Aliko Dangote, Africa’s richest industrialist and President of the Dangote Group, has unveiled a major education support initiative aimed at assisting more than 1.3 million Nigerian students through a N1 trillion fund dedicated to improving learning outcomes across the country. The intervention, reported by Nigerian news outlets, reflects Dangote’s renewed commitment to advancing human capital development, reducing educational disparities, and empowering young people through structured financial and infrastructural support. According to the reports, the N1 trillion scheme is expected to be rolled out under the Aliko Dangote Foundation (ADF), the philanthropic arm of the Dangote conglomerate. The initiative will focus…
Author: Temitope Nlewemchi
Polaris Bank has reached out to young learners across Nigeria through a new educational support intervention that provided essential school materials to 1,000 pupils. The gesture, reported by leading Nigerian news outlets, reinforces the bank’s commitment to promoting inclusive education and supporting pupils from underserved communities as they navigate the challenges of returning to school. According to the reports, the initiative was carried out under the bank’s corporate social responsibility programme, with a strong focus on empowering children whose learning conditions are often hindered by economic limitations. The beneficiaries, drawn from various public primary and secondary schools, received school bags,…
Schneider Electric has unveiled a new multimodal logistics hub in Rivers State, marking a major step in expanding its operational capacity and strengthening supply chain efficiency across Nigeria’s industrial and energy sectors. According to reports from Nigerian news outlets, the new facility is designed to streamline the distribution of electrical equipment, enhance service delivery to customers, and support the country’s fast-growing infrastructure and energy markets. The multinational energy management and automation company noted that the hub was established to meet rising demand for high-quality electrical solutions across Nigeria’s manufacturing, oil and gas, construction, and power industries. Located in Rivers, the…
Nigeria’s equities market staged a significant rebound as investors drove a broad-based rally that resulted in a N694bn increase in market capitalisation, according to reports from leading Nigerian news platforms. The recovery followed a period of profit-taking and cautious sentiment that had weighed on trading activities in previous sessions. Analysts say the rebound reflects renewed confidence in fundamentally strong stocks and improved market outlook as investors re-entered positions across banking, industrial, and consumer goods sectors. Reports indicate that the Nigerian Exchange Limited (NGX) experienced a surge in buying interest, particularly in large-cap stocks, which helped lift overall market performance. Blue-chip…
The Federal Government has announced the successful return of about 450 megawatts of electricity to the national grid after completing a series of rehabilitation and upgrade works on key power generation assets across the country. The restored capacity, officials said, is part of a broader effort to tackle recurring power shortages, enhance grid stability and improve electricity supply to homes and industries nationwide. According to government authorities, the restored megawatts resulted from a targeted revamp of several malfunctioning or underperforming power units that had been offline due to mechanical faults, aging components, and delayed maintenance schedules. The intervention formed part…
The House of Representatives has directed the Nigerian National Petroleum Company Limited (NNPC Ltd) to appear before its investigative committee following concerns raised over alleged irregular financial transactions linked to the national oil firm. Lawmakers issued the summons as part of an ongoing probe aimed at uncovering inconsistencies in payment processes, revenue remittances and expenditure patterns reportedly associated with the company’s operational activities. The directive came after members of the House Public Accounts Committee examined documents suggesting gaps in accountability and compliance across certain NNPC Ltd transactions. The committee, which is mandated to scrutinise the financial records of publicly funded…
The Nigerian Upstream Petroleum Regulatory Commission has dismissed suggestions that it withheld over N283.3bn meant to support crude oil exploration activities under the Nigerian National Petroleum Company Limited, describing the allegation as inaccurate and capable of creating unnecessary tension within the sector. The Commission explained that at no point did such funds pass through its accounts, stressing that it neither manages nor retains revenues earmarked for frontier exploration development. The clarification followed public concerns triggered by reports implying that the regulator failed to transmit statutory payments meant to fund exploration in frontier basins. The Commission said the claims arose from…
TAJBank Limited and the National Hajj Commission of Nigeria have formalised a new partnership aimed at enhancing the country’s Hajj Savings Scheme, marking a major step toward improving the financial planning process for intending pilgrims. The agreement, signed through a memorandum of understanding, is expected to provide a more structured and transparent framework that will help Muslims across Nigeria save gradually for the annual pilgrimage to Saudi Arabia. The initiative, first introduced to ease the financial burden associated with Hajj, enables prospective pilgrims to build up their travel funds over time rather than relying on one-off payments shortly before departure.…
At least 82 Bureau De Change operators have successfully met the Central Bank of Nigeria’s newly introduced regulatory guidelines, marking one of the most significant compliance milestones since the apex bank announced sweeping reforms across the foreign exchange market. The development reflects the first batch of operators cleared under the revised framework, which aims to strengthen transparency, curb illicit financial flows and stabilise Nigeria’s FX landscape. The CBN had earlier unveiled stringent operational rules requiring BDCs to upgrade their corporate governance structures, enhance documentation processes, adopt stricter anti–money laundering controls and improve reporting standards. The guidelines were introduced as part…
Nigeria’s foreign exchange market witnessed a mild depreciation of the naira as the local currency closed at approximately N1,451.86 to the United States dollar, reflecting a modest weakening compared to previous trading sessions. The slight movement, according to market analysts, underscores the continuous pressure on the foreign exchange ecosystem despite recent policy adjustments aimed at stabilising the national currency. Trading figures from the official window indicated that the naira encountered renewed demand pressures as importers, investors and businesses sought dollars for various obligations. The uptick in dollar demand, combined with lingering supply constraints, contributed to the marginal depreciation recorded at…
PalmPay has rolled out a new set of digital tasks and reward-driven activities for its users as part of a special December engagement campaign aimed at increasing customer participation on its platform. The initiative, which forms part of the company’s broader strategy to deepen financial inclusion and strengthen user loyalty, encourages Nigerians to interact more actively with its digital financial services in exchange for various prizes. According to information from the fintech firm, the December programme introduces a series of simple but interactive tasks designed to boost digital literacy and promote convenient electronic transactions during the festive season. Users are…
The Nigerian Exchange Limited recorded a notable boost in its market capitalisation as insurance and banking stocks led trading gains, contributing approximately N247.21 billion to the overall value of listed equities. Investors responded positively to upbeat corporate earnings reports and renewed market optimism, which collectively helped lift market performance across key sectors. Trading activity revealed that select banks and insurance firms experienced significant share price appreciation, reflecting investor confidence in the financial sector amid ongoing regulatory reforms and improved business fundamentals. Market analysts noted that the gains were largely driven by expectations of stronger quarterly results, resilient balance sheets, and…
Regulatory Commission (NUPRC) has confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has received a total of $185 million and N14.9 billion from the Frontier Exploration Fund (FEF), a development aimed at supporting ongoing exploration activities in underexplored hydrocarbon basins across the country. The disclosure comes amid ongoing discussions about the management and allocation of exploration funds in Nigeria’s upstream sector. According to NUPRC, the funds were released as part of the government’s efforts to promote oil and gas exploration in frontier areas, including the North and other underdeveloped basins where exploration activity has historically been limited. The…
The Federal Government has announced a new directive prohibiting cash payments to Ministries, Departments, and Agencies (MDAs), mandating the installation and use of Point-of-Sale (POS) terminals to facilitate electronic transactions. The policy is part of ongoing efforts to enhance transparency, reduce revenue leakages, and strengthen accountability in public financial management. Officials explained that the cashless initiative is designed to minimise the handling of physical currency within government offices, which has historically been associated with delays, misappropriation, and poor record-keeping. By requiring MDAs to adopt POS systems, the government aims to ensure that all payments, including service fees, levies, and other…
The recent reforms by the Nigeria Customs Service are being hailed as a clear indication that African institutions are prepared to play a decisive role in shaping global trade standards, according to a senior official, Adeniyi. Speaking at a trade policy forum, Adeniyi emphasized that the reforms are not just about improving revenue collection but also about enhancing operational efficiency, transparency, and competitiveness, positioning Nigeria — and by extension Africa — as a key player in international trade. According to Adeniyi, the overhaul of processes within the Customs Service demonstrates the country’s commitment to aligning with global best practices in…
The Nigeria Customs Service has intercepted a shipment of 25.5 kilograms of cocaine concealed on a Brazilian vessel docked at the Apapa Port in Lagos, underscoring ongoing efforts to combat drug trafficking and enhance port security. The seizure was part of routine intelligence-led operations by the Customs anti-narcotics unit, which has intensified inspections of high-risk shipments following international alerts and monitoring of maritime routes known for illicit drug movements. According to officials, the cocaine was hidden among legitimate cargo on the vessel, demonstrating the sophisticated concealment methods often employed by traffickers attempting to bypass port security measures. The discovery followed…
The Federal Government has recorded a sharp increase in revenue from the electronic transfer levy, with collections reportedly doubling to N360 billion, highlighting the growing impact of digital financial transactions on government revenue. The surge, according to officials, is largely driven by increased adoption of digital payment platforms, mobile banking, and electronic money transfers across the country, reflecting both the expansion of fintech services and higher compliance with the levy. Government sources explained that the electronic transfer levy, introduced to enhance the tax base and capture digital financial activities, applies to transfers above a certain threshold on banks and mobile…
The Federal Government has announced a firm deadline of December 20 for the settlement of outstanding payments owed to contractors across various sectors, signaling a renewed commitment to timely disbursement of funds and the completion of ongoing projects. This directive, issued by the Ministry of Finance in conjunction with relevant implementing agencies, comes amid growing concerns from contractors over delayed payments, which have previously slowed project execution and strained cash flows for businesses engaged by the government. Officials explained that the deadline applies to all federal contractors whose projects have been certified as complete or partially complete and for which…
The National Drug Law Enforcement Agency (NDLEA) has successfully intercepted a massive quantity of illicit substances during coordinated operations across Nigeria, seizing over 7.6 million tramadol pills and 76,273 kilograms of cannabis. The seizures were carried out as part of intensified nationwide raids aimed at curbing drug trafficking, abuse, and distribution, particularly of substances classified as dangerous to public health. According to the NDLEA, the operations targeted high-risk areas identified through intelligence-led strategies and included major cities, border towns, and transit routes commonly used by traffickers. The agency stated that the raids were meticulously planned and executed, involving collaboration between…
The Lagos Chamber of Commerce and Industry (LCCI) has elected Leye Kupoluyi as its new President and Chairman of Council, marking a key leadership transition in one of Nigeria’s foremost business advocacy organizations. Kupoluyi, who has long been involved in private-sector initiatives and economic policy advocacy, is expected to steer the chamber’s efforts in promoting business growth, facilitating trade, and shaping economic policies that enhance Nigeria’s investment climate. The election, conducted during the chamber’s annual general meeting, follows a competitive process involving stakeholders from diverse sectors of the economy, including manufacturing, finance, services, and trade. Members expressed confidence in Kupoluyi’s…