The Tourist Company of Nigeria PLC (TCN) has unveiled the reasoning behind its recent overhaul of the board of directors, arguing the move is a necessary step in its broader plan to reboot operational performance, restore stakeholder confidence, and unlock fresh growth opportunities in Nigeria’s hospitality sector. Company leadership addressed shareholders and industry stakeholders during a special briefing in Lagos, asserting that the new board—composed of individuals with expertise across finance, hospitality management, real estate development, and strategic turnaround—was intentionally assembled to bring both relevant experience and a disciplined governance approach. The board appointments, they emphasised, reflect clear alignment with…
Author: Temitope Nlewemchi
Trade volumes across key sectors of the Nigerian economy have begun to taper, driven by a marked slowdown in consumer spending and growing economic headwinds. Data from markets and industry players indicate that retailers, importers, and manufacturers are all feeling the impact of decreasing demand from households facing rising living costs. Several retail outlets report that customer foot traffic, which was comparatively steady in recent years, has dropped significantly in major urban centres like Lagos, Abuja and Port Harcourt. Business owners attribute the decline largely to a combination of high inflation, currency instability, and diminished purchasing power among average Nigerians.…
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has ushered in a new era of leadership as Mrs. Uto Ukpanah formally assumes her role as the 30th President and Chairman of the Governing Council. In her inaugural address, Ukpanah laid out an ambitious vision aimed at deepening the role of Gen Z professionals in governance, expanding ICSAN’s national footprint, and modernizing its institutional infrastructure. Ukpanah, a seasoned professional with decades of experience in corporate governance and legal compliance, outlined her priorities during her investiture ceremony in Lagos. Her tenure, she emphasized, would focus on inclusion, digital innovation, and…
A leading US-based appliance manufacturer is entering Nigeria’s booming smart home market, positioning itself to tap into growing demand for connected household technologies. The firm, renowned for its line of smart refrigerators, ovens, washing machines, and air conditioners, has officially launched its products in Nigeria and is partnering with local distributors to reach consumers nationwide. The company is deploying its flagship smart‑appliance portfolio. These devices feature integrated Wi‑Fi connectivity, touch‑screen control panels, smartphone apps, voice‑assistant compatibility, and built‑in sensors that optimize energy consumption and performance. As prices come down and internet access expands in urban areas, Nigerian middle‑income homeowners and…
The Federal Inland Revenue Service (FIRS) has unveiled sweeping changes in Nigeria’s tax framework as part of the newly enacted tax reform laws. In a move aimed at easing the burden on citizens and promoting inclusive growth, FIRS confirmed that food, education, and agricultural sectors will be exempt from value-added tax (VAT). The announcement was made amidst debates about how to stimulate economic activity while preserving government revenues. Under the new regime, essential goods and services—particularly those tied to sustenance, learning, and farming—will no longer attract VAT charges. The shift signals a major policy reorientation: the government appears willing to…
The Nigerian Civil Aviation Authority (NCAA) has confirmed that Royal Air Maroc, Morocco’s national carrier, has fully paid a sanction fine imposed on it for violating passenger rights regulations in Nigeria. The development comes as the NCAA intensifies efforts to enforce compliance with consumer protection rules among both domestic and international airlines operating within the country’s airspace. According to NCAA officials, the fine stemmed from an incident in which Royal Air Maroc failed to provide adequate care and compensation to Nigerian passengers affected by flight disruptions. Investigations revealed that the airline did not meet mandatory standards set under Nigeria’s Civil…
Lagos State Governor Babajide Sanwo-Olu has commended Ecobank for its efforts in promoting high-quality design, construction and sustainable infrastructure during the Ecobank Build & Design Expo, where officials from government, private sector and built environment professionals gathered to explore how cities should be built to last. At the event, themed “How We Build, How We Live,” held at the Ecobank Pan African Centre in Victoria Island, the governor emphasised that the bank’s commitment to environmental sensitivity and inclusive design is helping Lagos meet its goals for a modern, resilient metropolis. The Expo showcased dozens of exhibitors from across Nigeria and…
The Nigerian stock market closed positively on Friday, with investors collectively gaining about ₦115 billion, fueled by renewed interest in banking and oil and gas stocks. The upturn marks a reversal from earlier sessions dominated by profit-taking and cautious trading, highlighting resilience in the equities market despite macroeconomic headwinds. At the close of trading, the Nigerian Exchange (NGX) All-Share Index (ASI) rose by 0.21 percent to settle at 100,428.12 points compared to the previous day’s 100,218.52 points. The market capitalization of listed equities also climbed, rising from ₦56.7 trillion to ₦56.815 trillion, translating to the ₦115 billion increase in investors’…
The Nigerian banking landscape is about to undergo one of its most significant transformations in years, as Providus Bank and Unity Bank move to combine into a single, strengthened financial institution. Shareholders of Unity Bank overwhelmingly approved the merger in a court-ordered meeting on September 26, 2025, setting in motion the dismantling of Unity Bank as an independent entity and the creation of a larger, more competitive bank. Under the agreed terms, Unity Bank shareholders were presented with two options: accept a cash payout of ₦3.18 for each share they currently hold, or exchange every 17 Unity Bank shares for…
President Bola Ahmed Tinubu is set to unveil the refurbished National Arts Theatre in Iganmu, Lagos, on Wednesday, October 1, as part of the nation’s 65th Independence Day celebrations. The iconic structure, recently renamed the Wole Soyinka Centre for Culture and the Creative Arts, underwent a comprehensive overhaul funded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. The renovation project, which has drawn national attention, is viewed by its backers as a bold investment in Nigeria’s cultural heritage and creative sector. Earlier in 2024, Tinubu assigned the theatre its new name in honor of the Nobel Laureate,…
The Federal Airports Authority of Nigeria (FAAN) has officially begun phasing out cash transactions across its airports, unveiling a new digital payment scheme designed to enhance efficiency, transparency, and revenue assurance. The rollout, dubbed “Operation Go Cashless,” went live on September 29, 2025, at key revenue points in major airports, with plans to expand the system nationwide over the coming months. At the launch held at Murtala Muhammed International Airport in Lagos, FAAN’s Director of Public Affairs and Consumer Protection announced that all revenue-collection points—including access gates, car parks, VIP lounges, and protocol sections—will gradually cease accepting physical cash. Under…
United States President Donald Trump has reignited debate in the global entertainment industry after unveiling plans to impose a 100 percent tariff on films produced outside the country. The proposal, announced through one of his social media statements, is being described as one of the boldest trade-related measures targeting the cultural sector, raising questions about legality, practicality, and the future of America’s global film dominance. Trump argued that American cinema has been undermined by what he termed “foreign theft” of the movie-making business, accusing other nations of attracting production through heavy subsidies and tax incentives. According to him, the industry…
Airline passengers and consumer groups across Nigeria have intensified pressure on foreign carriers after revelations that several are refusing to accept naira payments for ticket purchases. The backlash comes amid growing public resentment over what many describe as discriminatory and economically insensitive practices, especially at a time when preserving the value and usage of the naira is a key government objective. Critics say the refusal by these airlines to transact in naira runs counter to Nigeria’s laws, which require that goods and services within the country be priced and paid for in the national currency. They argue that the airlines’…
The International Monetary Fund (IMF) has expressed concern that while Nigeria’s current wave of economic reforms has begun to steady macroeconomic indicators and attract new investor confidence, the positive impacts are yet to be felt by millions of ordinary Nigerians who still struggle daily with high living costs and worsening poverty. In its latest assessment of the country’s economic performance, the IMF acknowledged that Nigeria has taken bold policy steps in recent months, including removing costly fuel subsidies, liberalising its foreign exchange market, and halting ways in which the central bank previously financed government deficits. These decisions, the Fund…
Heirs Energy, a leading indigenous Nigerian energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), marking a major milestone in its growth strategy and reinforcing confidence in African-owned energy enterprises. The facility is expected to significantly boost the company’s oil and gas production capacity while supporting Nigeria’s drive to strengthen domestic energy supply and economic development. The agreement was formalised at a signing ceremony attended by senior executives of both organisations, including the Chairman of Heirs Holdings, Tony Elumelu, and the President of Afreximbank, Dr George Elombi. The deal ranks among the largest single…
Wema Bank has reaffirmed its commitment to youth empowerment, innovation and digital transformation with the successful conclusion of the grand finale of its flagship innovation programme, Hackaholics. The event, which brought together some of Nigeria’s brightest technology talents, marked the climax of months of intense competition, mentorship and solution development aimed at addressing real-life economic and social challenges through technology. The Hackaholics initiative, driven by Wema Bank’s innovation arm, ALAT, is designed to identify, nurture and support young innovators with scalable ideas capable of driving financial inclusion, business efficiency and national development. At the grand finale, finalists drawn from different…
The National Drug Law Enforcement Agency has recorded a major operational breakthrough in Adamawa State with the seizure of 1,396 kilogrammes of assorted illicit drugs and the arrest of 150 suspected drug traffickers in a coordinated crackdown across the state. The operation, described by the agency as one of its most significant interventions in the North-East in recent months, forms part of intensified efforts to dismantle drug networks and curb substance abuse. According to the NDLEA, the arrests and seizures were made during a series of intelligence-driven raids carried out in key locations identified as hotspots for drug trafficking, storage…
MTN Nigeria has reinforced its commitment to disability inclusion with renewed initiatives aimed at ensuring that persons with disabilities are fully integrated into the country’s digital and socio-economic ecosystem. The telecommunications company said the move aligns with its broader sustainability strategy and reflects its belief that digital access and opportunity should be available to everyone, regardless of physical or cognitive limitations. The company disclosed that its disability inclusion drive cuts across accessible products and services, inclusive workplace practices, customer engagement and partnerships with disability advocacy groups. According to MTN Nigeria, these efforts are designed to remove barriers that prevent persons…
The Dangote Petroleum Refinery has disclosed that more than 1,000 trucks are now loading petrol daily from its facility, following a recent reduction in the pump price of Premium Motor Spirit. The development signals a sharp increase in domestic demand and marks a significant shift in Nigeria’s downstream petroleum supply dynamics, as locally refined products increasingly replace imported fuel. According to officials of the refinery, the price adjustment has made petrol from the Dangote facility more attractive to marketers, transporters and bulk buyers, leading to a dramatic rise in truck movements within the Lekki-based complex. The surge in daily loading,…
FCMB Pensions has announced plans to deepen its engagement with Nigeria’s vast informal sector as its assets under management exceed the N1 trillion mark, reflecting sustained growth and rising confidence in the pension fund administrator’s operations. The development highlights both the expanding scale of the company’s portfolio and its renewed focus on extending pension coverage beyond the formal workforce. The pension firm said crossing the N1 trillion asset threshold represents a significant milestone, achieved through consistent contributions, prudent investment strategies and growing participation by contributors across different sectors of the economy. It noted that the achievement comes at a time…