Nigeria, a country blessed with over 200 trillion cubic feet of proven natural gas reserves, continues to grapple with inadequate electricity supply, plunging millions of its citizens into prolonged darkness. This paradox of energy poverty amid resource abundance has drawn renewed criticism from stakeholders, most notably former Minister of Power and founder of Geometric Power, Professor Barth Nnaji. At a recent energy conference in Abuja, Nnaji voiced his frustration over the country’s perennial power crisis. He stated that it was both baffling and unfortunate that a nation with such immense gas potential still finds it difficult to provide stable electricity…
Author: Temitope Nlewemchi
TAJBank Limited, one of Nigeria’s leading non-interest financial institutions, has confirmed that it has successfully met the new capital requirement set by the Central Bank of Nigeria (CBN), well before the regulatory deadline. The announcement was made by the Managing Director and Chief Executive Officer of the bank, Hamid Joda, who emphasized that the milestone reflects the lender’s resilience, growth strategy, and the unwavering confidence of its stakeholders. The CBN had earlier rolled out a recapitalisation policy requiring all deposit money banks in the country to strengthen their capital base. The directive, which was part of wider reforms to reinforce…
The Nigerians in Diaspora Commission (NiDCOM) has entered into a strategic partnership with FirstBank of Nigeria to provide accessible and reliable housing solutions for Nigerians living abroad. The initiative is aimed at addressing the growing concerns of diaspora citizens over fraudulent property transactions and the difficulty of owning homes back in Nigeria. The agreement, recently formalized in Abuja, brings together NiDCOM’s policy direction and diaspora engagement expertise with FirstBank’s financial infrastructure and mortgage capabilities. Under the new arrangement, Nigerians living outside the country will have access to verified real estate developers, mortgage financing options, and digital platforms that ensure safe…
Seplat Energy has completed the conversion of its onshore oil and gas assets, marking a significant milestone in the company’s transition to the new regulatory framework governing Nigeria’s petroleum industry. The development follows regulatory approvals granted under the Petroleum Industry Act and reflects broader efforts by indigenous operators to align legacy assets with the country’s reformed oil and gas laws. The company said the conversion covers its onshore oil mining leases and associated assets, effectively migrating them from the previous joint venture and oil mining lease structures to the new licensing regime provided for under the Petroleum Industry Act. This…
Shell Nigeria Exploration & Production Company (SNEPco) and Nigerian Agip Exploration (NAE) have finalized the acquisition of the 12.5 percent stake previously owned by TotalEnergies in Oil Mining Lease (OML) 118, a deepwater block that hosts the prolific Bonga oil field. The transaction, valued at $510 million, strengthens the strategic position of both Shell and Agip in Nigeria’s offshore oil industry, while also reflecting the changing landscape of international oil company participation in the country. According to details of the deal, Shell secured 10 percent of the divested interest for $408 million, while Agip purchased the remaining 2.5 percent for…
The Federal Airports Authority of Nigeria has called on all aviation stakeholders to cooperate closely as passenger traffic surges across the country’s airports during the festive season. The appeal comes amid heightened travel activities associated with end-of-year celebrations, which traditionally place pressure on airport infrastructure, airlines and security agencies. FAAN said the festive period is one of the busiest times for air travel in Nigeria, with thousands of passengers moving daily across major airports such as Lagos, Abuja, Port Harcourt, Kano and Enugu. The authority noted that effective collaboration among stakeholders is essential to ensure smooth operations, passenger safety and…
Universal Insurance Plc is preparing to launch an upgraded version of its third‑party motor insurance product, a move intended to strengthen consumer protection and enhance value for motorists across Nigeria. Scheduled for introduction later this quarter, the enhanced offering aligns with the company’s broader strategy to innovate its insurance portfolio and support safer, more secure road travel. The new third‑party motor cover promises expanded liability limits and more comprehensive protection for victims of road traffic accidents. Among the improvements are increased compensation caps for death and bodily injury claims as well as higher provisions for property damage—notably more generous than…
The World Bank has called on governments and stakeholders to urgently expand digital access for vulnerable and underserved communities, warning that millions of people risk being left behind as economies and public services become increasingly digitised. The call underscores growing concerns about the digital divide, particularly in developing countries where access to technology remains uneven. The global lender stressed that digital inclusion is now a critical development issue, as access to the internet, mobile devices and digital platforms increasingly determines people’s ability to participate in education, healthcare, financial services and economic opportunities. According to the World Bank, vulnerable groups such…
Nigerian billionaire investor, Femi Otedola, alongside his investment vehicle Calvados Global Services Limited, has expanded his stake in FBN Holdings Plc with the acquisition of 64.8 million units of the company’s shares valued at about ₦2 billion. The fresh purchase reinforces Otedola’s position as one of the largest individual shareholders in the parent company of First Bank of Nigeria, a strategic move that continues to shape the ownership structure of one of the country’s oldest and most influential financial institutions. Market disclosures confirmed that the transaction was carried out on the floor of the Nigerian Exchange, further strengthening Otedola’s long-term…
Equities on the Nigerian Exchange closed the week on a strong note as market capitalisation increased by N578 billion in a shortened trading session, driven by renewed investor interest in large- and mid-cap stocks. The rally came despite cautious sentiment in the broader economy, highlighting selective bargain hunting by investors positioning ahead of corporate earnings and macroeconomic developments. Trading activities during the week were limited by the shortened calendar, but this did not dampen bullish momentum on the bourse. The market capitalisation of listed equities rose to about N60 trillion, reflecting gains recorded across key sectors, particularly banking, industrial goods…
Veteran entertainer Charles Oputa, popularly known as Charly Boy, has taken aim at a Lagos State local government for its decision to rename a public bus stop after the celebrated musician Olamide Adedeji. The outspoken activist criticized what he described as misplaced priorities, arguing that public infrastructure should not be leveraged for celebrity homage amid glaring civic needs. Charly Boy expressed his dismay on social media and during interviews, insisting that the renaming was insensitive to the pressing challenges faced by everyday commuters in Nigeria’s largest city. He questioned why a bus stop—typically a functional body of urban infrastructure—was being…
Nigeria’s equities market staged a strong recovery on Wednesday, buoyed by renewed investor interest in key sectors that helped the Nigerian Exchange (NGX) record a ₦279 billion gain after a string of bearish sessions. The rally, driven by bargain-hunting and improved investor sentiment, saw market capitalization climb back into positive territory, easing concerns over recent losses that had dampened confidence. Market data showed that the rebound was broad-based, cutting across sectors such as banking, consumer goods, industrials, and energy. Analysts noted that the uptick was largely fueled by renewed appetite for fundamentally strong stocks that had been undervalued due to…
Lagos State has the potential to generate as much as N1 trillion annually from property taxation if its property tax system is properly structured and efficiently implemented, according to tax expert and fiscal policy advocate, Taiwo Oyedele. He made the assertion while speaking on the need for subnational governments to unlock sustainable revenue sources amid declining federal allocations and rising development demands. Oyedele explained that Lagos, as Nigeria’s commercial nerve centre with one of the largest concentrations of high-value real estate assets in Africa, remains significantly under-taxed in terms of property-related revenue. He noted that while the state has made…
The Central Bank of Nigeria has intensified efforts to attract global investors by rolling out a series of far-reaching reforms aimed at restoring confidence in the country’s financial system and improving the overall investment climate. The reforms, which span the foreign exchange market, monetary policy operations and banking sector regulation, signal the apex bank’s determination to reposition Nigeria as an attractive destination for foreign capital. In recent engagements with international investors, multilateral institutions and foreign business groups, the CBN highlighted steps taken to enhance transparency, improve policy consistency and reduce long-standing distortions in the economy. The central bank said these…
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…
Nigeria’s foreign exchange market has witnessed a rare period of calm as the naira maintained its value below the ₦1,500 per dollar threshold for ten consecutive trading days. The development has been received with cautious optimism by businesses, investors, and policymakers, who view it as a sign of renewed stability in the foreign exchange system after months of extreme volatility. Market data shows that the naira traded steadily between ₦1,470 and ₦1,495 across the official and parallel markets, marking the first extended period of relative calm in the currency market since the Central Bank of Nigeria (CBN) intensified its reforms…
Nigeria’s housing sector is facing heightened turbulence as foreign exchange (FX) volatility and rising inflation continue to stifle growth, putting the dream of affordable housing further out of reach for millions of citizens. Despite efforts by the government and private developers to expand access to housing, the sector is buckling under the combined weight of surging construction costs, high interest rates, and weakened consumer purchasing power. In recent months, the naira’s persistent instability in the foreign exchange market has worsened the situation for developers and contractors who rely heavily on imported building materials. Key inputs such as cement, steel, tiles,…
Rex Insurance Plc has added another feather to its cap as its Managing Director, Mr. Adewale Adesina, has been recognised among the Top 25 Chief Executive Officers in Africa, a prestigious honour that underscores his remarkable leadership and the company’s rising profile in Nigeria’s insurance industry. The recognition, conferred by a continental business and leadership rating body, highlights the strides made by Rex Insurance under his stewardship, particularly in advancing innovation, customer trust, and regulatory compliance within a rapidly evolving market. The award comes at a time when the insurance sector in Nigeria is undergoing significant transformation, with heightened competition,…
Ecobank Transnational Incorporated (ETI), one of Africa’s leading pan-African banking groups, has officially concluded its exit from Mozambique, marking a major shift in the bank’s ongoing strategy to streamline operations and strengthen efficiency across its network. The move, which has been in progress over the past months, comes as the institution intensifies efforts to focus on markets that align closely with its long-term strategic objectives and profitability goals. In a statement confirming the development, the group emphasized that the decision was not abrupt but part of a broader restructuring designed to optimize resources and reposition the bank for sustainable growth…
Nigerian billionaire businessman, Femi Otedola, has strongly criticized Umar Sani, a political commentator and former aide to ex-President Goodluck Jonathan, over remarks he made concerning fuel subsidy and Otedola’s role in the oil sector. The disagreement has quickly gained attention in national discourse, particularly against the backdrop of ongoing debates on the true state of Nigeria’s subsidy regime and its impact on the economy. Otedola, who is the Chairman of Geregu Power Plc and a key player in Nigeria’s energy sector, expressed dismay at what he described as Sani’s “ignorant and misleading claims.” In his statement, Otedola stressed that Sani’s…