Eko Electricity Distribution Company (EKEDC) has announced a new initiative to provide free prepaid meters to its customers, aiming to improve billing transparency and reduce estimated billing complaints. The rollout is part of the federal government’s mass metering program designed to enhance electricity distribution and customer satisfaction. The initiative will cover thousands of households and businesses within EKEDC’s coverage areas, including parts of Lagos and Ogun states. By distributing free meters, the company hopes to eliminate the long-standing issue of estimated billing, which has been a major source of frustration for customers. According to EKEDC, the deployment process will be…
Author: Temitope Nlewemchi
The Ministry of Finance Incorporated (MOFI) has unveiled a N100 billion real estate fund aimed at addressing Nigeria’s housing deficit and boosting infrastructure development. The initiative seeks to provide affordable housing solutions while attracting private sector investment into the real estate market. According to MOFI, the fund will be used to finance large-scale housing projects, particularly in urban centers where demand for affordable housing remains high. The initiative aligns with the government’s broader strategy to bridge the housing gap, estimated at over 20 million units, and improve living conditions for Nigerians. MOFI’s Managing Director emphasized that the real estate fund…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
The Minister of Works, David Umahi, has revealed that Northern Nigeria is benefiting from 52% of the ongoing road construction projects across the country. He made this known while addressing concerns about regional infrastructure development, emphasizing that the federal government is committed to ensuring balanced road projects nationwide. According to Umahi, the large share of projects in the North is part of the government’s strategy to enhance connectivity, boost economic activities, and improve the overall quality of life for residents. He noted that several major highways, bridges, and rural road networks are currently under construction, with significant progress recorded despite…
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…
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’…