The National Identity Management Commission (NIMC) has denied claims of system downtime despite growing complaints from mobile subscribers facing persistent delays in completing SIM swap, registration, and related services. The development has sparked confusion and frustration among users and telecom operators, with many pointing fingers at NIMC’s identity verification platform as the cause of service disruption. Over the past few weeks, telecom subscribers across Nigeria have reported significant difficulties in retrieving lost SIM cards, updating their lines, or registering new numbers due to what they were told was the unavailability of the National Identification Number (NIN) verification system. These complaints…
Author: Temitope N.
The Central Bank of Nigeria (CBN) has disclosed that a staggering ₦923.16 billion in cash was withdrawn from the banking system between May 2024 and May 2025, reflecting a sharp increase in physical currency held outside of financial institutions. The data, published in the CBN’s latest Money and Credit Statistics report, paints a concerning picture for financial regulators as the country’s push toward a cashless economy appears to be slowing. According to the CBN, the amount of money outside the formal banking sector rose from ₦3.71 trillion in May 2024 to ₦4.63 trillion in May 2025, representing a year-on-year increase…
The Managing Director of Parthian Capital Limited has expressed strong optimism that Nigeria’s recently enacted tax reforms will serve as a major catalyst for the growth and expansion of small and medium-sized enterprises (SMEs) across the country. Speaking at a business policy roundtable in Lagos, the MD noted that the new tax laws are poised to ease long-standing fiscal burdens on entrepreneurs and make the operating environment more favourable for local businesses. According to the Parthian Capital boss, the changes introduced by the Federal Government through the new tax reform package represent a strategic shift towards a more inclusive and…
The World Bank has advised the Federal Government of Nigeria to take urgent and deliberate steps to bridge the widening trust gap between the government and its citizens. The international financial institution noted that for the country’s economic and social reforms to be successful and sustainable, the people must believe that government actions serve their interests and reflect transparency, fairness, and accountability. According to the World Bank, the success of Nigeria’s ongoing fiscal and structural reforms largely depends on the restoration of public confidence in governance. The call comes at a critical time, as the country is undergoing a series…
A new report on the Lagos housing market has revealed that investors now own over 40 percent of homes across Nigeria’s commercial capital, a trend that experts say is reshaping the dynamics of real estate ownership in the city. The findings, which have sparked debate within the real estate and urban planning communities, highlight growing concerns over access to affordable housing, the dominance of speculative investment, and widening inequality in the housing sector. The report, compiled by a consortium of property analysts and real estate data firms, indicates that a significant number of residential properties in Lagos are being bought…
Lagos Business School (LBS), one of Africa’s premier institutions for executive education, has led a high-level delegation of African chief executive officers and industry leaders on a strategic visit to the newly operational Dangote Refinery in Ibeju-Lekki, Lagos. The visit, which took place earlier this week, was part of the school’s ongoing efforts to deepen industry-academia collaboration, foster cross-border business relationships, and showcase African innovation at scale. The delegation, composed of CEOs, board chairs, and senior executives from across the continent—including Kenya, Ghana, South Africa, Rwanda, and Egypt—was hosted at the refinery complex by senior officials of the Dangote Group.…
The Nigerian Content Development and Monitoring Board (NCDMB) has confirmed the approval of over 440 expatriate quota slots for various oil and gas companies operating in the country. The announcement, made during a press briefing in Abuja on Thursday, reflects the Board’s continued effort to strike a balance between attracting foreign expertise and promoting indigenous participation in the sector. According to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, the approvals followed a rigorous vetting process aimed at ensuring that only necessary expatriate roles are filled, and that qualified Nigerians are not sidelined in key technical and managerial…
The Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with thousands of dried donkey genitals at the Apapa Port in Lagos, foiling a major attempt to smuggle the banned animal parts out of the country. The container, which was disguised as carrying conventional goods, was discovered during a routine inspection by customs officials, who became suspicious of inconsistencies in the shipping documents. Comptroller General of Customs, Bashir Adewale Adeniyi, announced the seizure during a press briefing on Thursday, revealing that the illicit consignment was destined for export to China, where donkey genitals are in high demand for use…
The Federal Government of Nigeria has officially stated that it cannot accept Venezuelan deportees being repatriated from the United States, citing complex international visa restrictions and rising geopolitical tension surrounding BRICS-related diplomatic alignments. The announcement was made through a statement by the Ministry of Foreign Affairs on Thursday, amid growing international attention on U.S. immigration enforcement and its impact on foreign nationals. According to the statement, Nigeria’s refusal stems from legal and diplomatic constraints that prevent it from serving as a transit or proxy destination for non-Nigerian deportees. The government emphasized that it has no bilateral or multilateral agreement with…
The Nigerian Senate has called on the Federal Government to cease the disbursement of public funds to electricity distribution companies (Discos), accusing them of mismanagement, inefficiency, and continued exploitation of the Nigerian people despite receiving repeated financial interventions. During plenary on Thursday, lawmakers voiced their frustration over what they described as an unending cycle of government bailouts to the privately-owned power firms, which were unbundled and handed over to private investors during the 2013 electricity sector privatization. Despite the huge sums already injected into the sector, the Senate lamented that there has been little to no measurable improvement in electricity…
The Economic and Financial Crimes Commission (EFCC) has declared Auwalu Tijjani, a businessman from Kano State, wanted in connection with a high-profile case involving the alleged laundering of $1.9 million. The anti-graft agency made the announcement on Thursday through an official public notice, urging Nigerians with useful information about his whereabouts to come forward. According to the EFCC, Tijjani is being sought for offenses bordering on money laundering, criminal conspiracy, and obtaining money under false pretenses. The Commission alleges that Tijjani was involved in a complex financial scheme designed to conceal the origins and movement of illicit funds totaling nearly…
The Nigerian naira experienced a modest appreciation in the parallel foreign exchange (FX) market, rising to ₦1,550 per United States dollar, up from the previous rate of around ₦1,570. This slight gain, though limited, has sparked cautious optimism among currency traders and financial analysts who have closely monitored the currency’s performance amidst lingering economic headwinds and forex scarcity. Currency dealers in Lagos, Abuja, and Kano confirmed the uptick in value, attributing it to a recent decline in speculative demand and a marginal improvement in dollar supply within the informal market. The parallel market, often referred to as the “black market,”…
The Nigerian National Petroleum Company Limited (NNPC Ltd) is reportedly considering divesting from some of its state-owned refineries, following recent remarks by Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, questioning the economic viability of rehabilitating government-run refineries. Dangote, whose newly commissioned 650,000 barrels-per-day refinery in Lagos is set to be the largest in Africa and among the biggest in the world, recently voiced concerns about the cost-effectiveness and strategic rationale behind ongoing efforts to revamp Nigeria’s long-dormant refineries. His comments, made during a public engagement in Lagos, sparked renewed debate about the future of the country’s…
The Nigeria Customs Service (NCS) has officially handed over 25 containers filled with confiscated pharmaceutical products to the National Agency for Food and Drug Administration and Control (NAFDAC), in what has been described as one of the largest coordinated anti-smuggling operations involving controlled and unregistered drugs in recent years. The handover ceremony took place at the Tin Can Island Port in Lagos, where top officials from both agencies gathered to witness the transfer of the seized consignments. The containers, which were intercepted by customs officers during routine checks and intelligence-driven operations, were found to contain a range of unregistered, banned,…
Afrinvest, a leading investment and research firm in Nigeria, has upgraded its outlook on the Fast-Moving Consumer Goods (FMCG) sector, citing signs of resilience amid economic pressures and urging companies in the sector to prioritize cost optimisation strategies to sustain profitability. The firm made this announcement in its latest sectoral review report, highlighting both emerging opportunities and persistent challenges facing FMCG companies in the country. According to the report, the FMCG sector, which includes producers of food, beverages, personal care, and household items, is beginning to show early signs of recovery despite the headwinds of inflation, naira depreciation, and rising…
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has intensified efforts to ensure Nigeria’s re-election into Category C of the International Maritime Organization (IMO) Council. This renewed campaign highlights Nigeria’s growing commitment to active participation in global maritime governance, as well as its desire to reinforce its strategic role in shaping international maritime laws, safety regulations, and environmental standards. The IMO Council is the executive organ of the IMO, responsible for supervising the work of the organization. Countries elected into Category C are those with special interests in maritime transport or navigation, and they represent various geographic regions of…
The West African Gas Pipeline Company (WAPCo) has entered into a strategic partnership with key government agencies across several West African nations to strengthen cross-border natural gas distribution. This development is poised to enhance energy security, foster regional economic integration, and stimulate industrial growth throughout the sub-region. At a recent stakeholder meeting held in Lagos, WAPCo announced that it had formalized new collaborative frameworks with the relevant ministries and regulatory bodies in Nigeria, Benin, Togo, and Ghana. These agreements aim to streamline regulatory processes, improve infrastructure, and ensure consistent supply of natural gas across borders using the existing 678-kilometre West African…
The Senate has called on the Federal Government to stop the use of public funds to enrich electricity Distribution Companies (DisCos), warning that the current practice of funding power infrastructure for communities—only to have such assets taken over by private firms—is unjust and unsustainable. During plenary on Thursday, Senator Yunus Abiodun Akintunde, who represents Oyo Central and chairs the Senate Committee on Environment, raised concerns over how government funds are routinely used to purchase transformers and other power equipment for communities, but once the installations are completed, they are handed over to DisCos without any compensation to the government or…
The Nigeria Customs Service has intercepted a massive consignment of donkey genitals hidden inside a 40-foot container, dealing a major blow to an illicit wildlife trafficking network that has been exploiting Nigeria’s transit routes. The dramatic bust, carried out along the Kaduna–Abuja Expressway, has once again put a spotlight on the growing black market trade in animal parts and the efforts of security agencies to clamp down on the illegal trade threatening the country’s biodiversity. The operation, which took place in June but was made public during a press briefing this week, revealed the scale and audacity of traffickers who…
Bureau de Change (BDC) operators in Northern Nigeria have expressed deep concern over the Central Bank of Nigeria’s (CBN) recent directive mandating BDCs to raise their minimum share capital to N2 billion. The new policy, which was unveiled as part of the apex bank’s efforts to sanitise the foreign exchange market and curb speculation, has triggered fears that many small and medium-sized BDCs in the region could be forced out of business. Speaking under the umbrella of the Northern BDC Operators Forum, stakeholders described the recapitalisation policy as “unrealistic and detrimental” to the financial inclusion gains made in Northern states…