Nigeria’s lagoon systems, especially those around Lagos, are increasingly gaining notoriety for being among the most polluted water bodies globally, as unmanaged waste disposal and environmental neglect take their toll. In coastal cities like Lagos, lagoons once used for fishing, transport, and recreation are now overflowing with solid waste, plastic debris, oil spills, and industrial effluents. These water bodies are no longer safe for human activity or aquatic life, say environmentalists and local community leaders who have called attention to the rapid decline in water quality over the years. Open dumping of municipal waste has become a chronic problem. Refuse…
Author: Temitope N.
United Africa Company (UAC) has confirmed the acquisition of the Chivita and Hollandia beverage brands from the Coca‑Cola Group, marking a pivotal expansion of its portfolio into fruit juice and dairy variants. The move, representing a significant shift in Nigeria’s consumer goods landscape, reinforces UAC’s ambition to deepen local value chains and expand its foothold in the fast-moving consumer goods (FMCG) sector. UAC’s Managing Director described the acquisition as transformative: by bringing Chivita and Hollandia under its umbrella, the company now controls a broader range of beverage offerings—from fruit juices and smoothies to probiotic dairy drinks—enabling a more holistic market…
The African Development Bank (AfDB) has pledged a $1.2 million grant to bolster the stability and resilience of Nigeria’s national electricity grid—a critical step toward reducing outages, improving distribution efficiency, and supporting long-term grid reliability. The grant, announced by AfDB officials and Nigeria’s Power Ministry, is earmarked for targeted interventions in grid monitoring, operational coordination, and technical upgrades at key substations across high-demand regions. It is part of a broader strategy to support system operators and transmission entities as they implement reforms intended to modernize transmission capabilities and reduce systemic disruptions. According to Energy Ministry representatives, the grant will fund…
Shell has announced a sharp decline in profit for its latest financial period, attributing the downturn to a slowdown in global oil and gas prices that eroded margins across its energy operations.The energy company revealed that net income for the half-year contracted year‑on‑year, with upstream revenue—generated from exploration and production—hardest hit by lower crude and natural gas rates. Despite robust production volumes, the average revenue per barrel dipped significantly due to depressed benchmark prices. Downstream operations, including refining, petrochemicals, and lubricants, also reported margin compression. Refinery crack spreads narrowed as demand softened in key markets, and surging operating costs—from energy…
The Tourist Company of Nigeria PLC (TCN) has unveiled the reasoning behind its recent overhaul of the board of directors, arguing the move is a necessary step in its broader plan to reboot operational performance, restore stakeholder confidence, and unlock fresh growth opportunities in Nigeria’s hospitality sector. Company leadership addressed shareholders and industry stakeholders during a special briefing in Lagos, asserting that the new board—composed of individuals with expertise across finance, hospitality management, real estate development, and strategic turnaround—was intentionally assembled to bring both relevant experience and a disciplined governance approach. The board appointments, they emphasised, reflect clear alignment with…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
Parthian Partners has successfully arranged a ₦800 million financing facility aimed at supporting the tin extraction and processing industry in Nigeria. The deal marks a significant boost for the nation’s mineral sector, promising to improve production capacity, strengthen value chains, and pave the way for export-driven growth. The agreement involves funding that will be extended to a consortium of tin producers operating in key mining states, including Plateau, Kogi, and Nasarawa. According to Parthian Partners, this support is tailored to help firms upgrade mining equipment, scale processing capabilities, and meet international quality standards needed for export markets. Representatives from Parthian…
BUA Foods Plc on Monday announced an outstanding set of half-year results for the first half of 2025, reporting a 101 percent increase in profit after tax, alongside gross earnings that surged to ₦276.1 billion. The company’s performance spotlighted robust growth across agri-processing, foodstuffs, and sugar refining operations, signaling strong momentum in domestic value chain expansion. This extraordinary outcome—doubling profit compared to the same period in 2024—was attributed to several converging factors. Management pointed to improved operational efficiency, strategic pricing leveraged on growing demand for staples like sugar, edible oils, and flour, and the full integration of its new manufacturing…
The Federal Government has announced that economic reforms and debt restructuring efforts have led to a 42 percent reduction in the debt stock of Nigeria’s North West region, marking a significant milestone in the drive to restore fiscal stability and enhance public service delivery. According to federal officials, the debt reduction comes on the back of a coordinated program initiated late last year, involving recalibrated budget allocations, debt renegotiations with local creditors, and implementation of cost-saving reforms at state government levels. The measures included freezing non-essential capital expenditure, consolidating external obligations, and discontinuing duplicative subsidy arrangements that had ballooned state…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…
Air Peace, Nigeria’s largest airline, has convened a high‑level leadership retreat in response to its recent acquisition of a coveted London Heathrow airport slot. The gathering, which brought together the airline’s senior management, operational heads, and industry partners in Lagos, served as a strategic forum to chart the next phase of Air Peace’s international expansion and service enhancement roadmap. Securing the Heathrow slot marks a milestone for Air Peace, enabling the airline to initiate direct flights between Lagos and London—one of the most competitive and regulated global aviation routes. During the retreat, executives reviewed timelines for operational deployment, compliance requirements…
FCMB Group, one of Nigeria’s leading financial conglomerates, has announced gross earnings totaling ₦529.2 billion in its recent financial results, underlining strong performance across its banking, wealth management, and investment operations. This marks a significant growth trajectory for the Group amid challenging macroeconomic conditions. The reported figure represents an impressive year-on-year increase, driven by higher interest and non‑interest income streams. Core banking operations saw growth in net interest revenue, reflecting expanded lending activities and improved asset quality. At the same time, fee-based services—such as transaction processing, advisory services, and digital banking charges—contributed significantly to the earnings outcome. The Group’s Chief…
In a strategic move to accelerate the adoption of electric vehicles (EVs) in Nigeria, the Federal Government has launched a nationwide university innovation challenge, inviting students to develop creative and practical solutions for the country’s transition to sustainable transportation. The initiative is part of broader efforts to encourage local research, innovation, and awareness around the benefits of EV technology amid global climate concerns. The contest, spearheaded by the National Automotive Design and Development Council (NADDC) in partnership with the Federal Ministry of Industry, Trade, and Investment, challenges students from public and private tertiary institutions to design and present prototypes or…
Amid growing market turbulence and intensifying competition, independent petroleum marketers across Nigeria have started slashing petrol prices below the cost price reportedly offered by the Dangote Petroleum Refinery. The move, which has sparked wide industry debate, is driven largely by weakening consumer demand, high operational costs, and the struggle to maintain market share. In major cities including Lagos, Ibadan, Port Harcourt, and Abuja, pump prices have been observed to range between ₦560 and ₦580 per litre—below the ₦610 to ₦630 per litre range initially floated by Dangote for its refined products when the refinery began domestic supplies. Industry players suggest…
The Federal Government has extended heartfelt congratulations to Chief Owolabi Salis following his historic involvement in a recent international space mission. As a distinguished Nigerian figure taking part in this scientific venture, Salis’ participation marks a symbolic and inspirational moment in the country’s pursuit of technological and aerospace excellence. At a media briefing in Abuja, the Minister of Innovation, Science and Technology, Uche Nnaji, lauded Salis for representing Nigeria on such a critical global stage, calling the achievement “a major step forward for national pride and scientific credibility.” He described Salis’ journey as one that will inspire countless young Nigerians…
The Nigerian Economic Summit Group (NESG) has raised fresh concerns over the broader implications of Nigeria’s domestic policy decisions, warning that the country’s strategic choices are not only shaping its own future but also influencing economic trends and political developments across the African continent. Speaking during a recent policy dialogue in Abuja, the NESG emphasized that Nigeria’s size, economy, and geopolitical position place it at the center of Africa’s prospects for integration and development. As such, decisions made by the Nigerian government — especially on monetary policy, fiscal reforms, and regulatory frameworks — could either bolster or undermine collective progress…
The upcoming Annual General Meeting (AGM) of the International Chamber of Commerce (ICC) is set to place significant emphasis on maritime trade, as stakeholders across global shipping, logistics, and policy sectors prepare to gather for the high-level event. The ICC, known for its role in fostering international trade standards and commercial cooperation, announced that this year’s meeting will center on challenges, reforms, and innovations in maritime commerce. The AGM, scheduled to take place in Lagos, Nigeria, will bring together leading maritime authorities, port operators, shipping lines, customs officials, and trade policy experts from across the globe. The focus on maritime…
Rotary International has extended its commitment to humanitarian service by providing crucial healthcare aid to underserved communities across Nigeria. The initiative, spearheaded by various Rotary Clubs in partnership with local medical professionals, targets rural and low-income areas where access to basic healthcare services remains limited or entirely unavailable. As part of the outreach, thousands of residents in selected regions have benefited from free medical consultations, drug prescriptions, and minor surgical procedures. The intervention also includes the distribution of essential medicines, health education on disease prevention, and screening services for chronic illnesses like hypertension, diabetes, and eye conditions. Rotary’s District Governors…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has been awarded the prestigious World Agritourism Award in recognition of his outstanding contributions to the advancement of agritourism and sustainable agricultural practices in Nigeria. The award, presented during the International Agritourism Conference held in Bolzano, Italy, celebrates leaders and policymakers who have made significant strides in integrating agriculture with tourism to promote rural development, community empowerment, and food security. Senator Kyari was honoured alongside other international recipients for his pioneering efforts in using agriculture as a tool for economic diversification and rural revitalization. In his acceptance remarks, the minister…
Nigeria has once again demonstrated its growing leadership in the African aviation space as it hosted the 12th Commission Meeting of the Banjul Accord Group Accident Investigation Agency (BAGAIA) in Abuja. The summit brought together top officials and aviation safety experts from six West African countries to discuss strategies for enhancing air transport safety across the region. The two-day meeting, which held in the nation’s capital, was facilitated by the Nigerian Safety Investigation Bureau (NSIB) and had representatives from The Gambia, Ghana, Liberia, Sierra Leone, Cape Verde, and Nigeria. The gathering focused on strengthening cooperation among member states in air…