The Nigeria Customs Service (NCS) has restated its commitment to sanitising the downstream petroleum sector as part of renewed efforts to curb illegal activities such as smuggling, diversion, and adulteration of refined petroleum products. The agency said it will intensify its collaboration with relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Company Limited (NNPCL), to ensure transparency, accountability, and efficiency in the movement and distribution of petroleum products across the country. In a statement released over the weekend, the Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed that the Service remains…
Author: Temitope N.
Fintech giant OPay Nigeria has announced plans to host its annual Empowering Futures Conference 2025, an event designed to promote innovation, financial inclusion, and digital transformation across Africa’s fast-growing technology ecosystem. The conference, scheduled for early 2025 in Lagos, is expected to bring together industry leaders, policymakers, entrepreneurs, and innovators to discuss strategies for advancing financial technology and inclusive economic growth on the continent. In a statement released by the company, OPay said the 2025 edition of the Empowering Futures Conference would serve as a platform for key stakeholders in the digital economy to exchange ideas, showcase groundbreaking solutions, and…
The Nigerian Exchange (NGX) witnessed an impressive rebound last week, closing with a 4.48 percent gain as investors’ renewed appetite for equities lifted the market’s capitalisation by a remarkable N4.32 trillion. The rally, which marked one of the strongest weekly performances in recent months, reflected investors’ optimism over improving macroeconomic indicators and increased confidence in the financial and industrial sectors. Market data showed that the NGX All-Share Index surged from 100,299.48 points recorded in the previous week to 104,791.31 points by the close of trading on Friday. Consequently, the market capitalisation rose from N56.76 trillion to N61.08 trillion, reflecting the…
The Federal Ministry of Housing and Urban Development has announced that youth empowerment will be a key focus of its 2026 budget proposal, aiming to use the housing and construction sector as a strategic tool for job creation, skill development, and economic inclusion. According to the ministry, the upcoming budget will prioritise programmes designed to involve young Nigerians in homeownership schemes, housing construction projects, and technical training opportunities across the country. Speaking in Abuja, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, said the ministry intends to align its 2026 budget with the Renewed Hope Agenda of…
Stanbic IBTC Holdings Plc has reported a remarkable profit after tax of ₦278.48 billion for the nine months ending September 30, 2025, showcasing a strong improvement from the ₦182.87 billion recorded in the same period of 2024. The performance underscores the group’s strategic resilience and effective execution in navigating Nigeria’s complex economic climate, despite high inflation, fluctuating exchange rates, and tight monetary policies. According to its financial statement released to the Nigerian Exchange, the group’s profit before tax surged to ₦393.84 billion from ₦222.93 billion a year earlier, reflecting a 77 percent rise. This impressive growth was largely driven by…
Verve, one of Africa’s leading payment card brands under the Interswitch Group, has partnered with Google Play to promote fitness, technology, and lifestyle experiences for Nigerians through an innovative collaboration tied to the VerveLife 8.0 event. The partnership marks a significant step in integrating financial technology with wellness and digital entertainment, offering cardholders a new way to experience both physical and digital engagement. Announcing the partnership in Lagos, Verve stated that the collaboration with Google Play is designed to reward loyal customers while supporting the broader goal of promoting a healthy and connected lifestyle. The partnership will enable Verve cardholders…
The Dangote Petroleum Refinery and Petrochemicals Company has officially commenced construction work on its planned expansion to boost its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. This bold step is expected to make the Lagos-based refinery the largest single-site refining facility in the world once completed, marking another milestone for Africa’s most ambitious industrial project. Aliko Dangote, the President of Dangote Industries Limited, announced the development during a media briefing at the refinery complex in the Lekki Free Trade Zone, Lagos. He disclosed that the expansion project would be completed within three years and would…
The Federal Inland Revenue Service (FIRS) has achieved a historic rise in tax revenue, collecting a total of ₦47.39 trillion over a two-year period. This remarkable growth, attributed to ongoing reforms, advanced digital systems, and improved compliance measures, underscores Nigeria’s expanding fiscal capacity and efforts to diversify revenue sources beyond oil. According to recent data, FIRS exceeded its targets, recording about 115 percent performance in its overall collection drive. Between October 2023 and September 2025, the agency reported that its collection drive remained strong, with ₦22.59 trillion generated in just the first nine months of 2025 alone. This represents a…
The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has revealed that the bank’s total assets have grown to $44 billion during his tenure, reflecting a remarkable period of expansion, innovation, and strategic impact on Africa’s trade and development landscape.Oramah, who made the disclosure during a media briefing in Cairo, Egypt, highlighted that Afreximbank’s growth over the past decade was driven by a strong commitment to promoting intra-African trade, industrialisation, and financial integration through strategic interventions that aligned with the African Continental Free Trade Area (AfCFTA) objectives. He noted that when…
The New Partnership for Africa’s Development (NEPAD) Business Group Nigeria has announced plans to host a High-Level Forum on the African Continental Free Trade Area (AfCFTA), aimed at driving economic growth, industrial competitiveness, and regional integration across the continent. The event, which is expected to attract top government officials, policymakers, business leaders, and development partners, will focus on how Nigeria and other African countries can maximise the opportunities presented by the AfCFTA agreement. According to a statement issued by NEPAD Nigeria, the forum will provide a platform for stakeholders to deliberate on strategies to accelerate trade, enhance cross-border investment, and…
Lift Above Poverty Organization (LAPO) Microfinance Bank has honoured its loyal customers across Nigeria as part of activities marking the 2025 Customer Service Week, reaffirming its commitment to financial inclusion and client-centered service delivery. The event, which was held simultaneously across the bank’s nationwide branches, celebrated clients for their trust, partnership, and resilience in supporting LAPO’s mission to empower low-income individuals and micro-entrepreneurs. In a statement issued by the bank’s management in Benin City, LAPO described the celebration as an opportunity to appreciate customers who have contributed immensely to the institution’s success story. The bank, known for its extensive outreach…
The West African Centre for Public Relations (WACEPR) has congratulated the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, on his recognition as the LEADERSHIP Newspaper’s CEO of the Year. The organisation described the award as a well-deserved acknowledgment of Komolafe’s exemplary leadership, regulatory reforms, and transformative contributions to Nigeria’s oil and gas sector. In a statement issued on Monday, WACEPR’s Executive Director, Dr. Paul Anyanwu, lauded Komolafe for his visionary approach to governance and his commitment to transparency, accountability, and efficiency in the upstream petroleum industry. He noted that under Komolafe’s stewardship, the…
The Central Bank of Nigeria (CBN) has commended the nation’s successful removal from the Financial Action Task Force (FATF) grey list, describing the milestone as a major step toward restoring international confidence in Nigeria’s financial system and investment climate. The apex bank said the development is a reflection of Nigeria’s strengthened regulatory framework, improved compliance with global anti-money laundering standards, and enhanced inter-agency coordination in combating financial crimes. In a statement issued on Monday, the CBN expressed satisfaction with the FATF’s recent decision to delist Nigeria following a rigorous evaluation process that confirmed the country’s substantial progress in addressing identified…
The Coca-Cola Company has reported a significant $393 million loss for the third quarter of 2025, attributing the setback primarily to the sale of its subsidiary, Chi Limited, a major player in Nigeria’s beverage and dairy market. The company disclosed that the divestment of Chi Limited, along with adjustments related to foreign exchange and restructuring costs, were major contributors to the reported decline. According to Coca-Cola’s latest financial statement released on Monday, the company said the decision to divest from Chi Limited was a strategic one aimed at streamlining operations and focusing on its core beverage portfolio. The company noted…
The National Drug Law Enforcement Agency (NDLEA) has lauded the Nigeria Customs Service (NCS) for its sustained fight against drug trafficking and smuggling across the country’s borders. The agency described Customs’ recent operations and seizures as a major boost to Nigeria’s overall anti-narcotics campaign and a demonstration of effective inter-agency collaboration. The commendation came following a series of high-profile interceptions of illicit drugs and substances by Customs operatives in various commands across the country, particularly at seaports, airports, and land borders. These operations, according to the NDLEA, have helped prevent large volumes of narcotics from entering Nigerian communities and have…
The Transmission Company of Nigeria (TCN) has reported that suspected vandals have destroyed a section of its high-voltage transmission line connecting Gombe and Damaturu, resulting in a partial disruption of electricity supply to parts of the North-East region. The company described the act as a setback to its ongoing efforts to stabilize power delivery in the area. According to a statement issued by the TCN management, the incident occurred along the 330kV transmission line linking Gombe and Damaturu, one of the key power infrastructure routes supplying electricity to Yobe and Borno States. Preliminary investigations by the company’s technical team revealed…
Rice prices in Lagos have significantly dropped in recent weeks following an increase in both local and imported supply, bringing relief to consumers who have been burdened by rising food costs. The recent decline is linked to improved domestic production, efficient milling operations, and the arrival of new consignments through Nigeria’s seaports. A market survey across major Lagos markets, including Daleko, Mile 12, Oyingbo, and Ikotun, revealed that a 50kg bag of locally milled rice, which sold for between ₦75,000 and ₦80,000 last month, now goes for ₦60,000 to ₦65,000. Imported brands that previously retailed for up to ₦85,000 per…
First Bank of Nigeria Limited has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its cross-border payments platform, marking a significant leap toward enhancing seamless trade and financial transactions across African countries. The initiative aligns with the bank’s commitment to fostering regional financial inclusion and strengthening the framework for intra-African trade under the African Continental Free Trade Area (AfCFTA). The move is expected to make cross-border payments faster, more secure, and more cost-effective by reducing reliance on third-party foreign currencies such as the U.S. dollar for settlements between African nations. With PAPSS now fully operational…
OPPO has officially unveiled its latest addition to the A-series lineup, the OPPO A6 Pro, a smartphone designed to redefine user experience through advanced technology, stylish design, and enhanced performance. The new device underscores OPPO’s continuous commitment to innovation and excellence, providing consumers with cutting-edge features that combine functionality, efficiency, and sophistication. The launch event, held in Lagos, attracted tech enthusiasts, partners, and industry experts who witnessed the debut of the new A6 Pro, which OPPO described as a “smart innovation companion for the modern user.” The smartphone comes with a sleek body design, improved display quality, powerful processing capability,…
Presco Plc, one of Nigeria’s leading integrated agro-industrial companies, has announced a remarkable profit of N110.8 billion for its third-quarter financial results, reflecting a significant improvement in both revenue and operational performance. The company’s performance underscores its resilience and efficiency in navigating Nigeria’s challenging business environment, driven largely by increased output, improved cost management, and strategic expansion in its oil palm value chain. According to the company’s financial statement released to investors, Presco’s profit for the period surged on the back of higher production volumes, enhanced processing capacity, and favourable pricing of palm oil products both locally and internationally. The…