Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been honoured with the prestigious title of Central Bank Governor of the Year at the 2025 African Banker Awards Gala held recently in Abidjan, Côte d’Ivoire. This award, presented by African Banker magazine in collaboration with the African Development Bank Group, recognises Cardoso’s exceptional leadership and impactful reforms that have significantly strengthened Nigeria’s financial system and contributed to economic stability. The African Banker Awards, now in their 19th year, are a benchmark event in Africa’s financial calendar. They bring together senior policymakers, banking executives, and industry…
Author: Temitope N.
First City Monument Bank (FCMB) has once again pledged its strong support for the Ojude Oba Festival, one of Nigeria’s most prominent cultural celebrations. The bank highlighted the festival’s important role in promoting unity, preserving cultural heritage, and driving economic activities within Ijebu-Ode and beyond. In a statement ahead of the 2025 edition of the festival, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, emphasized that the festival aligns closely with the bank’s values of fostering meaningful relationships, community development, and inclusive growth. “Ojude Oba reflects the kind of society we want to build—one that honors legacy, encourages unity,…
Sidi Ould Tah of Mauritania has been elected as the ninth President of the African Development Bank (AfDB), marking a significant milestone for the continent’s leading financial institution. Tah’s election, which took place at the AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire, saw him secure an overwhelming 76.18% of the vote in the third round of balloting. He defeated four other candidates, including notable contenders like Zambia’s Samuel Maimbo and Senegal’s Amadou Hott, underscoring the strong support he garnered across the African membership. At 60 years old, Tah brings to the role over 35 years of extensive experience in African…
The Securities and Exchange Commission (SEC) has expressed deep concern over the increasing number of investors falling prey to Ponzi schemes. The regulator warns that such fraudulent investment operations promise high returns with little or no risk, but ultimately collapse, causing significant financial losses to unsuspecting investors. The SEC noted that despite repeated public warnings and educational campaigns, many investors continue to be attracted by the allure of quick and unusually high profits, often overlooking red flags. The commission stressed that Ponzi schemes undermine trust in the financial markets and pose a serious threat to economic stability. To combat…
Inflation can slowly erode the value of your hard-earned savings, making it important to find ways to protect your money and maintain its purchasing power. Here are some smart strategies to help shield your savings from the effects of inflation: Invest in Stocks Stocks generally offer returns that outpace inflation over the long term. By owning shares in companies, you participate in their growth, which can help your savings grow faster than rising prices. Consider Real Estate Property values and rental income tend to rise with inflation. Investing in real estate can provide a steady income stream and capital appreciation…
The Manufacturers Association of Nigeria (MAN) has appealed to the federal government to transform the ‘Nigeria First’ policy into a binding law. The association believes that legally enforcing the policy will ensure consistent support for locally made products and services, which is vital for the growth of Nigeria’s manufacturing sector and overall economic development. The ‘Nigeria First’ policy, which promotes the patronage of Nigerian-made goods, aims to reduce import dependency, create jobs, and boost industrialization. However, MAN notes that without a legal framework, the policy lacks the teeth needed for widespread adoption and enforcement. MAN argues that codifying the…
In a bold move to address hunger and improve living standards, the Foundation has announced a comprehensive commitment to enhancing food security for households within vulnerable communities. Recognizing that consistent access to sufficient, safe, and nutritious food is fundamental for health and well-being, the Foundation’s initiative aims to tackle food insecurity through a multi-faceted approach. Key components of the Foundation’s commitment include supporting local farmers with sustainable agricultural practices, facilitating access to affordable food supplies, and investing in educational programs that promote nutrition awareness. By partnering with community organizations and government agencies, the Foundation plans to create resilient food…
KoolBox, a Nigerian technology company specializing in sustainable energy solutions, has launched an innovative solar-powered cooling platform aimed at tackling the challenges of food spoilage and medical storage in Nigeria. The new platform offers affordable and reliable refrigeration options that operate entirely on solar energy, addressing frequent power outages and high electricity costs that limit access to conventional cooling systems. The launch event, held recently in Lagos, showcased KoolBox’s solar refrigeration units designed for both households and small businesses. The company introduced flexible access models, allowing users to either exchange old electric refrigerators for solar-powered ones, convert existing units…
George Onafowokan, Managing Director of Coleman Wires and Cables, has expressed optimism over the growing interest of foreign investors in Nigeria, particularly in the manufacturing sector. Speaking during a recent interview, Onafowokan said that despite economic hurdles, global investors are beginning to see Nigeria as a land of opportunity with strong industrial potential. According to him, the renewed wave of interest is driven by Nigeria’s vast consumer base, improving business environment, and the resilience of local industries. “What we are seeing is a gradual shift. International investors are no longer just eyeing Nigeria—they’re starting to make concrete moves. They…
The Importers Association of Nigeria (IMAN) has revealed plans to significantly reduce cargo clearance times at Nigerian ports to as little as three hours, a move that could transform the country’s trade and logistics landscape. This development is anchored on the adoption of the National Single Window platform, a digital system designed to streamline import documentation and procedures across multiple government agencies. Speaking at a recent stakeholders’ meeting in Lagos, IMAN officials noted that the new initiative aligns with global best practices and is expected to eliminate the bottlenecks that have long plagued the nation’s port system. They expressed…
A Nigerian firm has reaffirmed its dedication to fostering entrepreneurship as a tool for economic transformation and job creation. At a recent business development summit in Abuja, the company unveiled new initiatives aimed at supporting startups and empowering young entrepreneurs across the country. Speaking at the event, the company’s Chief Executive Officer, Mrs. Olufunke Adeniyi, stated that entrepreneurship remains the most viable path toward reducing unemployment and stimulating inclusive growth in Nigeria. She emphasized that the private sector has a crucial role to play in nurturing innovative minds and providing them with the tools, funding, and mentorship needed to succeed.…
Marketing experts have emphasized the critical role of data in driving business growth, urging Nigerian marketers to shift from intuition-based strategies to data-driven decision-making. This call came during a recent marketing and innovation forum held in Lagos, where industry leaders gathered to discuss trends shaping the future of the profession. Speakers at the event stressed that with the increasing complexity of consumer behavior and market dynamics, marketers who fail to integrate data into their strategies risk falling behind. The consensus was clear: data is no longer optional—it is a foundational tool for effective marketing in the digital age. According to…
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
Lasaco Assurance Plc has reaffirmed its dedication to youth empowerment in Nigeria, pledging to expand initiatives that support skill development, entrepreneurship, and economic self-reliance among young people. The company made this renewed commitment during a recent corporate social responsibility event held in Lagos. Speaking at the event, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, emphasized the importance of investing in youth as a strategic move to secure Nigeria’s future. He stated that the company recognizes the challenges facing many young Nigerians, including unemployment and limited access to opportunities, and is determined to be part of the solution.…
The Development Bank of Nigeria (DBN) has launched a landmark initiative known as the “Green Declaration,” a strategic commitment to promote sustainable development and climate finance in Nigeria. This bold move aligns with global efforts to combat climate change while positioning Nigeria as a proactive player in transitioning to a low-carbon, climate-resilient economy. The announcement was made during a high-level climate finance forum in Abuja, where DBN’s leadership outlined its plans to integrate environmental sustainability into its core operations. The Green Declaration aims to mobilize investments, build partnerships, and support businesses that are actively contributing to Nigeria’s green economy goals.…
Interswitch Group, one of Africa’s foremost digital payments and commerce companies, has renewed its call for stronger support of indigenous innovation and economic sovereignty across the continent. This renewed advocacy was prominently featured during the 2025 Africa Soft Power Summit held in Nairobi, Kenya, where thought leaders, innovators, and policy experts convened to discuss the future of Africa’s digital economy and technological independence. Representing Interswitch at the summit, Bernard Kinara, the Group’s Country General Manager for Kenya, delivered a compelling message that emphasized the need for Africa to chart its own path in the global digital space by investing in…
The Federal Inland Revenue Service (FIRS) has intensified its engagement with key stakeholders in Nigeria’s oil and gas sector ahead of the July 25, 2025 rollout of its electronic invoicing (e-invoicing) system. This initiative, part of the broader digital transformation of the country’s tax administration, is aimed at boosting efficiency, enhancing transparency, and curbing tax evasion, particularly in sectors known for high-volume transactions and complex financial structures. The e-invoicing project, formally known as the Merchant Buyer Solution (MBS), represents a shift toward real-time invoice verification, allowing tax authorities and relevant stakeholders to track transactions as they occur. According to FIRS…
The United Bank for Africa (UBA) and the Institute of Chartered Accountants of Nigeria (ICAN) have entered into a strategic partnership aimed at enhancing excellence, professionalism, and innovation in the field of accounting and financial services in Nigeria and across the African continent. This alliance, formalized through a high-level engagement between the leadership of both institutions, is poised to shape the future of financial reporting, ethics, and capacity building within the region. At the heart of this collaboration is a shared commitment to strengthen the accounting profession through targeted development programs, ethical standards, and skill enhancement initiatives. The UBA-ICAN partnership…
The Nigerian Exchange Limited (NGX) recorded notable gains this week, with a total market capitalization increase of approximately N187 billion. This positive momentum reflects growing investor confidence in the equities market amid a mix of economic developments and corporate earnings reports that have buoyed market sentiment. Investors have shown resilience despite broader economic challenges such as inflationary pressures and high interest rates. The sustained buying activity by market bulls has helped key indices close the week in positive territory, signaling optimism about the outlook for listed companies. Several sectors contributed to the market’s upward trajectory, including banking, consumer goods, and…
Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…