Enugu State’s electricity commission has sharply responded to recent criticisms from the Nigerian Electricity Regulatory Commission (NERC), rejecting allegations of non-compliance and defending its operational autonomy. The standoff follows NERC’s demand that Enugu’s power utility revise its tariff models and submit to more stringent oversight—an intervention the commission regards as overly intrusive and legally questionable. The dispute began when NERC directed the Enugu electricity body to uniform its billing structure with national guidelines and adjust rates to align with cost-reflective pricing mandates. NERC also demanded the submission of audited accounts and company data within a tight timeline. In response, Enugu’s…
Author: Temitope N.
Nigeria’s power sector is teetering on the verge of systemic collapse unless the government and electricity market stakeholders move swiftly to resolve mounting debts owed across the value chain. The Minister of Power issued the warning during a high-level address this past week, emphasizing that unresolved liabilities are eroding operational viability, discouraging investment, and undermining supply continuity. The minister disclosed that legacy debt across GENCOs (generation companies), the Transmission Company of Nigeria (TCN), and DISCOs (distribution companies) now totals well over ₦2 trillion. These past obligations—ranging from unpaid generation invoices and fuel supply costs to transmission service fees and subsidy-related…
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.…
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…
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…
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…
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…
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…
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…
The Federal Government is considering amendments to the Electricity Act that would open the door for the sale of up to eleven electricity distribution companies (Discos) to new investors, part of a broader reform plan aimed at attracting private capital, improving service delivery, and reducing government liabilities. The proposed changes are centered on empowering regulators to facilitate equity transfers, usher in fresh management teams, and restructure the sector toward performance and accountability. Under current rules, Discos operate under licence agreements and are effectively state-supervised, with ownership restricted and few avenues for full private takeover. The proposed amendment would allow the…
Nigeria’s recent decision by the Central Bank’s Monetary Policy Committee (MPC) to raise the benchmark interest rate has thrust currency and price stability back into the spotlight, eliciting critical reactions from economists, finance professionals, and business leaders alike. With inflation trending upwards and the naira facing renewed pressure in foreign exchange markets, analysts believe that the MPC move will have nuanced effects on both exchange rate volatility and consumer prices in the coming months. At its latest meeting, the MPC raised the monetary policy rate by 200 basis points to 24.5 percent, citing persistent inflationary pressures, particularly from rising food…
Lagos is gearing up to host a major continental event celebrating excellence in quality, innovation, and standards—Africa’s foremost Quality Awards and Exhibition—bringing together organisations across industries to showcase achievements and exchange best practices. Announced by the Lagos State Quality Management Agency (LAQMA), the event is scheduled to take place in the city’s premier conference district later this year. It will feature a high-profile awards ceremony and an expansive exhibition designed to highlight businesses, government agencies, and individual champions driving quality-driven transformation in Africa. The awards segment will honour organisations that have demonstrated exceptional performance in areas like operational efficiency, customer…
Art in Heart Gallery, a Lagos‑based non‑profit arts organization, has launched a pioneering skills empowerment initiative for internally displaced persons (IDPs) in Nigeria, offering a creative pathway to economic independence. The gallery’s programme, unveiled earlier this month, brings displaced women and youth together in community art workshops designed to cultivate marketable talents while fostering mental wellness and social inclusion. Participants in the scheme receive training in a variety of artistic disciplines, including painting, textile design, beadwork, printmaking, and digital illustration. Under the tutelage of professional artists and certified facilitators, trainees learn techniques spanning traditional crafts to contemporary digital art tools.…
The Federal Government of Nigeria has announced its intention to create two million jobs through a national social housing programme, a core element of its post-pandemic economic recovery plan. This initiative is aimed at addressing the dual challenges of unemployment and Nigeria’s housing deficit, which is estimated at over 20 million units. The programme, according to government officials, will be executed through public-private partnerships and is expected to stimulate activity across the construction, manufacturing, and real estate sectors. Speaking in Abuja during a stakeholder engagement session, the Minister of Works and Housing, Mrs. Aisha Abubakar, emphasized that the housing scheme…
Nigeria’s rebasing of its Gross Domestic Product (GDP) to ₦372.8 trillion has been hailed as a landmark achievement in economic statistics, positioning the country as Africa’s largest economy. But despite the recalculated economic size, experts are flagging serious concerns over underlying productivity levels, warning that headline growth may mask structural inefficiencies threatening long-term development and inclusive prosperity. The rebased GDP, which reflects updated price benchmarks and expanded sector coverage—including digital services, creative industries, and informal value chains—moved Nigeria past South Africa and Egypt in size and scope. Introduced in mid‑2025, the updated data integrates a broader set of economic activities,…
Nigeria’s total outstanding debt from promissory notes dropped significantly in the first quarter of 2025, declining by 15.6 percent from ₦1.542 trillion in December 2024 to ₦1.301 trillion by March 2025. The Debt Management Office (DMO) attributed this decline to the government’s commitment to settle verified obligations owed to contractors, exporters, and other entities for previously executed and approved projects. The promissory notes are used by the government to clear arrears without immediately depleting cash resources. While this reduction might suggest improved fiscal discipline and debt management, several stakeholders have raised questions about the transparency surrounding the figures and the…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the Nigeria Deposit Insurance Corporation (NDIC) to uphold its statutory responsibilities to safeguard depositors and reinforce confidence in the banking system. Addressing management at NDIC headquarters in Lagos, Edun emphasized the strategic importance of diligent performance and proactive risk management in the wake of recent financial sector shocks. Edun praised the NDIC for recent initiatives—such as prompt reimbursement of insured depositors of the defunct Heritage Bank—but stressed that the agency must not rest on its laurels. “Our economic framework relies on trust in the banking system.…
The House of Representatives has launched an unprecedented investigation into 25 insurance companies operating in Nigeria, amid allegations that they have collectively failed to remit billions of naira in statutory revenue due to the federal government. The probe, conducted by the House’s Sub‑Committee on Capital Markets and Other Institutions, has sent shockwaves through the insurance sector and raised pressing governance issues. According to the committee chairman, Hon. Kwamoti Laori, the investigation stems from petitions and preliminary findings revealing serious infractions, including under‑remittance of compulsory insurance contributions and premium levies. Allegedly, several firms failed to forward proceeds from mandatory insurance schemes—such…
Rex Insurance Limited has unveiled new digital platforms designed to make the purchase and renewal of traditional third‑party motor insurance faster, more transparent, and more convenient for motorists across Nigeria. These digital tools reinforce the company’s longstanding emphasis on customer-centric innovation and regulatory compliance, aligning with its broader transition into a digitally enabled insurance provider. Under the new setup, motorists can now apply for third‑party motor insurance entirely online through Rex’s revamped website or dedicated mobile application. The platforms include real-time policy issuance, instant payment processing, and integration with national verification systems—ensuring that a valid policy can be confirmed and…
Nigeria’s real estate sector has witnessed a remarkable upturn, surging to a market value of ₦41.3 trillion in the first quarter of 2025, according to recent data from the National Bureau of Statistics (NBS). This expansion not only underscores the sector’s resilience amid economic headwinds but also highlights its increasingly pivotal role in national economic recovery and growth. The sector’s performance, which represents a significant jump compared to previous quarters, is being lauded by industry experts and economic analysts alike, especially as it comes at a time when other major non-oil sectors such as trade and manufacturing have posted mixed…