The Nigeria Customs Service (NCS) has recorded an impressive ₦658.6 billion revenue for September 2025, underscoring the positive impact of ongoing institutional reforms aimed at enhancing transparency, efficiency, and trade facilitation. The remarkable performance comes as the Service continues to roll out key modernization initiatives under the leadership of the Comptroller-General, Bashir Adeniyi, in its drive to strengthen non-oil revenue and sustain economic stability. According to the NCS, the achievement was driven by a combination of technological upgrades, policy realignments, and improved coordination among customs commands nationwide. The introduction of the new “One-Stop-Shop” clearance platform, a flagship reform initiative, played…
Author: Temitope N.
Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has cautioned that persistent allegations of monopoly against his conglomerate could deter both local and foreign investors from committing capital to Nigeria’s industrial and manufacturing sectors. Speaking in Lagos at an industry stakeholders’ forum, Dangote argued that unfounded monopoly claims send the wrong signal about the country’s business environment, particularly at a time when Nigeria is striving to attract fresh investment to boost economic growth and job creation. Dangote emphasized that his company’s success was built on decades of hard work, strategic investment, and long-term planning, not government favoritism or…
Nigeria’s crude oil production slipped to an average of 1.39 million barrels per day (mbpd) in September 2025, signaling a decline in the country’s upstream output and renewing concerns about the resilience of Africa’s largest oil producer. According to the latest data from the Organization of Petroleum Exporting Countries (OPEC), the figure represents a drop from 1.43 mbpd recorded in August, underscoring the challenges confronting the nation’s oil sector despite ongoing government reforms. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributed the decline to operational disruptions caused by a three-day strike organized by the Petroleum and Natural Gas Senior Staff…
The Dangote Group has revealed plans to list its multibillion-dollar refinery on the Nigerian Stock Exchange in the near future, paving the way for Nigerians to own shares in one of the country’s most transformative industrial projects. The company said the move would strengthen transparency, broaden ownership, and invite public participation in the operation of the refinery, which has been described as a “national asset” by Africa’s richest man, Aliko Dangote. Speaking at the 2025 Inaugural Downstream Petroleum Week, Dangote’s representative, Aliyu Suleman, confirmed that the listing process is already being considered as part of the company’s broader expansion and…
Nigeria’s vital agricultural sector is poised for a significant injection of capital following the announcement of a major financing package from the European Union. In a crucial move aimed at boosting food security, enhancing export competitiveness, and supporting economic diversification, the European Investment Bank (EIB), the EU’s financing arm, has approved a credit line of million, equivalent to approximately billion. This substantial financial backing, which will be channelled through Nigerian commercial banks and development finance institutions, is specifically designed to expand lending and bolster agribusinesses across the country, marking a new chapter in the partnership between the EU and Nigeria.…
Nigeria’s oil and gas host communities are reaping tangible benefits from the Host Community Development Trust (HCDT) scheme, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that over ₦373 billion has been set aside for community development projects, with 536 projects currently ongoing across oil-producing regions.The NUPRC disclosed this in its latest update on the implementation of the Petroleum Industry Act (PIA) 2021, emphasizing that the initiative has transformed the dynamics between oil companies and host communities by promoting inclusivity, accountability, and sustainable development. According to the Commission’s Chief Executive, Gbenga Komolafe, the host community fund—representing 3% of…
Nigeria’s private sector activity expanded further in September 2025 as the Central Bank of Nigeria (CBN) reported that the Purchasing Managers’ Index (PMI) surged to 54.0 points, signaling sustained business growth and improved economic momentum across key sectors. The rise, which reflects higher output, new orders, and stronger business confidence, represents one of the highest PMI readings in the past 18 months. According to the CBN’s September PMI report, the composite index — which measures manufacturing and non-manufacturing activity — rose from 52.6 points recorded in August to 54.0, surpassing the 50-point threshold that indicates expansion. The improvement was driven…
First City Monument Bank (FCMB) has reiterated its dedication to driving innovation and delivering personalised financial solutions as it joins the global community to mark Customer Service Week (CSW) 2025. The bank reaffirmed its commitment to providing exceptional customer experiences through technology, empathy, and continuous service improvement. This year’s celebration, themed “Empowering Service Excellence,” underscores FCMB’s mission to build stronger relationships with customers by leveraging digital transformation and human-centred service. The bank stated that it views Customer Service Week not merely as a symbolic event but as a vital platform to appreciate customers’ loyalty while reinforcing its brand promise of…
The Nigerian stock market’s consumer goods sector has recorded an impressive performance in the first nine months of 2025, with the Consumer Goods Index surging by 96.16 percent, driven by strong demand, improved corporate earnings, and investor confidence in key manufacturing firms. This remarkable rise underscores the sector’s resilience despite inflationary pressures, exchange rate volatility, and a challenging macroeconomic environment. Data from the Nigerian Exchange Limited (NGX) revealed that the consumer goods index, which tracks the performance of major Fast-Moving Consumer Goods (FMCG) companies, climbed from 1,053.83 points at the beginning of the year to 2,068.93 points as of September…
Fidelity Bank Plc has announced plans to disburse ₦5 billion in financing to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, as part of its strategic efforts to boost entrepreneurship, job creation, and inclusive economic growth. The initiative, unveiled at a recent MSME-focused forum in Lagos, underscores the bank’s commitment to empowering small businesses that form the backbone of the nation’s economy. The funding package is designed to provide affordable credit facilities to MSMEs operating in key sectors such as manufacturing, agribusiness, technology, fashion, healthcare, and renewable energy. According to the bank, the ₦5 billion fund will be deployed through…
Zenith Bank Plc, one of Nigeria’s leading financial institutions, has announced the payment of an interim dividend of ₦51.3 billion to its shareholders for the first half (H1) of 2025. This payout, which translates to ₦1.60 per share, reaffirms the bank’s consistent track record of delivering robust returns to investors and underscores its resilience amid a challenging macroeconomic environment. The announcement followed the release of the bank’s unaudited financial statements for the period ended June 30, 2025, which revealed strong growth across key performance indicators. The results showed that Zenith Bank maintained its leadership position in the Nigerian banking sector…
Stanbic IBTC Capital Limited, the investment banking arm of Stanbic IBTC Holdings Plc, has successfully acted as the lead financial adviser in UAC of Nigeria Plc’s acquisition of the majority stake in CHI Limited, the beverage and dairy producer behind iconic brands such as Chivita and Hollandia. The landmark transaction, which recently received the green light from the Federal Competition and Consumer Protection Commission (FCCPC), marks a major milestone in Nigeria’s fast-moving consumer goods (FMCG) sector and underscores UAC’s renewed focus on expanding its footprint in the food and beverage industry. The acquisition deal, valued at over ₦20 billion, signals…
Polaris Bank has once again proven its resilience and commitment to excellence by winning multiple honours at the 2025 Banking and Financial Institutions (BAFI) Awards, cementing its position as one of Nigeria’s most dynamic and customer-focused financial institutions. The event, held in Lagos over the weekend, brought together industry leaders, regulators, and stakeholders to celebrate outstanding achievements within the financial services sector. At the ceremony, Polaris Bank clinched the “Retail Bank of the Year” award, while its Managing Director/Chief Executive Officer, Mr. Adekunle Sonola, was recognised as “Banking CEO of the Year” for his transformative leadership and the bank’s steady…
The Central Bank of Nigeria (CBN), through its Creative Industry Financing Initiative (CIFI), has successfully completed a ₦68 billion renovation of the National Theatre in Iganmu, Lagos, breathing new life into Nigeria’s most iconic cultural landmark. The extensive project, led in collaboration with the Bankers’ Committee and the Federal Government, marks a major milestone in efforts to reposition the nation’s creative economy as a global powerhouse. Originally built in 1976 to host the Festival of Arts and Culture (FESTAC ’77), the National Theatre had for decades suffered neglect, with its infrastructure falling into disrepair. Now, after years of reconstruction and…
Dangote Cement Plc, Africa’s largest cement producer, has officially commenced operations at its new plant in Côte d’Ivoire, marking another major step in its ongoing expansion across the continent. The new facility, located in the industrial city of Abidjan, is part of the company’s strategic plan to strengthen its position as the leading provider of cement and building materials in Africa. The plant, which has a production capacity of 3 million metric tonnes per annum, is expected to play a significant role in meeting the rising demand for cement in the West African sub-region. With Côte d’Ivoire’s construction and infrastructure…
The Director-General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has emphasized the importance of upholding ethics and integrity as the Nigerian pension and financial systems undergo rapid technological and regulatory disruptions. Speaking at a stakeholders’ forum in Abuja on Thursday, Dahir-Umar said that innovation without ethical direction could threaten the stability and credibility of the nation’s pension industry. According to her, while technological advancement and policy reforms have brought efficiency, transparency, and wider coverage to the pension system, they also pose emerging risks that must be mitigated through strict adherence to ethical standards. “Disruptions are inevitable in any…
The Nigerian naira has surged to its strongest level in ten months, buoyed by a steady rise in foreign exchange inflows, improved liquidity in the market, and renewed confidence from both investors and exporters. The latest data from the Central Bank of Nigeria (CBN) and market reports indicate that the local currency has appreciated significantly against the United States dollar, marking one of its most stable performances since late 2024. At the close of trading on Thursday, the naira strengthened to around ₦1,140 per dollar on the official market and averaged ₦1,150/$ at the parallel market, its best showing since…
TAJBank Limited, Nigeria’s rapidly growing non-interest financial institution, has announced that its N20 billion Sukuk issuance was oversubscribed by an impressive 185.5 per cent, underscoring investors’ increasing confidence in the bank’s ethical banking model and its strategic role in Nigeria’s Islamic finance sector. The result marks another milestone in the institution’s expansion plans and demonstrates strong market appetite for Sharia-compliant financial instruments in the country. The Sukuk, which represents the second series under TAJBank’s N100 billion Sukuk Issuance Programme, attracted subscriptions worth N57.1 billion, far exceeding the initial target of N20 billion. The issuance, which closed in late September, is…
The Central Bank of Nigeria (CBN) has issued a new directive mandating all deposit money banks and other financial institutions to refund customers for failed Automated Teller Machine (ATM) and electronic transactions within 48 hours. The apex bank said the move is part of its renewed commitment to strengthening consumer protection, promoting transparency, and improving public confidence in the financial system. In a statement released on Thursday, the CBN reiterated that the two-day refund policy applies to all failed transactions conducted through ATMs, Point of Sale (PoS) terminals, and online banking platforms. The directive follows rising complaints from customers about…
Global credit rating agency, Fitch Ratings, has cautioned that Nigeria’s fiscal deficit could widen significantly in the coming fiscal year as the country ramps up spending ahead of the 2027 general elections. The agency, in its latest report on Nigeria’s economic outlook, projected that political expenditure, coupled with persistent revenue shortfalls, could push the deficit beyond earlier government forecasts, potentially heightening fiscal and debt sustainability concerns. According to Fitch, while Nigeria has made strides in fiscal reforms under President Bola Tinubu’s administration—particularly through subsidy removals, exchange rate unification, and efforts to boost non-oil revenue—these gains may be undermined by pre-election…