Nigeria’s lagoon systems, especially those around Lagos, are increasingly gaining notoriety for being among the most polluted water bodies globally, as unmanaged waste disposal and environmental neglect take their toll. In coastal cities like Lagos, lagoons once used for fishing, transport, and recreation are now overflowing with solid waste, plastic debris, oil spills, and industrial effluents. These water bodies are no longer safe for human activity or aquatic life, say environmentalists and local community leaders who have called attention to the rapid decline in water quality over the years. Open dumping of municipal waste has become a chronic problem. Refuse…
Author: Temitope Nlewemchi
United Africa Company (UAC) has confirmed the acquisition of the Chivita and Hollandia beverage brands from the Coca‑Cola Group, marking a pivotal expansion of its portfolio into fruit juice and dairy variants. The move, representing a significant shift in Nigeria’s consumer goods landscape, reinforces UAC’s ambition to deepen local value chains and expand its foothold in the fast-moving consumer goods (FMCG) sector. UAC’s Managing Director described the acquisition as transformative: by bringing Chivita and Hollandia under its umbrella, the company now controls a broader range of beverage offerings—from fruit juices and smoothies to probiotic dairy drinks—enabling a more holistic market…
The Policy Innovation Centre (PIC) has commended the Lagos State Government for its proactive and impactful approach to women’s empowerment, describing the initiative as a significant step towards inclusive socio-economic development. In a statement released following an engagement with key stakeholders, the PIC praised the initiative for targeting vulnerable women across communities and providing them with tools to attain financial independence and improved livelihoods. The Centre acknowledged the Lagos State Government’s efforts to scale up access to entrepreneurship training, start-up support, and mentorship for women from various backgrounds. According to the PIC, the empowerment programme reflects a well-structured model that…
Nigeria’s automotive industry is entering a new phase of transformation as auto manufacturers set an ambitious target of sourcing 50% of their vehicle components locally. This move comes as both government and private sector players collaborate to reduce reliance on imported parts, boost domestic production, and support economic growth through industrial expansion. The push toward greater local content is fueled by the need to conserve foreign exchange, promote job creation, and strengthen Nigeria’s manufacturing capabilities. Government backing has come in the form of policies encouraging ministries, departments, and agencies (MDAs) to prioritize locally assembled vehicles in their fleet procurements, alongside…
The African Development Bank (AfDB) has pledged a $1.2 million grant to bolster the stability and resilience of Nigeria’s national electricity grid—a critical step toward reducing outages, improving distribution efficiency, and supporting long-term grid reliability. The grant, announced by AfDB officials and Nigeria’s Power Ministry, is earmarked for targeted interventions in grid monitoring, operational coordination, and technical upgrades at key substations across high-demand regions. It is part of a broader strategy to support system operators and transmission entities as they implement reforms intended to modernize transmission capabilities and reduce systemic disruptions. According to Energy Ministry representatives, the grant will fund…
Shell has announced a sharp decline in profit for its latest financial period, attributing the downturn to a slowdown in global oil and gas prices that eroded margins across its energy operations.The energy company revealed that net income for the half-year contracted year‑on‑year, with upstream revenue—generated from exploration and production—hardest hit by lower crude and natural gas rates. Despite robust production volumes, the average revenue per barrel dipped significantly due to depressed benchmark prices. Downstream operations, including refining, petrochemicals, and lubricants, also reported margin compression. Refinery crack spreads narrowed as demand softened in key markets, and surging operating costs—from energy…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to place immediate and strategic focus on stabilising the naira, stressing that continued volatility in the foreign exchange market is undermining investor confidence, raising the cost of doing business, and deepening inflationary pressures across the country. In a statement issued by the Chamber’s Director-General, Dr. Chinyere Almona, the LCCI noted that while efforts by the Central Bank of Nigeria (CBN) to unify exchange rates were commendable, the current trajectory of the naira’s depreciation required more decisive fiscal and monetary interventions. According to the LCCI, businesses—particularly those…
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…
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’…