As the Central Bank of Nigeria’s (CBN) deadline for capital restoration quietly lapses, financial analysts and banking insiders are warning of a looming period of tighter lending conditions across the country. The apex bank’s capital adequacy directive, which required several banks to shore up their balance sheets and restore minimum capital levels, is likely to trigger a wave of more cautious lending practices, especially from mid-tier and smaller banks that have struggled to meet the requirement. The CBN’s directive, issued over a year ago, aimed to strengthen the resilience of Nigeria’s banking sector by ensuring that all deposit money banks…
Author: Temitope N.
The Chairman of the Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, has called for the responsible and ethical deployment of Artificial Intelligence (AI) in the Nigerian banking and financial services sector, emphasizing that while the technology holds immense transformative potential, its application must be governed by fairness, transparency, and a strong regulatory framework. Speaking at a recent financial technology roundtable in Lagos, Yusuf highlighted the growing adoption of AI across banks, fintech firms, and financial institutions in Nigeria, particularly in customer service, fraud detection, credit scoring, and operational efficiency. While commending the sector for embracing innovation, he urged stakeholders…
An engineer based in Abuja has formally petitioned the Inspector General of Police (IGP) over alleged abuse, harassment, and the unlawful invasion of his private property by individuals he claims acted under the pretense of law enforcement authority. The petition, which was submitted earlier this week, calls for a thorough investigation into the incident and immediate action against those responsible for the violations. According to the petitioner, whose identity has been confirmed as Engineer Chinedu Nwosu, the invasion occurred at his residential property in the Gwarinpa area of the Federal Capital Territory. Nwosu narrated that a group of individuals, allegedly…
Several stakeholders in the Lagos transportation and logistics sectors have expressed dissatisfaction with the Lagos State Environmental and Special Offences Agency (LASERA), accusing the agency of imposing excessive fees and levies that are affecting their operations and profitability. The complaints, which have been growing in recent weeks, center around what many operators describe as unsustainable financial demands placed on them in the name of regulation, enforcement, and compliance. From ride-hailing drivers to logistics companies, the consensus among aggrieved parties is that LASERA’s fee structure is steep, poorly communicated, and lacks consideration for the prevailing economic realities faced by small business…
The Nigerian Conservation Foundation (NCF) has successfully planted 184,000 trees across various parts of the country as part of its ongoing reforestation efforts aimed at restoring Nigeria’s rapidly depleting forest cover. This milestone forms part of the Foundation’s wider mission to combat deforestation, mitigate climate change, and revive biodiversity in regions heavily impacted by human activities and environmental degradation. The tree planting exercise, carried out over the course of several months, spans multiple states and ecological zones, with a strategic focus on areas that have suffered significant forest loss due to logging, agriculture, mining, and urban expansion. According to NCF…
Flight operations at the Port Harcourt International Airport were significantly disrupted on Thursday following an incident involving a commercial aircraft that veered off the runway during landing. The event caused delays for both arriving and departing flights, affecting hundreds of passengers and triggering an emergency response from aviation authorities. The aircraft, operated by a domestic airline, was arriving from Lagos when it reportedly skidded off the landing strip due to what preliminary reports suggest may have been poor visibility and a slippery runway surface caused by heavy rainfall earlier in the day. The plane came to a stop on the…
A new industry study has revealed that innovation plays a central role in boosting profitability in Nigeria’s insurance sector, highlighting how firms that invest in technological advancement, product diversification, and customer-centric services are outpacing their competitors in terms of revenue growth and operational efficiency. The research, conducted by a consortium of financial analysts and insurance experts, sheds light on the correlation between innovation and sustainable profitability amid a rapidly evolving business environment. According to the findings, insurance companies that embraced digital transformation, data-driven decision-making, and agile business models recorded higher profit margins and improved market share compared to traditional insurers…
NIPCO Plc has reaffirmed its commitment to maintaining a leadership position in Nigeria’s evolving energy landscape, assuring stakeholders of its continued role in advancing energy solutions that align with the country’s transition toward cleaner, more sustainable energy sources. The company made this assurance while highlighting its achievements and future strategy as part of its ongoing efforts to contribute meaningfully to the national energy agenda. Speaking during a recent industry dialogue with energy stakeholders and government representatives, the management of NIPCO underscored the company’s dedication to promoting natural gas adoption, improving energy infrastructure, and supporting government initiatives aimed at reducing the…
The Lagos State Waterways Authority (LASWA) has entered into a strategic partnership with Pi-CNG, an energy and transport solutions provider, to promote the adoption of Compressed Natural Gas (CNG)-powered ferries as a sustainable alternative to conventional fuel-powered boats. The initiative, which forms part of the state’s broader clean energy transition efforts, aims to reduce carbon emissions, cut fuel costs, and boost the safety and reliability of water transportation in Lagos. The partnership was officially announced during a stakeholder engagement forum held in Lagos, where LASWA and Pi-CNG brought together key players in the maritime and energy sectors, including boat operators,…
Ecobank Nigeria has taken a bold step to enhance investor confidence and demonstrate financial strength by making an early repayment of 50 percent of its $300 million Eurobond, signaling a strong liquidity position and prudent balance sheet management. The early redemption, which amounts to $150 million, comes ahead of the bond’s official maturity in 2026 and has been lauded by market watchers as a sign of the bank’s commitment to responsible debt servicing and proactive financial planning. This strategic move places Ecobank Nigeria among a select number of financial institutions in the country that have taken advantage of improving macroeconomic…
Nigeria’s capital market recorded a strong performance in the first half of 2025, posting a 16 percent growth amid increased investor participation and renewed confidence in equities and other financial instruments listed on the Nigerian Exchange Limited. The surge, which pushed the total value of listed securities to ₦126.73 trillion as of June 30, reflects growing optimism around macroeconomic reforms, monetary policy direction, and corporate earnings. This growth trajectory was confirmed in a half-year review released by the Nigerian Exchange Group, which noted that both the equities and fixed income markets saw notable expansion during the first six months of…
The National Identity Management Commission (NIMC) has denied claims of system downtime despite growing complaints from mobile subscribers facing persistent delays in completing SIM swap, registration, and related services. The development has sparked confusion and frustration among users and telecom operators, with many pointing fingers at NIMC’s identity verification platform as the cause of service disruption. Over the past few weeks, telecom subscribers across Nigeria have reported significant difficulties in retrieving lost SIM cards, updating their lines, or registering new numbers due to what they were told was the unavailability of the National Identification Number (NIN) verification system. These complaints…
The Central Bank of Nigeria (CBN) has disclosed that a staggering ₦923.16 billion in cash was withdrawn from the banking system between May 2024 and May 2025, reflecting a sharp increase in physical currency held outside of financial institutions. The data, published in the CBN’s latest Money and Credit Statistics report, paints a concerning picture for financial regulators as the country’s push toward a cashless economy appears to be slowing. According to the CBN, the amount of money outside the formal banking sector rose from ₦3.71 trillion in May 2024 to ₦4.63 trillion in May 2025, representing a year-on-year increase…
The Managing Director of Parthian Capital Limited has expressed strong optimism that Nigeria’s recently enacted tax reforms will serve as a major catalyst for the growth and expansion of small and medium-sized enterprises (SMEs) across the country. Speaking at a business policy roundtable in Lagos, the MD noted that the new tax laws are poised to ease long-standing fiscal burdens on entrepreneurs and make the operating environment more favourable for local businesses. According to the Parthian Capital boss, the changes introduced by the Federal Government through the new tax reform package represent a strategic shift towards a more inclusive and…
The World Bank has advised the Federal Government of Nigeria to take urgent and deliberate steps to bridge the widening trust gap between the government and its citizens. The international financial institution noted that for the country’s economic and social reforms to be successful and sustainable, the people must believe that government actions serve their interests and reflect transparency, fairness, and accountability. According to the World Bank, the success of Nigeria’s ongoing fiscal and structural reforms largely depends on the restoration of public confidence in governance. The call comes at a critical time, as the country is undergoing a series…
A new report on the Lagos housing market has revealed that investors now own over 40 percent of homes across Nigeria’s commercial capital, a trend that experts say is reshaping the dynamics of real estate ownership in the city. The findings, which have sparked debate within the real estate and urban planning communities, highlight growing concerns over access to affordable housing, the dominance of speculative investment, and widening inequality in the housing sector. The report, compiled by a consortium of property analysts and real estate data firms, indicates that a significant number of residential properties in Lagos are being bought…
Lagos Business School (LBS), one of Africa’s premier institutions for executive education, has led a high-level delegation of African chief executive officers and industry leaders on a strategic visit to the newly operational Dangote Refinery in Ibeju-Lekki, Lagos. The visit, which took place earlier this week, was part of the school’s ongoing efforts to deepen industry-academia collaboration, foster cross-border business relationships, and showcase African innovation at scale. The delegation, composed of CEOs, board chairs, and senior executives from across the continent—including Kenya, Ghana, South Africa, Rwanda, and Egypt—was hosted at the refinery complex by senior officials of the Dangote Group.…
The Nigerian Content Development and Monitoring Board (NCDMB) has confirmed the approval of over 440 expatriate quota slots for various oil and gas companies operating in the country. The announcement, made during a press briefing in Abuja on Thursday, reflects the Board’s continued effort to strike a balance between attracting foreign expertise and promoting indigenous participation in the sector. According to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, the approvals followed a rigorous vetting process aimed at ensuring that only necessary expatriate roles are filled, and that qualified Nigerians are not sidelined in key technical and managerial…
The Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with thousands of dried donkey genitals at the Apapa Port in Lagos, foiling a major attempt to smuggle the banned animal parts out of the country. The container, which was disguised as carrying conventional goods, was discovered during a routine inspection by customs officials, who became suspicious of inconsistencies in the shipping documents. Comptroller General of Customs, Bashir Adewale Adeniyi, announced the seizure during a press briefing on Thursday, revealing that the illicit consignment was destined for export to China, where donkey genitals are in high demand for use…
The Federal Government of Nigeria has officially stated that it cannot accept Venezuelan deportees being repatriated from the United States, citing complex international visa restrictions and rising geopolitical tension surrounding BRICS-related diplomatic alignments. The announcement was made through a statement by the Ministry of Foreign Affairs on Thursday, amid growing international attention on U.S. immigration enforcement and its impact on foreign nationals. According to the statement, Nigeria’s refusal stems from legal and diplomatic constraints that prevent it from serving as a transit or proxy destination for non-Nigerian deportees. The government emphasized that it has no bilateral or multilateral agreement with…