The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
Author: Temitope N.
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
After weeks of tension that stalled a major power transmission line project in northern Nigeria, the Transmission Company of Nigeria (TCN) and Kano State Government have reached a comprehensive agreement to jointly move forward with the stalled infrastructure initiative. This resolution marks a turning point in efforts to bolster electricity delivery for millions of households and businesses in the Kano region. The dispute began when the power project—designed to carry electricity from the national grid to underserved areas across Kano State—ran into bureaucratic obstacles and disagreements over right-of-way, compensation for affected communities, and coordination between federal and state stakeholders. When…
Fuel marketers and industry stakeholders are experiencing mounting difficulties as the shutdown of the Port Harcourt Refinery drags on, leaving many without access to refined petroleum products and deepening financial strain across the downstream oil sector. Though officially labeled as a routine maintenance exercise, sources within the host communities and petroleum product retail associations have described the ongoing refinery shutdown as a cover for deeper issues, including a lack of crude oil supply to the facility. According to them, the Port Harcourt Refinery had already ceased operations weeks before the formal announcement of maintenance due to an alleged scarcity of…
A US-based appliances manufacturer has formally entered Nigeria’s market with a sharp focus on energy-smart home solutions, marking a significant push into connected living technologies tailored for local conditions. The company aims to tap into growing demand for modern appliances that offer energy efficiency, smart controls, and reliability amid the country’s power and cost challenges. The product range includes smart refrigerators, air-conditioners, washing machines, ovens, and water heaters—all featuring Wi-Fi connectivity, mobile app control, voice-assistant compatibility, and intelligent sensors designed to optimise performance. Many models are built to withstand variable voltage and intermittent power supply, while others can integrate with…
Champion Breweries Plc has secured shareholder approval to raise ₦45 billion in fresh capital as part of its strategy to scale operations, enhance competitiveness, and reposition the company for long-term growth. The decision was reached at the company’s Extraordinary General Meeting (EGM), held in a virtual format, where investors overwhelmingly supported the capital injection plan. The approved funds are expected to be raised through a combination of debt instruments, including bonds, notes, and other forms of capital market securities. According to the company’s board, the capital raise will be executed in tranches, with flexibility to explore both local and international…
Transcorp Hotels Plc has delivered an outstanding performance in the first half of the year, reporting revenue of ₦47.57 billion. This represents a substantial year‑on‑year increase that underscores the company’s strong position in Nigeria’s hospitality and events sector. Driven by a resurgent travel market and innovative leveraging of its facilities, Transcorp Hotels appears to be capitalizing on renewed demand across all segments. Revenue growth has been broad‑based. Room sales accounted for approximately two‑thirds of the revenue mix and showed significant increases as occupancy rates rose, particularly in key properties in Abuja and Lagos. Leisure travel, domestic tourism, and business visits…
The Policy Innovation Centre (PIC) has commended the Lagos State Government for its proactive and impactful approach to women’s empowerment, describing the initiative as a significant step towards inclusive socio-economic development. In a statement released following an engagement with key stakeholders, the PIC praised the initiative for targeting vulnerable women across communities and providing them with tools to attain financial independence and improved livelihoods. The Centre acknowledged the Lagos State Government’s efforts to scale up access to entrepreneurship training, start-up support, and mentorship for women from various backgrounds. According to the PIC, the empowerment programme reflects a well-structured model that…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to place immediate and strategic focus on stabilising the naira, stressing that continued volatility in the foreign exchange market is undermining investor confidence, raising the cost of doing business, and deepening inflationary pressures across the country. In a statement issued by the Chamber’s Director-General, Dr. Chinyere Almona, the LCCI noted that while efforts by the Central Bank of Nigeria (CBN) to unify exchange rates were commendable, the current trajectory of the naira’s depreciation required more decisive fiscal and monetary interventions. According to the LCCI, businesses—particularly those…
Trade volumes across key sectors of the Nigerian economy have begun to taper, driven by a marked slowdown in consumer spending and growing economic headwinds. Data from markets and industry players indicate that retailers, importers, and manufacturers are all feeling the impact of decreasing demand from households facing rising living costs. Several retail outlets report that customer foot traffic, which was comparatively steady in recent years, has dropped significantly in major urban centres like Lagos, Abuja and Port Harcourt. Business owners attribute the decline largely to a combination of high inflation, currency instability, and diminished purchasing power among average Nigerians.…
A leading US-based appliance manufacturer is entering Nigeria’s booming smart home market, positioning itself to tap into growing demand for connected household technologies. The firm, renowned for its line of smart refrigerators, ovens, washing machines, and air conditioners, has officially launched its products in Nigeria and is partnering with local distributors to reach consumers nationwide. The company is deploying its flagship smart‑appliance portfolio. These devices feature integrated Wi‑Fi connectivity, touch‑screen control panels, smartphone apps, voice‑assistant compatibility, and built‑in sensors that optimize energy consumption and performance. As prices come down and internet access expands in urban areas, Nigerian middle‑income homeowners and…
The Dangote Petroleum Refinery is expected to raise its operational refining capacity to 700,000 barrels per day by December 2025. This anticipated increase follows continued expansion and optimization efforts within the massive facility located in the Lekki Free Trade Zone, Lagos State. The development marks a new milestone for the refinery, which has already begun supplying diesel and aviation fuel to the Nigerian market. According to sources within the refinery, the target to reach 700,000 barrels per day represents an upgrade from the original installed capacity of 650,000 barrels per day. The ramp-up is being made possible by adjustments to…
Union Bank of Nigeria has rewarded hundreds of its loyal customers with cash prizes and other exciting gifts as part of its ongoing “Save and Win Palli Promo 4.” The initiative, which began in December 2024, is aimed at encouraging savings culture among Nigerians while offering them the chance to win life-changing rewards. In the latest series of monthly draws held across the country, customers from different regions emerged as winners of various prizes, including cash gifts of ₦100,000, fuel vouchers, motorcycles, and tricycles. The draws, which were conducted electronically and monitored by relevant regulatory bodies, ensured fairness and transparency…
The United Kingdom has announced that over 3,500 goods exported from Nigeria are now eligible for zero-duty entry under its new Developing Countries Trading Scheme (DCTS), a trade arrangement aimed at strengthening economic ties and boosting trade with developing nations. This development means that about 99 percent of Nigeria’s exportable products now benefit from either complete or partial tariff waivers when entering the UK market. The policy, which came into effect as part of the UK’s broader trade strategy post-Brexit, is designed to encourage export diversification and economic development in partner countries. For Nigeria, it represents a significant opportunity to…
The Federal Government has issued a stern warning to all project accountants involved in managing public funds, urging them to uphold transparency, accountability, and integrity in the discharge of their duties. This directive comes as part of renewed efforts to tackle financial mismanagement and ensure that public resources are utilized strictly for their intended purposes. Speaking during a recent stakeholder engagement in Abuja, senior officials emphasized that project accountants play a pivotal role in the success or failure of government projects. As such, any form of financial impropriety, negligence, or manipulation of records would not be tolerated. They stressed that…
The federal government has announced a new directive requiring all public sector projects valued above ₦150 million to be registered with precise GPS coordinates. This policy aims to enhance transparency, improve monitoring, and reduce corruption in infrastructure execution across Nigeria. According to the Federal Ministry of Works, Housing and Urban Development, contractors and project managers must submit longitude and latitude data before the commencement of any contract or release of funds. Authorities insist that exact locational information will enable real-time oversight, curb phantom projects, and ensure public accountability. Ministry officials noted that the directive aligns with broader efforts to digitize…
Labour unions across Nigeria have voiced strong opposition to a proposed amendment to the Electricity Act, which includes a controversial provision that seeks to outlaw industrial action within the nation’s power sector. The proposed legislative change, currently being debated at the National Assembly, aims to bar electricity workers from engaging in strikes or other forms of protest, a move that has drawn widespread criticism from organized labour. The Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the National Union of Electricity Employees (NUEE) have jointly condemned the proposal, describing it as an attack on democratic freedoms and the constitutional…
Nigeria’s automotive industry is entering a new phase of transformation as auto manufacturers set an ambitious target of sourcing 50% of their vehicle components locally. This move comes as both government and private sector players collaborate to reduce reliance on imported parts, boost domestic production, and support economic growth through industrial expansion. The push toward greater local content is fueled by the need to conserve foreign exchange, promote job creation, and strengthen Nigeria’s manufacturing capabilities. Government backing has come in the form of policies encouraging ministries, departments, and agencies (MDAs) to prioritize locally assembled vehicles in their fleet procurements, alongside…