The Federal Government has unveiled a comprehensive training initiative aimed at equipping 10,000 artisans across Nigeria with practical skills in support of its national housing intervention programme. With the goal of boosting local capacity, improving housing delivery, and generating inclusive economic opportunities, this programme represents a deliberate move to integrate skilled labour into the government’s affordable housing strategy. During a launch ceremony in Abuja, the Minister of Works and Housing outlined the rationale behind the initiative: to close the gap between housing demand and construction capacity, while creating sustainable livelihoods in the informal sector. The minister explained that the scheme…
Author: Temitope N.
Briclinks Africa Plc has reported a total revenue of N135.6 million for the second quarter of 2025, marking a modest but significant improvement in its financial performance compared to the same period last year. This development highlights the company’s resilience and ability to maintain operational stability in Nigeria’s competitive telecommunications industry. The company, which operates as an indigenous telecommunications and Internet service provider, has consistently focused on delivering broadband and data services to corporate and individual clients. Its second-quarter financial statement shows a revenue rise from N131.7 million in Q2 2024 to N135.6 million in Q2 2025, representing a 3…
Bitget, one of the world’s leading cryptocurrency exchanges, has unveiled a new edition of its highly anticipated King’s Cup Global Invitational (KCGI), a trading competition that offers up to $6 million in total prizes. This move further cements Bitget’s status as a dominant player in the crypto market, aiming to strengthen user engagement, promote innovation, and reward top traders globally. The 2025 edition of the KCGI competition is the most expansive yet, featuring several new trading categories designed to appeal to a broader audience. From team battles and copy trading to bot trading and on-chain challenges, participants now have a…
Heirs Insurance Group has announced a significant milestone, reporting a gross written premium (GWP) of N61 billion for the financial year ended December 31, 2024. This figure reflects a robust 70% year-on-year increase from the previous year’s N35.8 billion, positioning the group among the fastest-growing players in Nigeria’s insurance industry. The performance underscores Heirs Insurance’s expanding market share and growing trust among policyholders. The group’s profit before tax surged to N11.2 billion, representing a 133% increase from the N4.8 billion posted in the preceding year. This growth, according to company insiders, was driven by improved underwriting processes, expanded retail offerings,…
The Nigerian naira experienced another dip against the United States dollar at the official foreign exchange window, closing the week at ₦1,532.34/$ despite continued intervention efforts by the Central Bank of Nigeria (CBN). This slight depreciation underscores the persistent volatility facing the nation’s currency amid efforts by the monetary authority to stabilize the foreign exchange market. At the beginning of the trading week, the naira briefly strengthened, buoyed by reduced demand and improved liquidity. However, that trend was short-lived, as mounting pressures resurfaced, pushing the currency lower against the dollar. Market analysts noted that this decline reflects ongoing structural challenges…
The Enugu State Government has approved a substantial reduction in electricity tariffs for Band A consumers, setting a new rate of ₦160 per kilowatt-hour (kWh) effective from August 1, 2025. This development comes under the administration of the Enugu State Electricity Regulatory Commission (EERC), which has begun to exercise its mandate under the state’s new electricity law. Previously, Band A customers were charged ₦209/kWh, a rate considered unaffordable by many residents and small business operators in the state. The new tariff, which represents a 23.4% decrease, is part of a broader initiative by the state government to provide affordable, sustainable,…
The Federal Government, in collaboration with the Federal Inland Revenue Service (FIRS), has launched a nationwide tax education campaign, starting in Ibadan, Oyo State. The initiative is designed to educate and engage Nigerians at the grassroots level, particularly traders, artisans, and other informal sector operators, on the benefits and obligations of tax reforms recently introduced under the current administration. The outreach programme, held across major markets and public areas in Ibadan, aims to simplify tax-related information for the general public. Officials engaged directly with local business owners and residents, distributing educational materials, offering clarifications, and encouraging voluntary compliance with national…
FIRST Exploration & Petroleum Development Company (FIRST E&P), a Nigerian indigenous oil exploration and production firm, has successfully signed a Memorandum of Understanding (MoU) with the Tanzania Petroleum Development Corporation (TPDC) to assess and potentially develop the Mnazi Bay North gas-rich block in southern Tanzania. The agreement signals the first major upstream partnership of its kind between the two African nations. The MoU, formalized in Dodoma at TPDC’s headquarters, positions FIRST E&P to fully fund the technical assessment phase. This strategic move reflects FIRST E&P’s confidence both in the block’s prospects and Tanzania’s broader energy expansion ambitions. The gas-rich concession fits within Tanzania’s…
The Federation Account Allocation Committee (FAAC) has disbursed a substantial sum of ₦1.818 trillion to the federal government, states, and local government councils across Nigeria, following a striking increase of ₦1.39 trillion in available revenue during the latest distribution cycle. This upward shift represents one of the largest revenue inflows recorded in recent times and reflects improved collections across multiple revenue streams. Sources within FAAC confirm that the distribution reflects consolidated revenues from all federally collected sources, including the Federation Account, Value Added Tax (VAT), mining royalties, gas revenues, and exchange rate adjustments. The total is shared according to constitutionally mandated ratios:…
The Asset Management Corporation of Nigeria (AMCON) has divested a significant portion of its equity in Fidelity Bank Plc, selling approximately 1.14 billion shares, which represents 2.29 percent of the bank’s total outstanding shares. The transaction, executed through an off-market block deal, marks a strategic move by the government-owned asset recovery agency as it continues its phased withdrawal from shareholdings acquired during past financial interventions. The sale took place on July 18, 2025, and was facilitated by top investment firms through negotiated deals. Market observers suggest that the buyer is a private investor with interests in the financial and energy…
The Dangote Petroleum Refinery, situated in the Lekki Free Trade Zone of Lagos State, is embarking on a major expansion project aimed at increasing its refining capacity from the current 650,000 barrels per day (bpd) to an upgraded 700,000 bpd. This strategic move underscores the company’s commitment to enhancing Nigeria’s domestic refining capabilities and reducing the country’s longstanding dependence on imported petroleum products. The announcement was made during a recent media engagement by top executives of the Dangote Group. According to the refinery’s leadership, the increase in capacity is driven by both growing national demand and the refinery’s ambition to…
Nigeria has secured a landmark $20 billion investment commitment from China, aimed at accelerating development across several key economic sectors including manufacturing, energy, mining, steel, and agriculture. The agreement signals a major step in Nigeria’s drive to attract foreign direct investment, diversify its economy, and boost local industrial capacity. The investment deal was finalized during high-level bilateral discussions between Nigerian government officials and Chinese business and government representatives, held in Beijing. It follows a series of strategic engagements under the Nigeria-China partnership framework that have been ongoing since late 2024. The recent agreement marks one of the largest single investment…
The Federal Mortgage Bank of Nigeria (FMBN) has introduced a newly tailored mortgage product designed to extend homeownership opportunities to Nigerians working in the informal sector and members of the diaspora who have traditionally faced barriers in accessing formal financing. The initiative represents a shift in policy towards inclusive housing finance—seeking to provide flexible, accessible, and legally secure mortgage options for groups often excluded from conventional loan schemes. The product is expected to feature relaxed criteria compared with standard mortgages, such as reduced documentation requirements, flexible repayment timelines, and payment plans denominated in local and foreign currencies. For diaspora Nigerians,…
Nigeria could see its public debt burden swell to as much as ₦160 trillion by year-end if current borrowing trends continue, according to projections in a recent financial sector report. The warning has triggered concerns among economists, policymakers, and investors about mounting interest costs, fiscal rigidity, and the implications for long‑term economic stability. At present, Nigeria’s total public debt stands at just over ₦152 trillion, comprised of approximately ₦80 trillion in external obligations and ₦72 trillion in domestic borrowings. The projected ₦8 trillion increase by December is attributed largely to planned federal and state infrastructure projects, ongoing recapitalisation needs for commercial and development finance institutions,…
First Holdings Plc, popularly known as First HoldCo, witnessed its share price climb to a 52‑week peak after an off‑market block trade valued at ₦323 billion rattled investor confidence and sparked speculation about strategic shareholding changes. The transaction, one of the largest in the company’s recent history, saw approximately 1.8 billion units of the company’s securities exchanged outside the regular trading floor, prompting a significant shift in market sentiment. According to market observers, the trade was executed at a negotiated discount relative to the prevailing market price. Such arrangements typically reflect large transactions involving institutional investors or major shareholders reshuffling their…
Akwa Ibom State has announced plans to launch a week-long technology festival aimed at boosting digital innovation, stimulating investment, and positioning the region as a hub for tech entrepreneurship and digital transformation. State officials revealed that the event will bring together stakeholders across government, industry, academia, and startups to showcase local technological capabilities and attract collaboration across the Nigerian and global innovation ecosystems. Under the banner “Akwa Ibom Tech Week,” the state government intends to harness the energy of Nigeria’s burgeoning digital economy through panel sessions, hackathons, startup pitches, and exhibitions highlighting homegrown tech solutions. Participants will include fintech firms,…
Dangote Petroleum Refinery is set to reintroduce its fuel discount initiative, which offers a N5-per-litre reduction in the pump price of petrol. This move marks a strategic effort to provide relief to consumers and correct issues that led to the temporary suspension of the scheme. Initially launched to encourage market competitiveness and improve access to affordable fuel, the scheme was suspended due to misuse by some marketers who allegedly diverted the discounted product or resold it at higher prices. The fuel discount scheme, which started as a part of the refinery’s broader distribution strategy, was designed to make fuel more…
Former Nigerian President Muhammadu Buhari’s legacy has come under renewed scrutiny following a critical article by The Economist, which claims that he missed two historic opportunities to build a stronger, more unified, and prosperous Nigeria. The British publication, known for its detailed political and economic analyses, argued that Buhari’s leadership — both as military ruler in the 1980s and as a two-term democratically elected president from 2015 to 2023 — failed to deliver the reform and vision necessary to transform Africa’s most populous nation. The piece reflects on Buhari’s return to power after more than three decades, which had initially…
The naira made a slight gain at the official market as Nigeria entered a period of national mourning following the death of former President Muhammadu Buhari. According to data from the Central Bank of Nigeria, the local currency appreciated to ₦1,532.34 per US dollar, representing a modest improvement of 77 kobo compared to the previous day’s close. Market observers noted that the appreciation, while marginal, reflects reduced pressure on the foreign exchange market amid lower trading activity during the national mourning period. The week-long mourning, declared by President Bola Tinubu, has led to subdued operations in key sectors of the…
Ogun State has officially commenced the full implementation of its contributory pension scheme, signaling a transformative step in social security reform and retirement preparedness for public sector workers. The initiative, spearheaded by the state government’s Pensions Commission, was launched at a well-attended event in Abeokuta, where officials affirmed that the comprehensive scheme will now cover active employees, retirees, and those transitioning toward retirement age. Under the new arrangement, both employees and the state government will contribute a predefined percentage of monthly salaries into designated pension funds. These contributions will be managed by licensed Pension Fund Administrators (PFAs), in line with…