President Bola Ahmed Tinubu officially inaugurated the new board and executive management team of the Nigerian National Petroleum Company Limited (NNPCL) on May 22, 2025, at the State House in Abuja. This marks a pivotal moment for Nigeria’s state-owned oil company as it embarks on a fresh phase under new leadership aimed at boosting efficiency, attracting investment, and supporting the nation’s broader economic objectives. The new NNPCL board comprises 11 members representing Nigeria’s six geopolitical zones, a move that ensures regional diversity in decision-making. Among the key appointments is Bayo Ojulari, named Group Chief Executive Officer (GCEO). Ojulari brings extensive…
Author: Temitope N.
Femi Otedola, Chairman of First Bank Holding Company (FirstHoldCo), has attributed the group’s return to profitability to the bold economic reforms initiated by President Bola Ahmed Tinubu and the monetary policies of Central Bank Governor Yemi Cardoso. Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the renewed investor confidence these reforms have inspired and revealed that his investment in the group is set to exceed ₦320 billion. Otedola began building his stake in FirstHoldCo in 2021 following his exit from Forte Oil, and his entry was seen by many as a strategic bid to stabilize…
Nigeria is taking bold steps to transform its mining and automotive sectors in a bid to drive a full-scale industrial revolution. As Africa’s most populous country and largest economy, Nigeria is aiming to diversify away from its long-standing dependence on oil by leveraging its rich mineral deposits and building a self-sustaining automotive industry. Government officials and industry stakeholders believe that strategic investments and policy reforms in these sectors can lay the foundation for long-term industrial growth, create jobs, and enhance economic resilience. The mining sector sits at the heart of this new agenda. Despite being endowed with over 40 commercially…
Germany’s development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), is accelerating Nigeria’s shift toward a cleaner energy future through a wide range of strategic programs and investments. At the heart of this effort is the Nigerian Energy Support Programme (NESP), a collaborative initiative co-funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union. This comprehensive intervention seeks to unlock Nigeria’s renewable energy potential and build a more sustainable, efficient, and inclusive energy system for the country’s growing population. Nigeria, Africa’s largest economy and most populous country, faces significant energy challenges. According to recent estimates,…
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…
Unilever Nigeria Plc has announced a profit after tax of ₦5.6 billion for the first quarter ended March 31, 2025, marking a 65% increase from ₦3.4 billion in the same period of 2024. Key Financial Highlights: Revenue: ₦46.9 billion, up 45% from ₦32.3 billion in Q1 2024. Gross Profit: ₦18.8 billion, a 40% increase from ₦13.5 billion. Operating Profit: ₦8.2 billion, up from ₦3.8 billion in the previous year. Profit Before Tax: ₦10.75 billion, a 147% rise from ₦4.36 billion. Earnings Per Share: ₦0.97, compared to ₦0.58 in Q1 2024. The company’s Managing Director, Tobi Adeniyi, attributed the strong performance…
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,…
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 Aviation and Aerospace Development, Festus Keyamo, has called for the swift implementation of the Single African Air Transport Market (SAATM) to bolster regional integration and lower air travel costs across the continent. Speaking at the 18th Plenary Session of the Banjul Accord Group (BAG) in Abuja, Keyamo emphasized that despite strong political will and numerous declarations, progress on SAATM has been slow, with fragmentation remaining a barrier to regional integration. He urged member states to move beyond verbal commitments and take coordinated, deliberate steps to bring the initiative to life. The SAATM, launched in 2018, is a…
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…
A Nigerian firm has recently unveiled a comprehensive strategy aimed at revitalizing the product industry. This initiative focuses on fostering innovation, enhancing local production capabilities, and strengthening the overall product development ecosystem within the country. The strategy encompasses several key components: Collaboration with Government Agencies: Partnering with entities like the Lagos State Employment Trust Fund (LSETF) to support tech innovators and entrepreneurs in transitioning from theoretical knowledge to practical applications. Investment in Local Talent: Establishing academies and training programs to equip individuals with the necessary skills for product development, thereby boosting employment and economic growth. Promotion of Made-in-Nigeria Products: Encouraging…
LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the 2024 financial year. This prestigious recognition highlights the bank’s exceptional performance and innovative contributions to supporting micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The DBN, supported by global development partners including the World Bank, European Investment Bank, French Development Agency, African Development Bank, and the Federal Government of Nigeria, acknowledges financial institutions that demonstrate excellence in facilitating access to finance for MSMEs. LivingTrust Mortgage Bank’s award reflects its commitment to fostering entrepreneurship, driving economic…
The Federal Government of Nigeria has announced plans to invest $2 billion in deploying 90,000 kilometers of fibre optic infrastructure nationwide, starting in the fourth quarter of 2025. This initiative, known as Project Bridge, aims to enhance broadband access and digital connectivity, particularly in underserved and rural communities. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this development during an interview for an upcoming State House documentary marking President Bola Tinubu’s second year in office. He emphasized that the investment would ensure every Nigerian has access to affordable, high-quality connectivity, regardless of location. Dr. Tijani highlighted that…
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…
Despite ongoing efforts to reform Nigeria’s power sector, widespread blackouts continue to affect many parts of the country. A significant factor contributing to this persistent issue is the underutilization of government-owned power plants, which collectively have a capacity of 3,000 megawatts (MW) but remain largely dormant. The Niger Delta Power Holding Company (NDPHC), responsible for managing several of these plants under the National Integrated Power Projects (NIPP), is currently struggling to generate even 1,000MW. This shortfall is primarily due to inadequate gas supply and operational challenges, leaving a substantial portion of the nation’s installed capacity idle. While the Federal Government…
The Nigeria Customs Service (NCS) and the Benin Republic Customs Administration have inaugurated the Système Interconnecté de Gestion des Marchandises en Transit (SIGMAT) platform at the Seme-Krake Joint Border Post. This digital system aims to streamline and harmonize customs procedures, facilitating smoother and more secure trade between the two nations. The launch event, held on May 19, 2025, was attended by key officials, including the Acting Comptroller-General of the NCS, Bashir Adewale Adeniyi, and the Director-General of Benin Customs, Adidjatou Hassan Zanouvi. Adeniyi emphasized that SIGMAT is designed to enhance the visibility of goods in transit, combat diversion and fraud,…
Stakeholders in Nigeria’s trade and logistics sectors have lauded the Nigeria Customs Service (NCS) for implementing several initiatives aimed at boosting trade and enhancing the ease of doing business. The commendations were made during recent engagements between the NCS and various stakeholders, including importers, exporters, freight forwarders, and representatives from the maritime sector. These interactions highlighted the positive impact of the NCS’s efforts to streamline customs processes and facilitate smoother trade operations. Key initiatives by the NCS that received praise include the modernization of customs procedures, adoption of technology-driven solutions, and efforts to reduce bottlenecks in cargo clearance. Stakeholders noted…
The Oyo State Government has announced that the Ladoke Akintola International Airport in Ibadan is set to commence international flight operations by June 2026, following significant upgrades aimed at transforming the facility into a modern aviation hub. Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, stated that the airport’s runway is being extended from 2,400 meters to 3,000 meters and widened from 45 meters to 60 meters to accommodate wide-body aircraft. Additionally, the airfield lighting system has been upgraded to CAT C standards, and firefighting capabilities have been enhanced to meet international safety requirements. The construction of a new…
Calls are mounting for the Federal Government to formally acknowledge the pivotal role played by former Petroleum Minister Dan Etete in advancing Nigeria’s oil and gas industry, particularly in fostering indigenous participation and local content development. Etete, who served as Minister of Petroleum Resources from 1995 to 1998, is credited with laying the groundwork for policies that opened up the sector to Nigerian companies. Notably, he prepared the policy instrument for the first marginal field bid round, conducted after his tenure in 2001, which allowed local firms to acquire and develop smaller oil fields previously held by international oil companies…
The Federal Government of Nigeria and the United Arab Emirates (UAE) have amended their Bilateral Air Services Agreement (BASA) to permit airlines from both countries to sell tickets and ancillary services in either local currencies or any freely convertible foreign currency, such as the U.S. dollar. This development follows the resumption of Emirates Airlines’ operations in Nigeria, ending a diplomatic and commercial impasse that began in 2022 when the airline suspended flights due to challenges in repatriating funds. Under the revised agreement, designated carriers from both nations—including Emirates, Etihad Airways, Air Arabia, flydubai, Air Arabia Abu Dhabi, Wizz Air Abu…