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…
Author: Temitope Nlewemchi
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…
The Nigerian Communications Commission (NCC) has disclosed plans to roll out fresh measures aimed at protecting telecommunications infrastructure across the country, as part of efforts to strengthen service quality, ensure network resilience, and safeguard billions of naira worth of investments in the sector. The development comes against a backdrop of recurring vandalism, theft, and community interference, which continue to undermine the smooth operation of telecom services nationwide. According to the Commission, telecom facilities such as base transceiver stations, optic fibre cables, power generators, and transmission equipment remain critical to Nigeria’s communication backbone. However, persistent challenges including sabotage, fibre cuts, theft…
Petroleum marketers and depot operators have begun reducing the prices of petrol and diesel across several major markets in Nigeria, as competition intensifies in the downstream petroleum sector following a significant decline in international crude oil prices. The downward adjustments were recorded across major depots in Lagos, Port Harcourt, Warri and Calabar, according to market data reported by Vanguard. The development comes as international oil prices fell sharply, with Brent crude dropping below the $80-per-barrel level. (vanguardngr.com ) The reduction in crude prices is significant for Nigeria because movements in global oil markets influence the economics of refined petroleum products.…
Oando Plc has reported a strong financial and operational performance for the first half of 2026, recording a 20 percent increase in revenue to N2.1 trillion for the six months ended June 30, 2026. The energy company attributed the growth to higher crude oil production, improved operational efficiency and continued efforts to optimise costs across its operations. The latest performance marks an important stage in Oando’s post-acquisition growth strategy, particularly following the company’s expanded upstream portfolio. The company said the first half of 2026 represented an important inflection point in its development, with the benefits of integrating its enlarged upstream…
The Securities and Exchange Commission (SEC) has launched a nationwide awareness campaign aimed at helping investors and beneficiaries recover unclaimed dividends, dormant investments and inherited financial assets, as the regulator intensifies efforts to strengthen investor protection and reduce the volume of idle assets within Nigeria’s capital market. The initiative was unveiled through the SEC’s Probate/Unclaimed Monies Awareness and Investor Clinic in Abuja. It is designed to educate investors, beneficiaries and estate executors on the procedures involved in recovering unclaimed financial assets, particularly investments left behind by deceased relatives. The campaign addresses a longstanding challenge in Nigeria’s capital market. According to…
Nigerian Breweries Plc has reported a strong financial performance for the first half of 2026, recording group revenue of N804 billion, a 9 percent increase from the N738 billion reported in the corresponding period of 2025. The result marks another step in the brewer’s ongoing recovery as it continues to navigate a challenging Nigerian operating environment characterised by elevated costs, macroeconomic volatility and changing consumer spending patterns. The unaudited financial statements for the six months ended June 30, 2026, also showed that the company restored its retained earnings to a positive position. The development represents an important improvement in the…
Truck owners operating within Nigeria’s maritime logistics sector have called for an urgent review of the Electronic Call-Up (ETO) system following repeated cancellations of paid bookings, saying the practice is causing financial losses and disrupting cargo evacuation operations at the nation’s ports. The Association of Maritime Truck Owners (AMATO) said truck operators should not be made to bear the financial consequences of cancellations arising from delays or circumstances beyond their control. The association described the situation as unfair and called for mechanisms that would ensure automatic refunds whenever paid bookings are cancelled without fault on the part of the…
Nigeria’s equities market sustained its positive momentum as investors continued to position their portfolios ahead of the release of more corporate earnings, with renewed buying interest in selected stocks helping the Nigerian Exchange (NGX) All-Share Index extend its rally. The market closed the latest trading week marginally higher, with the All-Share Index rising 0.1 percent to 245,573.60 points from 245,323.30 points recorded in the previous week. The movement, although modest, extended the market’s positive run as investors increasingly focused on the financial performance that listed companies are expected to report for the period. The latest performance reflects a market in…
Nigeria’s Federal Government spent N3.14 trillion servicing its domestic debt in the first quarter of 2026, with interest payments accounting for the overwhelming majority of the expenditure, according to data released by the Debt Management Office (DMO). The latest figures highlight the growing cost of servicing Nigeria’s domestic obligations and the increasing pressure that debt-service commitments can place on government finances. Of the N3.14 trillion spent between January and March, N2.97 trillion went towards interest payments, while N169.68 billion was used for principal repayments. The monthly figures show that domestic debt-service costs increased substantially throughout the quarter. The government spent…
Cornerstone Insurance Plc has introduced a new voice-enabled capability for its artificial intelligence-powered virtual assistant, CiCi, in another step toward transforming customer service and making insurance products and services more accessible through digital technology. The new Voicebot allows customers to communicate with CiCi using natural speech rather than relying solely on traditional text-based interactions. According to the insurer, the technology is designed to provide faster responses and a more convenient way for customers to obtain information and support across selected insurance journeys. The development represents a further expansion of Cornerstone Insurance’s digital transformation strategy, as insurers increasingly explore artificial intelligence…
Only six of Nigeria’s largest listed banks paid dividends to shareholders for the 2025 financial year, distributing a combined N1.27 trillion despite strong profitability across the banking industry. Five other profitable lenders, however, were unable to reward investors after failing to satisfy the Central Bank of Nigeria’s prudential requirements for dividend payments. The development highlights the growing tension between banks’ ability to generate substantial profits and the regulatory need to preserve sufficient capital within the financial system. While shareholders typically expect strong earnings to translate into attractive dividends, the Central Bank of Nigeria (CBN) places restrictions on distributions where lenders…
The 2026 Almond Insurance Industry Awards have officially entered the voting phase following the unveiling of nominees across major categories, with organisers saying the process is designed to recognise individuals and companies that have made significant contributions to the development of Nigeria’s insurance industry. The panel of judges, chaired by Sir Ogala Osoka, announced that 796 nominations successfully emerged across the various award categories after a month-long nomination exercise. The number represents a decline from the 914 nominations recorded in 2025, but the panel said the reduction reflected a more rigorous screening process and stricter compliance with the awards’ guidelines.…
AXA Mansard Insurance Plc has reported a strong financial performance for the first half of 2026, with profit after tax rising by 14 percent to N7.8 billion, while confirming that its capital position now meets the new minimum requirements set by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The insurer’s unaudited results for the six months ended June 30, 2026, showed broad-based growth across its major business segments, reinforcing the company’s position as Nigeria’s insurance industry moves into a new phase following the sector-wide recapitalisation exercise. AXA Mansard recorded insurance revenue of N96.5…
Leadway Assurance Company Limited has said its post-recapitalisation era will be defined not simply by compliance with new regulatory capital requirements, but by a renewed strategic ambition to expand its capacity, deepen insurance penetration and contribute to Nigeria’s broader economic development. The company said meeting the National Insurance Commission’s (NAICOM) revised minimum capital requirements represents an important milestone, but the completion of the recapitalisation process should be regarded as the beginning of a new phase rather than an end in itself. With a strengthened capital base, Leadway says it is better positioned to pursue larger opportunities and respond to increasingly…
Shareholders of Mutual Benefits Assurance Plc have reaffirmed their confidence in the company’s strategic direction and long-term growth plans after approving all resolutions presented at its 30th Annual General Meeting (AGM), including a dividend payout of N802.46 million. The AGM, held virtually and streamed live to shareholders and other stakeholders, provided an opportunity for the insurance company to review its performance, outline its strategic priorities and assure investors of its commitment to sustainable value creation. The resolutions approved included the adoption of the company’s audited financial statements for the year ended December 31, 2025, alongside the Directors’ Report, Independent Auditors’…
A fresh disagreement has emerged between the Nigeria Customs Service (NCS) and licensed customs agents over the implementation and performance of the National Single Window (NSW), a Federal Government initiative designed to simplify import and export procedures and reduce delays in cargo clearance at Nigerian ports. The disagreement comes only months after the National Single Window was officially rolled out on March 27, 2026, as part of efforts to modernise Nigeria’s trade processes through a centralised digital platform. The system is designed to allow importers and exporters to submit trade-related documents through a single platform, with information shared electronically among…
Industry leaders and economic experts have expressed divergent views over the Central Bank of Nigeria’s (CBN) decision to discontinue its direct intervention financing for the manufacturing sector, highlighting the broader debate over how Nigeria should balance monetary discipline with industrial development. While some stakeholders argue that the apex bank’s withdrawal could worsen manufacturers’ financing challenges, others believe the move is necessary to restore the CBN’s focus on its core mandate of maintaining monetary and financial stability. The policy shift forms part of the CBN’s broader reform agenda under Governor Olayemi Cardoso, which seeks to move the bank away from quasi-fiscal…
As the global economy continues to evolve at an unprecedented pace, the demand for future-ready skills has become more critical than ever. Across industries, technological advancements, automation, artificial intelligence, and digital transformation are reshaping the way businesses operate and the competencies required to remain competitive. In Nigeria, where a growing youth population presents both opportunities and challenges, developing these future-ready skills is increasingly seen as a pathway to sustainable economic growth and national development. JMG, a leading provider of integrated electro-mechanical solutions in Nigeria, has emphasized that equipping Nigerians with future-ready skills will play a significant role in driving the…
The Central Bank of Nigeria has reported a significant drop of $276 million in foreign exchange inflows from International Money Transfer Operators, reflecting ongoing pressures in Nigeria’s external sector despite recent reforms aimed at boosting foreign currency supply. According to the apex bank, IMTO inflows declined within the latest reporting period compared with the preceding cycle, underscoring persistent challenges affecting remittance flows into the country. Remittances from Nigerians in the diaspora have historically been a major source of foreign exchange, supporting household consumption, balance of payments stability and liquidity in the foreign exchange market. The CBN explained that the decline…