The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
Author: Temitope Nlewemchi
The Federal Airports Authority of Nigeria (FAAN) has announced plans to implement cashless payment systems at the Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport (NAIA), Abuja, as part of its modernization drive to enhance transparency, accountability, and efficiency in airport operations. The initiative is expected to kick off before the end of the year and will serve as a pilot phase for a nationwide rollout. According to FAAN management, the adoption of cashless transactions will align the nation’s airport operations with global best practices, reduce leakages in revenue collection, and improve the ease of doing…
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…
Abbey Mortgage Bank has unveiled plans to raise ₦100 billion in fresh capital as part of its strategic transformation from a primary mortgage bank to a regional commercial bank. This move comes in response to the Central Bank of Nigeria’s (CBN) revised regulatory framework, which sets higher capital requirements for banks wishing to expand their scope and operations. Specifically, the CBN now mandates a minimum capital base of ₦50 billion for regional commercial banks, a threshold that Abbey Mortgage Bank intends to exceed in order to position itself strongly within Nigeria’s evolving banking landscape. The proposed capital raise is…
Heirs Energies has restated its dedication to unlocking value in Nigeria’s oil and gas industry, underscoring its strategic role in shaping the country’s energy future. The company, one of the leading integrated energy firms in Africa, emphasized that its long-term vision remains centered on maximizing Nigeria’s vast hydrocarbon resources while aligning with global standards of sustainability and innovation. Speaking at a recent industry engagement, company executives highlighted that Heirs Energies has consistently positioned itself as a forward-looking operator capable of driving efficiency and delivering value across the oil and gas value chain. They noted that Nigeria’s energy landscape is undergoing…
A firm has recently completed the construction of a new terminal designed to significantly cut the costs associated with the evacuation of crude oil. This development marks an important milestone in the oil and gas sector, as it promises to optimize the logistics of crude oil transportation, improve efficiency, and reduce operational expenses for producers and exporters. Crude oil evacuation—the process of moving crude oil from production sites to export terminals or refineries—often involves complex logistics and considerable expenses. These costs include transportation fees, storage charges, delays at ports, and fees related to loading and unloading vessels. The new terminal…
Fidelity Bank Plc celebrated this year’s Children’s Day with an inspiring event focused on promoting literacy, creativity, and educational empowerment among Nigerian youth. Held at the bank’s Fidelity Grounds in Oniru, Lagos, the event brought together hundreds of students, parents, educators, and bank officials in a joyful and engaging atmosphere themed “The Fidelity Fantasyland 3.0.” Central to the celebration was the launch of the Read2Lead Anthology, a collection of essays by young Nigerians, alongside the awarding of scholarships to outstanding pupils. These initiatives underline Fidelity Bank’s sustained commitment to nurturing the next generation through education and creative expression. The Read2Lead…
The Lagos Chamber of Commerce and Industry (LCCI) has set its sights on attracting one million participants to its forthcoming annual trade fair, marking what is expected to be one of the largest and most significant editions of the event in recent years. The chamber, which organizes the Lagos International Trade Fair (LITF), announced that preparations are in top gear, with a focus on creating a platform that not only promotes commerce but also drives innovation, partnerships, and investment opportunities across various sectors of the Nigerian economy. The Lagos International Trade Fair, known as the largest business and trade exhibition…
The Port Harcourt Refining Company (PHRC), one of Nigeria’s key state-owned oil refineries, has recently become the focus of controversy following conflicting reports about its operational status. While the Nigerian National Petroleum Corporation Limited (NNPCL) announced a planned 30-day maintenance shutdown aimed at improving the refinery’s performance, several local fuel marketers have disputed these claims, insisting that no maintenance work is currently taking place. This disagreement has raised broader questions about the management, transparency, and functionality of the refinery, with significant implications for Nigeria’s fuel supply and downstream petroleum sector. The NNPCL, the parent company overseeing PHRC operations, officially…
The Federal Government of Nigeria has officially begun the rollout of Compressed Natural Gas (CNG) buses to federal universities across the country, marking a significant step toward improving transportation within academic institutions while promoting cleaner and more affordable energy solutions. This initiative aligns with the government’s broader objectives of energy transition, environmental sustainability, and economic empowerment, particularly in the transport sector. The launch event took place at the University of Abuja, where the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, commissioned the first batch of CNG buses and tricycles for use on campus. This pilot phase includes the…
Mastercard has entered into an expanded partnership with Smile ID, a leading pan-African identity verification company, to boost the development of secure and scalable digital identity solutions across the continent. The collaboration is aimed at addressing the growing need for trusted digital identity systems that can foster financial inclusion, combat fraud, and support Africa’s rapidly evolving digital economy. The deal comes at a time when African nations are accelerating digital transformation efforts, with governments, regulators, and private sector stakeholders placing greater emphasis on identity infrastructure to drive economic growth. Mastercard, known globally for its role in advancing digital payments and…
Guaranty Trust Holding Company (GTCO), the parent company of Guaranty Trust Bank, has announced that its total assets have surged to N16.7 trillion, marking one of the most significant asset growths in Nigeria’s financial sector. The new figures reflect the bank’s ability to sustain resilience in a challenging macroeconomic environment, while also underscoring the positive momentum within the Nigerian banking industry as institutions expand their balance sheets despite inflationary pressures, currency fluctuations, and rising operational costs. The achievement comes at a time when banks in Nigeria are navigating multiple headwinds, including high interest rates, regulatory adjustments, and evolving customer needs.…
The Central Bank of Nigeria (CBN) has announced a reduction in interest rates, a move it says is intended to stimulate economic activities and ease borrowing costs for businesses across the country. The development has been welcomed by segments of the private sector, although members of the Organized Private Sector (OPS) insist that the real impact will only be felt if the policy translates into improved access to credit and lower lending rates from commercial banks. The CBN’s latest decision comes against the backdrop of declining inflation, a stabilizing foreign exchange market, and stronger foreign reserves, which have given policymakers…
Unity Bank Plc has reached a major milestone in its restructuring journey as shareholders officially approved its planned merger with Providus Bank Limited. The decision, endorsed at an extraordinary general meeting held in Lagos, marks a new chapter in Nigeria’s banking sector, signaling one of the most significant consolidation moves in recent years. The merger is designed to strengthen Unity Bank’s financial position, enhance operational efficiency, and create a more robust financial institution capable of competing effectively in Nigeria’s increasingly competitive banking landscape. By joining forces with Providus Bank, Unity Bank aims to improve its balance sheet, expand its product…
The Nigerian National Petroleum Company Limited (NNPC) has reported a significant revenue boost, hitting ₦4.65 trillion in August 2025 despite challenges posed by declining crude oil output. The latest figures highlight the resilience of the state-owned energy giant in the face of persistent operational hurdles, including pipeline vandalism, oil theft, and underinvestment that have strained Nigeria’s oil and gas sector for years. According to industry updates, the revenue surge was largely driven by higher crude oil prices in the international market, refined product sales, and improved efficiency in revenue collection across the company’s business arms. Analysts suggest that NNPC’s diversification…
The National Pension Commission (PenCom) has issued a new directive requiring pension fund operators (PFOs) to report all dollar-denominated pension contributions or benefits exceeding US$10,000. The move is part of broader measures aimed at strengthening oversight, enhancing transparency in cross-border pension transactions, and curbing potential abuses in the pension sector. Under the new rule, any pension payments, disbursements, or holdings in foreign currency that surpass the US$10,000 threshold must be documented and submitted to PenCom. Operators are expected to provide details such as the beneficiary, the source of funds, the exchange rate applied, and the rationale for the foreign currency…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that its planned re-entry into the Ogoni oilfields in Rivers State will be conducted under the principles of justice, equity, and transparency. The company emphasized that the renewed effort to resume oil production in the area will not repeat the mistakes of the past, where decades of environmental degradation, neglect, and conflict strained relations between host communities and oil operators. Speaking on the issue, NNPCL officials explained that the company recognizes the historic sensitivities surrounding oil exploration in Ogoniland. They stressed that the focus this time is to ensure the people…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced the suspension of gas and crude oil supply to the Dangote Petroleum Refinery, citing unresolved disputes that have strained relations between the union, government agencies, and the refinery management. The decision, revealed after an emergency meeting of the association, has raised concerns about possible disruptions in the supply of refined products across the country. PENGASSAN, one of Nigeria’s most influential oil and gas unions, said its action followed months of unresolved grievances bordering on workers’ welfare, regulatory compliance, and operational disagreements with the refinery. The association noted…
The Dangote Petroleum Refinery has temporarily suspended the sale of petrol in naira, a move that has generated intense discussions across Nigeria’s energy and financial sectors. The decision, confirmed by industry sources late Wednesday, marks a major shift in the way the refinery engages with marketers and could have far-reaching implications for fuel supply, pricing, and the wider economy. This suspension comes barely months after the refinery commenced petrol sales to the domestic market, with many viewing it as a relief to the country’s foreign exchange pressures and a step toward energy independence. However, stakeholders now worry that halting naira-based…
First City Monument Bank (FCMB) has expanded its SheVentures loan pool to N1 billion, reaffirming its commitment to supporting women entrepreneurs across Nigeria and promoting gender-inclusive growth. The initiative, designed to provide financial and business support to women-owned small and medium-sized enterprises (SMEs), marks a significant boost for female entrepreneurs who often struggle with limited access to funding and growth opportunities in the country’s competitive business landscape. Announcing the expansion, FCMB management explained that the increase from its previous funding pool underscores the bank’s recognition of women as crucial drivers of economic development. The SheVentures programme offers zero-interest loans, capacity-building…