Author: Temitope N.

First City Monument Bank (FCMB) has announced plans to deploy fresh capital to enhance cost efficiency, operational productivity, and business sustainability across its various segments. The bank said the move is part of its strategic roadmap to strengthen its balance sheet, optimize resource allocation, and support long-term profitability amid Nigeria’s evolving economic environment. In a statement released in Lagos, FCMB explained that the capital deployment will be directed towards key areas including digital transformation, operational restructuring, and expansion of its retail and small and medium enterprise (SME) banking divisions. The initiative, according to the bank, aligns with its vision to…

The Nigerian Electricity Regulatory Commission (NERC) has called on the Federal Government to strategically deploy the $2 billion fund managed by the Rural Electrification Agency (REA) towards powering industrial and economic hubs across the country. The Commission said the move would accelerate Nigeria’s industrialisation drive, improve energy access, and support small and medium enterprises (SMEs) that depend heavily on stable electricity supply. Speaking at a stakeholders’ forum in Abuja, NERC Chairman Sanusi Garba emphasized that while the REA has made commendable strides in expanding electricity to underserved rural communities, greater economic impact could be achieved if a portion of its…

Nigeria’s leading telecommunications operator, Globacom, has announced a new customer-friendly initiative that provides subscribers with increased data volumes without any upward adjustment in prices. The company said the move underscores its unwavering commitment to affordability, innovation, and digital inclusion for millions of Nigerians across the country. In a statement released in Lagos, Globacom explained that the offer would allow both new and existing customers to enjoy more data allowances on their existing plans — effectively giving them better value for money at a time when many consumers are facing economic constraints. The telecom giant emphasized that the decision was taken…

The United Bank for Africa (UBA) Plc has reported a profit after tax of ₦538 billion for the third quarter of 2025, reflecting another milestone in the bank’s sustained trajectory of growth and profitability. The figure represents one of the strongest performances in the Nigerian banking sector this year, underscoring UBA’s resilience and effective execution of its strategic priorities amid global economic uncertainties. In its latest unaudited financial statement released to the Nigerian Exchange Group (NGX), UBA disclosed that its gross earnings rose significantly during the period, driven by robust growth in interest income, improved transaction volumes, and strong contributions…

The Dangote Petroleum Refinery has reaffirmed its commitment to ensuring a steady supply of refined petroleum products across Nigeria, announcing that its current output has now exceeded the nation’s domestic demand for refined fuels. This declaration comes amid growing optimism that the refinery’s full-scale operations will help end Nigeria’s long-standing dependence on imported petroleum products and stabilise pump prices across the downstream sector. Speaking in Lagos, the refinery’s management disclosed that with increased refining capacity and expanded operational efficiency, the plant is now capable of producing sufficient petrol, diesel, jet fuel, and kerosene to meet local needs and also create…

The House of Representatives has called on the Federal Government and relevant financial institutions to create mechanisms that will guarantee easy access to short-term loans for cassava farmers across the country. The lawmakers said such a move is crucial to boosting food production, promoting agro-industrial growth, and strengthening Nigeria’s economic diversification drive. The resolution followed a motion of urgent public importance moved by Hon. Abiola Makinde during plenary on Tuesday. He stressed that cassava remains one of Nigeria’s most important staple crops with high industrial value, yet farmers continue to face difficulties accessing affordable financing to expand production. Makinde explained…

The National Assembly has approved the $2.347 billion external borrowing request by President Bola Ahmed Tinubu, marking a major step in the administration’s effort to finance key infrastructure and social development projects under the 2024 fiscal framework. The approval came after the presentation of a detailed report by the Senate Committee on Local and Foreign Debts, which examined the request’s implications for debt sustainability and economic impact. The approved loan forms part of the 2022–2024 external borrowing (rolling) plan, which was earlier transmitted to the National Assembly by President Tinubu for legislative consideration. According to the report, the facility will…

The New Partnership for Africa’s Development (NEPAD) Nigeria has called on Nigerians, particularly entrepreneurs, business leaders, and policymakers, to strengthen their capacity to fully participate in the African Continental Free Trade Area (AfCFTA) agreement. The organisation said this is crucial for Nigeria to maximise the vast opportunities presented by the continent’s single market, which aims to enhance intra-African trade, industrialisation, and sustainable economic growth. Speaking at a national sensitisation forum held in Abuja, the Chief Executive Officer of NEPAD Nigeria, Princess Gloria Akobundu, said the AfCFTA is a game-changer for Africa’s economic development but requires strategic readiness and capacity building…

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria’s ongoing tax reforms are designed to eliminate multiple levies and create a more efficient, transparent, and business-friendly tax system. He explained that the reforms aim to streamline the country’s complex tax structure, boost revenue generation, and reduce the burden on citizens and businesses. Speaking in Abuja at a policy dialogue on the state of Nigeria’s fiscal framework, Oyedele emphasised that the government’s priority is to simplify tax compliance and eliminate overlapping taxes that have stifled economic growth and discouraged investment for years. According…

The Nigerian stock market closed on a bearish note on Monday as sustained sell pressure in blue-chip and banking stocks wiped off about N371 billion from investors’ wealth. The downturn came after several weeks of mixed trading, reflecting growing investor caution amid macroeconomic uncertainties and profit-taking in key equities. According to data from the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) declined by 0.26% to close at 99,320.45 points, down from 99,578.38 points recorded in the previous session. Consequently, the market capitalisation fell from ₦142.12 trillion to ₦141.75 trillion, representing a loss of ₦371 billion in a single trading…

Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has categorically dismissed suggestions that he is interested in purchasing or taking over any of the Nigerian National Petroleum Company Limited (NNPCL) refineries, describing such reports as false and misleading. He also took a swipe at the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over recent remarks concerning operations at the Dangote Refinery, calling them “uninformed and unnecessary provocations”. Dangote, while speaking at a media parley in Lagos, said he has no plans to acquire any of the state-owned refineries, noting that his company’s focus remains…

The Corporate Affairs Commission (CAC) has reiterated its unwavering commitment to transparency, accountability, and due process in the execution of its regulatory duties, while warning individuals and groups against orchestrating smear campaigns aimed at undermining its integrity and reform agenda. Registrar-General and Chief Executive Officer of the Commission, Hussaini Ishaq Magaji (SAN), made the declaration in Abuja while addressing journalists following recent allegations and online misinformation targeting the CAC’s operations. Magaji stated that the Commission remains focused on promoting corporate compliance and improving Nigeria’s ease of doing business, stressing that false narratives would not derail its mandate. He explained that…

Nigeria’s Minister of Power, Chief Adebayo Adelabu, has announced that state governors in collaboration with local and international investors have jointly mobilised over $500 million to boost solar panel manufacturing and renewable energy production across the country. The initiative, he said, is part of the Federal Government’s drive to achieve energy security, reduce dependence on fossil fuels, and promote sustainable industrial growth. Speaking in Abuja at the Nigeria Energy Transition and Investment Summit, Adelabu disclosed that the fund would support the establishment and expansion of solar component manufacturing plants in various parts of the country, particularly in states with strong…

The House of Representatives has commenced a comprehensive probe into what it described as excessive and unregulated tax deductions, illegal bank charges, and multiple levies imposed on customers by commercial banks across Nigeria. This move follows growing complaints from individuals, small businesses, and corporate bodies over what they consider exploitative financial practices by banks. Lawmakers expressed concern that despite the Central Bank of Nigeria’s (CBN) guidelines on permissible bank charges, many financial institutions continue to impose multiple, unexplained deductions on customers’ accounts. These deductions, they said, often occur under the guise of Value Added Tax (VAT), stamp duties, electronic money…

Calls have intensified for the Central Bank of Nigeria (CBN) to introduce higher denominations — specifically N10,000 and N20,000 single notes — as part of efforts to address the rising cost of living, inflationary pressures, and transactional inefficiencies in the country’s cash-based economy. Economists, financial analysts, and business operators have argued that the value of the naira has depreciated significantly in recent years, making existing denominations, particularly the N1,000 note, increasingly inadequate for large transactions. They said the introduction of higher-value notes would reflect the true state of the economy and reduce the strain on cash circulation. Dr. Muda Yusuf,…

The World Bank has projected that global commodity prices will decline sharply in 2025, reaching their lowest levels in six years, driven largely by an oversupply in the oil market and weakening demand across major economies. In its latest Commodity Markets Outlook report, the Bank warned that oil prices could fall below $70 per barrel as global production outpaces consumption, while other commodities such as natural gas, metals, and agricultural products are also expected to face downward pressure. According to the report, the anticipated oil surplus stems from increased production by key exporters, including the United States, Brazil, and Canada,…

The Nigerian Exchange Group (NGX Group) has recorded a remarkable surge in its market capitalisation, which rose by 37.7% to reach ₦141.75 trillion, reflecting renewed investor confidence and sustained momentum across key sectors of the equities market. The impressive growth underscores the resilience of Nigeria’s capital market amid global economic challenges and policy shifts in the domestic financial landscape. According to market data released by the NGX, the growth in market capitalisation was driven by strong performances in the financial, energy, industrial, and consumer goods sectors, as well as increased participation from institutional and retail investors. Analysts attribute the surge…

The Kano Electricity Distribution Company (KEDCO) has announced plans to commence a large-scale metering initiative aimed at bridging the metering gap across its franchise areas in Kano, Katsina, and Jigawa States. The company said the mass metering rollout is part of its strategic efforts to eliminate estimated billing, enhance transparency, and improve customer satisfaction within its operational network. KEDCO’s Managing Director and Chief Executive Officer, Dr. Jamil Gwamna, disclosed this in a statement issued over the weekend, explaining that the metering project will align with the Federal Government’s National Mass Metering Programme (NMMP). He said the initiative will significantly reduce…

The Federal Government has issued a stern warning to electricity distribution companies (DisCos) that have failed to meet operational and financial obligations, stating that it will no longer tolerate inefficiency, indebtedness, or poor service delivery within the power sector. The government said that it is ready to revoke the licenses of non-performing DisCos and replace them with capable investors who can drive stable electricity distribution across the country. Minister of Power, Chief Adebayo Adelabu, made this known during a stakeholders’ meeting in Abuja, where he lamented the persistent liquidity crisis, poor metering coverage, and mounting debts owed to the Nigerian…

The National Inland Waterways Authority (NIWA) has expressed concern over the poor utilisation of Nigeria’s waterways, despite the significant financial investments made to develop and modernise the sector. The agency said that the country’s inland water transport system remains largely untapped, even though billions of naira have been committed to dredging, infrastructure development, and safety enhancement projects over the years. Speaking during a press briefing in Abuja, NIWA’s Managing Director, Bola Oyebamiji, lamented that Nigeria continues to rely excessively on road transport for the movement of goods and passengers, while the waterways — which offer a cheaper and more environmentally…