The Nigerian Shippers’ Council has announced that it saved port users approximately ₦348.8 million and resolved 19 trade-related disputes during the first quarter of the year, reinforcing its role in protecting stakeholders within Nigeria’s maritime and port sector. According to the council, the savings were achieved through interventions involving excessive charges, unfair trade practices, and complaints brought forward by importers, exporters, shipping agents, and other port users operating within the country’s maritime industry. The development highlights ongoing efforts by the council to improve efficiency, transparency, and accountability within Nigeria’s port system, which remains a critical gateway for international trade and…
Author: Temitope Nlewemchi
A court has reportedly restrained telecommunications companies from suspending airtime credit services, a decision that could have significant implications for Nigeria’s telecom sector, digital financial services ecosystem, and millions of mobile subscribers who rely on borrowed airtime for communication and data access. The ruling follows growing disputes surrounding the operation of airtime credit systems, which allow mobile users to borrow airtime or data and repay later through future recharges. The service has become increasingly popular in Nigeria due to rising mobile usage, digital connectivity demands, and economic pressures affecting consumer purchasing power. Industry stakeholders say the court’s intervention is expected…
A new financial report indicates that several firms operating across key sectors have returned to profitability despite ongoing policy adjustments, regulatory changes, and macroeconomic reforms shaping the business environment. The findings suggest that companies in industries such as banking, manufacturing, consumer goods, telecommunications, and energy have begun to adapt more effectively to shifting fiscal and monetary conditions, leading to improved earnings performance and stronger balance sheets. According to analysts, the return to profitability reflects a combination of strategic cost management, operational restructuring, pricing adjustments, and increased efficiency in response to inflationary pressures and foreign exchange volatility. Many firms have…
The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC) has emphasized the critical role of female entrepreneurs in shaping the future of Nigeria’s non-oil export sector, stating that women-led businesses will remain central to the country’s export diversification and economic growth agenda. The NEPC leadership noted that increasing women’s participation in export-oriented businesses could significantly boost Nigeria’s foreign exchange earnings, stimulate industrial production, and strengthen the country’s competitiveness in regional and international markets. According to industry experts, women entrepreneurs already play a substantial role in sectors such as agriculture, agro-processing, fashion, manufacturing, crafts, services, and…
East Africa has attracted approximately $4.1 billion in investments as ongoing economic and policy reforms across the region continue to improve investor confidence and strengthen its position as one of Africa’s emerging growth corridors. The investment inflows, spread across sectors such as infrastructure, energy, manufacturing, agriculture, technology, and financial services, reflect increasing global interest in the region’s economic potential. Analysts say reforms aimed at improving the business environment, enhancing regional trade integration, and modernizing regulatory systems have contributed significantly to the investment momentum. Countries within East Africa, including Kenya, Tanzania, Uganda, Rwanda, and Ethiopia, have intensified efforts to attract foreign…
Bitget has entered into a strategic partnership with a technology-focused firm to connect Web3 learners with employment opportunities, reinforcing efforts to bridge the gap between blockchain education and the rapidly expanding digital asset job market. The collaboration is aimed at supporting individuals acquiring skills in blockchain technology, decentralized finance (DeFi), cryptocurrency systems, smart contracts, and other Web3-related fields by providing pathways to internships, freelance roles, and full-time employment opportunities within the digital economy. Industry stakeholders say the initiative reflects the growing demand for skilled professionals in blockchain and Web3 sectors as companies globally continue investing in decentralized technologies, digital assets,…
Nigeria and Ghana have emerged as leading performers in Africa’s small-cap equities rally, with growing investor interest driving increased activity in smaller listed companies across both markets. The rally reflects renewed optimism among investors seeking higher growth opportunities in emerging African markets, particularly within sectors such as banking, consumer goods, industrials, agriculture, and technology. Analysts say improving market sentiment, economic reforms, and relatively undervalued equities have contributed to stronger demand for small-cap stocks in the two countries. Small-cap companies are typically firms with relatively lower market capitalization compared to large blue-chip corporations. These companies are often viewed as having higher…
Optimus Bank has recorded a strong financial performance with its profit before tax (PBT) rising by 70 percent to ₦24.14 billion, reflecting significant growth in earnings, customer activity, and operational expansion within Nigeria’s banking sector. The impressive increase in profitability highlights the bank’s growing market presence and the broader resilience of the financial services industry despite economic challenges such as inflation, exchange rate volatility, and rising operating costs. Industry analysts say the performance signals improved efficiency, stronger revenue generation, and strategic positioning within an increasingly competitive banking environment. Profit before tax is one of the key indicators used to assess…
United Bank for Africa (UBA) recorded a strong first-quarter financial performance driven by growth in total assets, increased customer deposits, and improved operational efficiency, reinforcing the bank’s position as one of Africa’s leading financial institutions. The bank’s Q1 performance reflects continued expansion across its core banking operations, supported by stronger balance sheet growth, rising transaction volumes, and increased customer activity across multiple African markets. Industry analysts say the results demonstrate resilience within the banking sector despite ongoing macroeconomic pressures. According to financial experts, asset growth remains a key indicator of a bank’s financial strength and operational capacity. Higher asset values…
The FATE Foundation has announced that it trained 8,945 entrepreneurs through its various enterprise and capacity-building programmes, as the organization intensifies efforts to expand its impact across Nigeria’s growing small business ecosystem. The entrepreneurship-focused institution said the training initiatives were aimed at equipping business owners, startups, and aspiring entrepreneurs with practical skills in business management, financial planning, innovation, leadership, and market development. The programmes form part of broader efforts to strengthen Nigeria’s small and medium-sized enterprise (SME) sector and improve business sustainability. According to stakeholders within the entrepreneurship ecosystem, SMEs remain one of the most important drivers of economic activity…
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has warned that ongoing regulatory disputes within Nigeria’s telecommunications sector could threaten the stability of the country’s estimated ₦400 billion airtime market, raising concerns about potential disruptions to digital services, investments, and consumer access. The association expressed concern over what it described as overlapping regulations, conflicting directives, and increasing tensions between agencies operating within the telecom and financial ecosystem. Industry stakeholders say the situation could negatively affect telecom operators, airtime distributors, fintech companies, and millions of consumers who rely on mobile communication services daily. Nigeria’s airtime market has grown rapidly over…
Global oil markets are facing renewed uncertainty following reports surrounding the potential exit of the United Arab Emirates (UAE) from the Organization of the Petroleum Exporting Countries (OPEC), a development that could significantly alter the balance of power within the global energy market and influence crude oil prices worldwide. The speculation has triggered concerns among investors, energy traders, and policymakers, as the UAE remains one of the world’s major oil producers and an influential member of the OPEC alliance. Any shift in the country’s relationship with the cartel could affect production coordination, supply management strategies, and overall market stability. OPEC…
The Chief Executive Officer of the Dangote Refinery has called for the closure of inefficient refineries, arguing that continued operation of non-performing facilities places unnecessary financial pressure on economies and undermines efforts to build a sustainable and competitive downstream petroleum sector. The remarks come amid ongoing debates over the future of refining operations in Nigeria and across Africa, particularly as governments and private investors seek to improve energy security, reduce fuel import dependence, and modernize refining infrastructure. According to industry stakeholders, inefficient refineries often operate below capacity, require repeated maintenance interventions, and consume significant public resources without delivering expected output.…
The Nasarawa State Government has intensified efforts to attract expanded industrial investments from Africa’s foremost industrialist Aliko Dangote, as part of a broader strategy to boost manufacturing, create jobs, and accelerate economic development within the state. Officials in the state say they are engaging with the Dangote Group to explore opportunities for expanding existing investments and establishing new industrial ventures, particularly in sectors such as agriculture, solid minerals, cement production, and logistics. The initiative forms part of Nasarawa’s long-term plan to position itself as a competitive industrial hub in North-Central Nigeria. The state government believes that deeper collaboration with large-scale…
Nigeria’s subnational governments have collectively received about ₦1.18 trillion in Value Added Tax (VAT) allocations following adjustments to the revenue-sharing structure, reflecting shifts in fiscal distribution under the country’s evolving tax framework. The development highlights how recent reforms in revenue allocation are reshaping public finance at the state level. The VAT proceeds are distributed monthly through the Federation Account, managed by the Federation Accounts Allocation Committee (FAAC), which includes federal, state, and local government representatives. The updated sharing arrangement is part of broader fiscal reforms aimed at improving equity, transparency, and efficiency in public revenue distribution. The increase in VAT…
The African Export-Import Bank, commonly known as African Export-Import Bank, has reportedly committed funding support for three new refinery projects in Nigeria, in a move aimed at strengthening the country’s downstream petroleum capacity and reducing reliance on imported refined products. The financing initiative is expected to support ongoing efforts to expand Nigeria’s refining infrastructure, improve energy security, and enhance value addition within the oil and gas sector. Stakeholders say the development could mark a significant step toward repositioning Nigeria as a regional refining hub. Nigeria has long struggled with inadequate domestic refining capacity despite being one of Africa’s largest crude…
United Capital Plc has reported a strong financial performance, posting a profit of ₦28 billion alongside improved returns to shareholders, underscoring resilient earnings growth and continued expansion across its investment banking and asset management businesses. The company’s latest results reflect steady revenue generation from its diversified financial services portfolio, which includes investment banking, asset management, trusteeship, wealth management, and financial advisory services. The performance has been described by market analysts as a sign of operational strength in Nigeria’s financial services sector despite broader macroeconomic pressures. Shareholders are expected to benefit from enhanced dividend payouts and stronger value creation, as the…
Access to structured financing has received a boost in Nigeria’s pharmaceutical manufacturing sector as First City Monument Bank (FCMB) and the Bank of Industry (BOI) have reportedly supported the expansion of a local pharmaceutical plant through targeted loan facilities aimed at strengthening domestic drug production capacity. The financing arrangement is part of a broader push to reduce Nigeria’s dependence on imported pharmaceuticals, improve healthcare supply chains, and support industrial self-sufficiency in critical sectors. Stakeholders say the funding will enable the beneficiary company to scale production, upgrade equipment, and expand its manufacturing infrastructure. Nigeria’s pharmaceutical industry has long faced structural challenges,…
Shareholders of Transcorp Power Plc have received a significant boost as the company declared a total dividend payout of ₦41.2 billion, rewarding investors for a strong financial performance and improved operational efficiency in the latest fiscal period. The dividend declaration reflects what the company describes as a period of sustained revenue growth, improved plant availability, and stronger capacity utilization across its power generation assets. The announcement has been widely welcomed by investors in the Nigerian capital market, particularly those with exposure to the utilities and energy sector. Transcorp Power Plc is a key subsidiary of Transnational Corporation Plc, operating in…
Global oil prices climbed while equity markets fluctuated as uncertainty around international peace negotiations unsettled investor sentiment, reflecting renewed volatility across energy and financial markets. Crude oil markets reacted to shifting geopolitical expectations, with traders closely monitoring developments linked to ongoing diplomatic discussions in key conflict regions. Hopes of a breakthrough in peace talks initially eased market tensions, but wavering signals from negotiations quickly reversed sentiment, leading to renewed buying pressure in oil futures. Brent crude and other global benchmarks experienced upward movement as investors priced in the possibility of continued supply risks. Analysts say oil markets are highly sensitive…