication. Organizers emphasized that the initiative is tailored to help women build confidence, navigate workplace challenges, and take on leadership responsibilities with greater impact. The initiative has…
In celebration of International Women’s Day (IWD), insurtech company emPLE has announced a special initiative to provide free insurance coverage for female-owned businesses. The initiative is aimed at supporting women entrepreneurs by offering financial protection against unforeseen risks, helping them sustain and grow their businesses. The program, which will run for a limited period, is designed to cover various business risks, including theft, fire damage, and liability claims. According to emPLE, the goal is to empower women in business by reducing their financial burdens and encouraging them to focus on expansion and innovation. Speaking on the initiative, the company’s spokesperson…
Nigeria’s Minister of Communications, Innovation, and Digital Economy has praised Moniepoint for its rapid growth and impact, describing it as a strong example of the country’s thriving fintech sector. The minister highlighted how the company’s success reflects Nigeria’s potential as a major player in the global digital economy. Moniepoint, a leading financial services platform, has gained prominence for its role in providing seamless payment solutions to businesses and individuals. Its extensive network of point-of-sale (POS) terminals and digital banking services has significantly improved financial inclusion, particularly in underserved areas. According to the minister, fintech companies like Moniepoint are driving economic…
A Nigerian fintech user has shared how OPay’s NightGuard feature prevented him from losing his entire savings to fraudsters. The customer, who recounted his experience, explained that cybercriminals attempted to drain his account during late-night hours, but the security measure stopped the unauthorized transactions. NightGuard, a recently introduced feature by OPay, is designed to protect users from fraudulent activities by restricting large transactions during high-risk hours unless explicitly authorized. According to the user, he received multiple alerts of attempted withdrawals while he was asleep, but thanks to the system’s automatic security block, the transactions did not go through. With increasing…
Oando Plc has been named the preferred bidder for the lease of the Guaracara Refinery, a major step in the company’s ongoing expansion in the oil and gas sector. The selection positions Oando to take over operations of the refinery, located in Trinidad and Tobago, as part of efforts to revamp and optimize its refining capacity. The bid process, overseen by the Trinidadian government and relevant industry regulators, was highly competitive, with multiple international firms vying for the lease. Oando’s selection underscores its growing influence in the global energy market and its capacity to manage and enhance refining infrastructure. The…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
A new report has revealed that the federal government is losing an estimated N120 billion annually due to illegal private jet charter operations. The findings indicate that unregistered operators are bypassing regulatory fees and taxes, depriving the government of significant revenue. According to industry experts, many private jet owners engage in unauthorized commercial operations without the necessary permits, exploiting loopholes in aviation regulations. These illegal charters, often arranged discreetly, offer services at lower rates than licensed operators, creating unfair competition in the sector. Aviation regulators have expressed concerns over the impact of these activities, not only on government revenue but…
The federal government has encouraged women to take advantage of opportunities in the capital market to achieve financial independence and long-term wealth creation. Officials emphasized the need for increased female participation in investments such as stocks, bonds, and mutual funds, highlighting their potential to provide stable returns and economic security. Speaking at a financial literacy workshop, government representatives stressed the importance of informed investment decisions, urging women to seek professional guidance and leverage digital platforms for easy access to market trends. They noted that despite the growing number of women in entrepreneurship, many still shy away from capital market investments…
Vice President Kashim Shettima and former Emir of Kano, Sanusi Lamido Sanusi, were among the key dignitaries present at the rebranding event of Enhancing Financial Innovation and Access (EFInA). The event marked a new phase for the organization as it continues its mission to drive financial inclusion and innovation in Nigeria. During the event, Shettima emphasized the federal government’s commitment to expanding financial access, particularly for underserved communities. He highlighted the role of fintech and digital banking in bridging the financial gap and fostering economic growth. Sanusi, a strong advocate for financial inclusion, commended EFInA’s contributions to improving access to…
The President has appointed Taiwo Ogunjimi as the new Accountant-General of the Federation, marking a significant leadership change in the nation’s financial management. Ogunjimi, a seasoned financial expert with years of experience in public sector accounting, is expected to bring stability and efficiency to the role. His appointment comes at a crucial time when the government is focusing on fiscal responsibility, transparency, and accountability in managing public funds. As the chief financial officer of the federal government, Ogunjimi will oversee budget implementation, treasury operations, and financial reporting, ensuring compliance with national and international financial standards. Analysts view his selection as…
The Association of Corporate Affairs Managers of Banks (ACAMB) has paid tribute to its founding president, honoring his contributions to the development of corporate communications and public relations in Nigeria’s banking sector. The late pioneer, whose leadership laid the foundation for ACAMB’s growth, was remembered for his dedication to promoting professionalism and ethical standards in the industry. In a statement, ACAMB described its founding president as a visionary who played a critical role in shaping the association’s mission and fostering collaboration among corporate affairs professionals in the financial sector. His efforts were instrumental in strengthening the reputation of banks through…
Friends, family, and industry leaders gathered to celebrate the 60th birthday of a former President of the Chartered Insurance Institute of Nigeria (CIIN), recognizing his contributions to the Nigerian insurance sector. The event, which was attended by top executives, regulatory officials, and professionals from the insurance and financial industries, highlighted his impact on industry reforms, professional development, and mentorship. Speakers at the celebration praised his leadership in driving innovation, enhancing regulatory compliance, and promoting ethical standards in the insurance profession. During his tenure at CIIN, he played a key role in advancing policies that improved insurance penetration in Nigeria, strengthened…
TotalEnergies Marketing Nigeria Plc has projected a revenue of N192 billion for the second quarter of 2024, reflecting the company’s confidence in sustained growth despite ongoing economic challenges. The forecast is based on strong demand for petroleum products, strategic cost management, and increased operational efficiency across its business segments. The company’s revenue outlook comes at a time when Nigeria’s energy sector continues to navigate forex volatility, inflation, and regulatory changes. Despite these hurdles, TotalEnergies remains optimistic about its performance, driven by steady fuel sales, growing demand for lubricants, and expansion in the renewable energy space. The firm has also intensified…
Nigeria’s domestic refiners are pushing back against crude oil producers over the lack of local crude supply, accusing them of prioritizing exports while neglecting the country’s refining sector. The dispute comes as local refiners struggle to access feedstock, hindering their operations despite government efforts to boost domestic refining capacity. Operators of modular and conventional refineries argue that despite policies aimed at reducing dependence on imported fuel, they are being sidelined in crude oil allocations. Many refiners claim that crude producers prefer to sell to foreign buyers, where they can fetch higher prices, rather than supplying local processors at regulated rates.…
Nigeria’s equities market suffered a major decline, losing N476 billion in a week as investor sentiment weakened amid economic uncertainties and foreign exchange volatility. The downturn, which affected major stocks across different sectors, was fueled by profit-taking activities, concerns over inflation, and cautious trading in response to policy shifts in the financial landscape. The Nigerian Exchange (NGX) recorded a series of losses throughout the trading week, with key market indicators reflecting declining investor confidence. The All-Share Index (ASI) dropped as several blue-chip stocks faced sell-offs, leading to a significant contraction in market capitalization. Analysts attribute the bearish trend to a…
Transnational Corporation Plc (Transcorp) has recorded a remarkable financial performance, posting a profit of N94 billion, a significant increase driven by strong revenue growth and strategic investments across its business segments. The company’s latest earnings report reflects its resilience in Nigeria’s challenging economic environment and its ability to capitalize on opportunities in the energy and hospitality sectors. The impressive profit surge comes amid ongoing macroeconomic pressures, including inflation and foreign exchange volatility. Despite these challenges, Transcorp has maintained a steady growth trajectory by optimizing its operations, expanding its asset base, and leveraging synergies across its subsidiaries. The group’s diversified portfolio,…
Metro Africa Xpress (MAX), a leading mobility company, has intensified its investment in electric mobility innovation as part of its commitment to sustainable transportation solutions across Africa. The company, known for pioneering tech-driven mobility services, is expanding its electric vehicle (EV) offerings to address the growing demand for cleaner and more efficient transportation alternatives. With rising fuel costs, environmental concerns, and increasing urbanization, the shift to electric mobility has become a strategic priority for many transportation firms. MAX has positioned itself at the forefront of this transition by developing electric two-wheelers and three-wheelers tailored to the African market. These vehicles…