The President has appointed Taiwo Ogunjimi as the new Accountant-General of the Federation, marking a significant leadership change in the nation’s financial management. Ogunjimi, a seasoned financial expert with years of experience in public sector accounting, is expected to bring stability and efficiency to the role. His appointment comes at a crucial time when the government is focusing on fiscal responsibility, transparency, and accountability in managing public funds. As the chief financial officer of the federal government, Ogunjimi will oversee budget implementation, treasury operations, and financial reporting, ensuring compliance with national and international financial standards. Analysts view his selection as…
Author: Temitope Nlewemchi
The Nigeria Labour Congress (NLC) has strongly condemned the recent dismissal of workers by the Ibadan and Kaduna Electricity Distribution Companies, calling it an unjust and unacceptable move. According to reports, hundreds of employees were laid off without due process, sparking outrage among labor unions and affected workers. The NLC has accused the electricity distribution companies (Discos) of disregarding labor rights and failing to provide adequate severance packages for those affected. In response, workers at Kaduna Electric staged a protest, demanding immediate reinstatement and fair treatment. The NLC has vowed to take further action if the Discos do not reconsider…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has renewed its call for the adoption of ground rent as a key strategy for revenue generation and housing affordability in Nigeria. Speaking during the 2025 Estate Surveyors’ Week held in Lagos, the Lagos State Chapter Chairman, Gbenga Ismail, emphasized that the implementation of a well-structured ground rent system could significantly boost government income while simultaneously promoting access to affordable housing for ordinary Nigerians. Ground rent refers to the periodic payment made by leaseholders to landowners—usually government—in exchange for the right to occupy and develop a parcel of land. Ismail highlighted…
The Rural Electrification Agency (REA) of Nigeria has formalized a series of memoranda of understanding (MOUs) with multiple investment partners to mobilize approximately ₦500 billion in funding for off-grid renewable energy projects. The agreements were signed in Abuja during a high-level energy and infrastructure summit, signaling strong momentum toward Nigeria’s decarbonization agenda and rural electrification goals. By the terms of the MOUs, REA will collaborate with private investors including clean energy funds, development finance institutions, and local solar investors to deploy mini-grid and distributed solar systems in underserved communities. The funds are earmarked for hybrid solar-storage mini-grids, standalone home solar…
A leading terminal operator in Nigeria has launched a groundbreaking empowerment programme tailored exclusively for women in its host communities, aiming to boost economic inclusion and foster sustainable livelihoods. The initiative, which blends skill development, financial literacy, and mentorship, is designed to unearth female entrepreneurship potential and deliver long-term impact across diverse sectors. At the heart of the programme is a holistic approach to uplift women’s economic standing. From vocational training in trades such as tailoring, food processing, digital literacy, and cosmetology to entrepreneurial guidance, the programme covers key areas that equip participants for self-employment and small business success. Beyond…
The Federal Government of Nigeria has partnered with the African Development Bank (AfDB) and indigenous electric vehicle company, Saglev Electromobility Nigeria Limited, to accelerate electric vehicle (EV) manufacturing and clean transportation infrastructure across the country. This collaboration is seen as a major step toward reducing carbon emissions, promoting sustainable mobility, and enhancing Nigeria’s local industrial capacity. The tripartite alliance, which involves a significant public-private engagement, was formalised to support the ongoing development of Saglev’s EV assembly operations in Imota, Lagos. The facility, which began pilot production earlier this year, is the first full-fledged EV assembly plant in sub-Saharan Africa and…
Lagos’s main port terminal operator has unveiled a comprehensive transition plan aimed at integrating solar energy across its facilities, signaling a shift toward cleaner, more reliable power sources for cargo operations, warehouses, and administrative centres. The initiative seeks to reduce greenhouse gas emissions, lower electricity costs, and protect terminal operations from disruptions caused by Nigeria’s chronic grid instability. While details on financing and deployment timelines are being finalised, the announcement represents a strategic pivot in how industrial infrastructure engages with the country’s energy challenges. Company executives outlined that the solar plan will begin with pilot installations of rooftop photovoltaic systems…
CHAMS Plc, a leading identity management and technology services company in Nigeria, has posted an impressive 42 percent year-on-year increase in revenue during its most recent financial reporting period, underscoring the firm’s expanding relevance in the digital identity and business solutions market. According to the company’s audited accounts, revenue rose from ₦5.9 billion in the previous comparable period to ₦8.4 billion. This performance reflects growth across key business lines, including biometric identity management, digital onboarding services, and enterprise solutions such as virtual ATM cards and payment receipts processing. CHAMS Management attributed the growth to rising demand for secure identity verification…
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…
Providus Bank has reiterated its strong commitment to supporting small and medium-sized enterprises (SMEs) across Nigeria, reaffirming that the sector remains central to its business strategy. During its annual SME forum held in Lagos, the bank emphasised its intention to deepen financial and advisory services geared at nurturing MSMEs and facilitating their growth in a challenging economic environment. The bank’s executive director of business banking, Mrs. Ifeoma Okoro, underscored the vital role SMEs play in national development, citing their contribution to job creation, innovation, and domestic production. “At Providus, we view SMEs as the heartbeat of Nigeria’s economy. Ensuring they…
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 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…
Nigeria’s financial sector is witnessing a noteworthy achievement as women-led banking teams collectively posted a combined surplus of ₦18.8 million in the latest reporting period. This impressive performance reflects their growing influence in a traditionally male‑dominated industry and marks a significant milestone in gender representation within banking leadership. The surplus, representing earnings above operating costs, emerged from revenue‑focused operations overseen entirely by women. These units, which include relationship management, loan operations, and retail banking segments, reported contributions that exceeded projected budgets. Analysts say this underscores not just gender inclusivity but also the commercial viability and leadership effectiveness of women bankers.…
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…
Digitvant, a leading digital lending firm in Nigeria, has announced that it has successfully disbursed loans to more than 50,000 small and medium enterprises (SMEs) across the nation. The move underscores the company’s rapid expansion and commitment to addressing financing gaps in the informal and micro-enterprise segment. Since launching its lending platform in mid-2023, Digitvant has targeted businesses typically underserved by traditional banks—traders, tailors, local manufacturers, and service providers—offering quick credit through a mobile-based application. Borrowers can apply in minutes, receive instant decisions, and get funds transferred directly into their mobile wallets or bank accounts, provided they meet minimal documentation…
The nationwide blackout that gripped Nigeria over the past 48 hours has begun to ease after the National Union of Electricity Employees (NUEE) announced the suspension of its strike on Wednesday night. The strike, which had thrown homes, businesses, and industries into darkness, was called off following a marathon meeting between electricity sector unions and the Federal Government in Abuja. The industrial action began after unresolved disputes over workers’ welfare, pension entitlements, and stalled negotiations on salary reviews. The strike led to the shutdown of several critical facilities across the country, including transmission substations operated by the Transmission Company of…
The Central Bank of Nigeria (CBN) has announced a reduction in its benchmark interest rate, lowering the Monetary Policy Rate (MPR) to 27 percent. The move marks the first downward adjustment in months and signals the apex bank’s bid to ease credit conditions, stimulate investment, and consolidate gains from falling inflation. The decision was reached at the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to cut the rate after carefully reviewing recent economic data. According to the CBN, the adjustment reflects the need to balance inflation control with the urgency of stimulating growth…
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…
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…
The Nigerian Exchange (NGX) extended its bearish run as investors lost N265 billion in market value, deepening concerns over persistent sell-offs and weak market sentiment. The downturn, which has affected several key sectors, reflects growing investor caution amid economic uncertainties and global financial pressures. The latest decline saw the NGX All-Share Index drop further, erasing gains recorded earlier in the year. Analysts attribute the losses to profit-taking by investors, concerns over inflation, and fluctuations in foreign exchange rates. The banking, consumer goods, and industrial sectors were among the hardest hit, with major stocks recording price declines. Market watchers suggest that…