The National Insurance Commission (NAICOM) has announced strict enforcement of the compulsory insurance policy for all public buildings across Nigeria, as stipulated in Section 65 of the Insurance Act 2003. This move aims to enhance public safety and boost insurance penetration in the country. Key Details of the Directive: – Applies to all buildings accessible to the public (schools, hospitals, hotels, offices, etc.) – Requires minimum third-party liability coverage – Building owners must display valid insurance certificates visibly – Compliance verification to begin October 2024 Penalties for Non-Compliance: – ₦500,000 fine for individual building owners – ₦1 million fine for…
Author: Temitope Nlewemchi
TomTom, the iconic menthol candy brand known for its bold taste and deep roots in Nigerian culture, has successfully concluded its 2025 BTI Verse Challenge, an initiative aimed at discovering and promoting young musical talent. Held in Yaba, Lagos, the event brought together over 30 talented contestants from across the region, culminating in a vibrant finale that crowned Lam Young as the winner. The BTI Verse Challenge is part of TomTom’s wider “Breathe for It” campaign—a youth-focused movement designed to empower creativity and offer young Nigerians a platform to express themselves through music and spoken word. This latest edition of…
The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic impact of the COVID-19 pandemic. The repayment was completed as of April 30, 2025, according to Christian Ebeke, the IMF’s resident representative in Nigeria. Background of the Loan In April 2020, amidst the global economic downturn caused by the COVID-19 pandemic, Nigeria secured a $3.4 billion loan from the IMF under the Rapid Financing Instrument (RFI). This facility was designed to provide rapid financial assistance to member countries facing urgent balance of payments needs.…
The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
The World Bank has disbursed an additional $215 million to Nigeria under the $800 million National Social Safety Net Programme-Scale Up, increasing the total amount released to $530 million. This funding is part of the government’s efforts to provide conditional cash transfers to the nation’s most vulnerable citizens, aiming to alleviate the impact of recent economic reforms, including the removal of the petrol subsidy. Initially, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by President Bola Tinubu’s administration, the payment was revised to N25,000 monthly for three months, aiming to reach 15…
Guinness Nigeria marked its 75th anniversary by hosting a three-day, two-city Premier League Trophy Tour, bringing the iconic English Premier League (EPL) trophy to fans in Enugu and Lagos. The event celebrated the brand’s longstanding relationship with Nigerian football and its commitment to community engagement. Enugu: The Spiritual Home of Nigerian Football The tour commenced in Enugu, chosen for its rich football heritage and as the home of Rangers International FC. Governor Peter Mbah welcomed the trophy, highlighting the state’s commitment to sports development, including plans to host the 2026 National Sports Festival. The event featured interactive fan experiences, live…
In a significant move aimed at bolstering Nigeria’s energy security and economic development, Aliko Dangote, President and CEO of Dangote Group, recently met with Bashir Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd.), to reaffirm their commitment to a strategic partnership. The meeting, held at the NNPC Towers in Abuja, marks a pivotal step towards fostering collaboration between the private and public sectors in Nigeria’s oil and gas industry. Strengthening Energy Security During the visit, Dangote emphasized the importance of collaboration between Dangote Petroleum Refinery & Petrochemicals (DPRP) and NNPC Ltd. to ensure the nation’s…
The Nigeria Customs Service (NCS) has set an ambitious goal to cut cargo clearance time at Tin-Can Island Port in Lagos to just two hours, a target that promises to revolutionize the speed and efficiency of customs operations. This initiative, which is part of the full implementation of the B’Odogwu system, is seen as a key step in modernizing Nigeria’s trade facilitation processes. The system, a locally developed digital platform, aims to streamline customs operations, reduce bottlenecks, and improve overall port efficiency. The B’Odogwu system is designed to ensure that customs processes are not only faster but also more transparent.…
In April 2025, the Organization of the Petroleum Exporting Countries (OPEC) experienced a slight reduction in oil production, averaging 26.60 million barrels per day (bpd), a decrease of 30,000 bpd from March. This decline occurred despite OPEC+’s planned output increase of 411,000 bpd for the second quarter of 2025. The discrepancy highlights ongoing challenges in aligning production targets with actual output. Contributing Factors to the Output Decline Venezuela’s Production Drop: A significant factor in the output reduction was Venezuela’s sharp decline in oil production. This downturn was attributed to renewed U.S. sanctions aimed at curbing the country’s oil exports, including…
Neimeth International Pharmaceuticals Plc has reported a 49% increase in profit after tax for the first quarter of 2025, reaching ₦115.76 million compared to ₦77.65 million in Q1 2024. This growth reflects the company’s ongoing strategic initiatives and operational improvements. Key Financial Highlights: Turnover: Increased by 86% to ₦1.21 billion from ₦648.26 million. Gross Profit: Rose by 27% to ₦639.72 million from ₦505.11 million. Operating Profit: More than doubled, rising by 114% to ₦449.87 million from ₦210.14 million. Earnings Per Share: Improved to 3.0 kobo from 2.0 kobo. The company’s total assets grew to ₦12.41 billion by March 31,…
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…
Airtel Africa has reported a significant financial turnaround for the fiscal year ending March 31, 2025, posting a pre-tax profit of $661 million. This marks a remarkable recovery from a pre-tax loss of $63 million in the previous year, representing a 1,147.8% year-on-year improvement. Key Financial Highlights: Revenue: Total revenue for the period stood at $4.96 billion, reflecting a 21.1% increase in constant currency terms. However, due to currency devaluation, the reported revenue declined slightly by 0.5%. Profit After Tax: The company achieved a profit after tax of $328 million, a significant turnaround from a loss of $89 million in…
The Nigerian Ports Authority (NPA) has intensified its efforts to enhance trade facilitation by aligning with the Federal Government’s economic growth agenda. Under the leadership of Managing Director Dr. Abubakar Dantsoho, the NPA is implementing several initiatives aimed at modernizing port operations, reducing costs, and improving efficiency. Key Initiatives and Achievements: National Single Window (NSW) Implementation: The NPA is actively supporting the Federal Government’s plan to implement the NSW system, which is expected to reduce the cost of doing business at Nigerian ports by at least 25%. The NSW will streamline trade processes by integrating all stakeholders into a unified…
Nigeria’s Minister of Labour and Employment, alongside other key stakeholders, is set to headline the upcoming National Productivity Summit focused on driving workplace excellence and industrial growth. The high-profile event scheduled for October will bring together government officials, private sector leaders, and labour unions to address critical workforce challenges. Summit Highlights: – Theme: “Building a Competitive Workforce for Nigeria’s Industrial Revolution” – Focus areas: skills development, labour productivity, and workplace innovation – Expected attendance: 500+ delegates from across sectors The Labour Minister will deliver the keynote address on “Repositioning Nigeria’s Labour Market for Global Competitiveness,” outlining the government’s new productivity…
Nigeria’s micro, small, and medium-sized enterprises (MSMEs)—which constitute over 96% of businesses and provide approximately 84% of jobs in the country—are facing a critical threat. The potential exit of Meta Platforms Inc. (parent company of Facebook, Instagram, and WhatsApp) from Nigeria could severely disrupt the digital economy, particularly for businesses that rely heavily on these platforms for marketing, sales, and customer engagement. A recent analysis by Premium Times highlighted that 56% of Nigerian MSMEs depend exclusively on Facebook and Instagram for their sales. These platforms have become integral to business operations, offering cost-effective marketing tools and broad consumer reach. For…
On May 20, 2025, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, officially launched a redesigned website for the Securities and Exchange Commission (SEC) during the Capital Market Committee (CMC) meeting in Lagos. Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, Edun emphasized that the new digital platform aims to enhance transparency, bolster investor confidence, and improve efficiency in Nigeria’s financial markets. The revamped SEC website features an improved user experience, enhanced security measures, and updated tools to assist investors, market operators, and issuers in accessing regulatory information and market data. This initiative…
The Association of Meter Manufacturers of Nigeria (AMMON) has strongly criticized the Transmission Company of Nigeria (TCN) for awarding electricity meter supply contracts worth over $100 million (approximately ₦160 billion) to two Chinese companies, sidelining local manufacturers. According to AMMON, the contracts, funded through a World Bank loan, involve the supply of 1.25 million meters. Despite the substantial investment, only 75,000 meters have been delivered so far, and these remain uninstalled, failing to address the country’s metering challenges. AMMON expressed concern that TCN plans to proceed with another World Bank-funded procurement of 1.55 million meters from foreign companies, further neglecting…
Airtel Nigeria has announced plans to more than double its capital expenditure in 2025, committing over ₦500 billion to accelerate the deployment of 5G services and expand network coverage, particularly in underserved rural areas. This significant investment marks a substantial increase from the ₦259 billion spent in the previous fiscal year. The expanded capital will fund critical infrastructure projects, including the installation of new base stations, extension of Airtel’s fibre-optic backbone, and enhancement of existing infrastructure with high-capacity radios. These upgrades aim to improve network performance, especially in high-traffic areas, and expand coverage into hard-to-reach rural regions. Airtel Nigeria’s CEO,…
Effective May 1, 2025, Nigerian banks have increased SMS transaction alert fees by 50%, raising the cost from ₦4 to ₦6 per message. This adjustment follows the Nigerian Communications Commission’s approval of a 50% hike in telecom tariffs, impacting services such as bulk SMS used by banks for customer notifications. In response to the increased charges, many bank customers are opting for email alerts, which remain free of charge. Banks like Guaranty Trust Bank and Ecobank have informed customers about the new SMS fees and provided options to switch to email notifications. Customers can update their alert preferences through the…