The Federal Ministry of Transportation has dismissed allegations that the $3 billion South-East railway project has been diverted, assuring the public that the funds remain intact and the project is progressing as planned. The ministry’s clarification follows growing concerns over the status of the railway initiative, which is expected to boost economic activities and improve transportation in the region. According to ministry officials, the project, which is part of Nigeria’s broader railway modernization program, is still on track, with feasibility studies, funding arrangements, and preliminary works ongoing. The government emphasized that delays in execution should not be mistaken for mismanagement…
Author: Temitope N.
PANA Holdings has announced the appointment of a new Vice President as part of its strategic leadership restructuring aimed at driving growth and operational efficiency. The newly appointed executive is expected to play a key role in strengthening the company’s market position, enhancing corporate governance, and spearheading new business initiatives. The appointment comes at a crucial time for PANA Holdings, which has been expanding its portfolio across various industries. The company has expressed confidence that the new Vice President’s expertise and experience will contribute significantly to its long-term vision and operational success. Industry analysts view the leadership change as a…
The Standards Organisation of Nigeria (SON) has launched a Product Identification Scheme aimed at curbing the proliferation of substandard goods in the Nigerian market. The initiative is designed to enhance product traceability, protect consumers from counterfeit items, and ensure compliance with national quality standards. Under the new scheme, manufacturers and importers will be required to register their products with SON and obtain unique identification codes. These codes will allow consumers, regulators, and stakeholders to verify the authenticity of goods through a digital platform. The move is expected to strengthen quality control measures across various industries, particularly in sectors prone to…
The Niger State government has entered into a partnership with the African Women in Technology and Science (AWITS) to promote the inclusion of women in the technology sector. This initiative aims to equip women with digital skills, foster entrepreneurship, and create opportunities in Nigeria’s rapidly evolving tech industry. Through this collaboration, women across Niger State will gain access to specialized training in coding, artificial intelligence, cybersecurity, and other emerging fields. The program also seeks to bridge the gender gap in technology by encouraging more women to pursue careers in science, technology, engineering, and mathematics (STEM). AWITS, known for its commitment…
The Olusegun Agagu Foundation (OAF) has announced plans to convene a national dialogue on food security, bringing together key stakeholders to address the challenges threatening Nigeria’s agricultural sector. The initiative aims to foster discussions on sustainable food production, policy reforms, and innovative solutions to ensure long-term food sufficiency in the country. The foundation stated that the dialogue would involve policymakers, farmers, agribusiness leaders, researchers, and development partners, with a focus on tackling issues such as climate change, rising production costs, inadequate infrastructure, and post-harvest losses. The event is expected to generate actionable recommendations that can guide government interventions and private-sector…
Nigeria’s insurance sector recorded significant trading activity as investors exchanged 72.36 million shares on the Nigerian Exchange (NGX), signaling renewed interest in the industry. The surge in trading volume highlights growing investor confidence in insurance stocks, despite economic uncertainties and market volatility. The increased activity was driven by strong performances from key players in the sector, with several insurance firms attracting higher demand due to their promising growth prospects. Analysts attribute the rise in share trading to positive sentiment surrounding recent regulatory efforts to deepen insurance penetration, as well as improved financial results from some insurers. In recent months, insurance…
Sunu Assurances Nigeria Plc has projected a profit of N1.19 billion for the first half of 2024, reflecting its confidence in sustained growth despite prevailing economic challenges. The company’s optimistic outlook is based on strategic business expansion, improved underwriting performance, and cost optimization measures aimed at strengthening its financial position. The insurer, which has been expanding its footprint in Nigeria’s insurance sector, expects to generate higher premium income from its diverse portfolio of products, including motor, life, health, and corporate insurance services. Sunu Assurances has been leveraging technology to streamline its operations, enhance customer experience, and improve claims processing efficiency—key…
The Nigerian equities market suffered another setback as bearish sentiment dominated trading, leading to a loss of N285 billion in market capitalization. The decline, driven by sell-offs in major stocks across key sectors, reversed the previous gains recorded earlier in the month and heightened concerns over investor confidence amid economic uncertainties. The Nigerian Exchange (NGX) recorded a sustained downturn, with the All-Share Index (ASI) dropping significantly as blue-chip stocks faced increased selling pressure. Analysts attribute the losses to a combination of factors, including concerns over foreign exchange volatility, rising inflation, and profit-taking activities by investors looking to mitigate risks in…
Seplat Energy Plc has announced the launch of a $650 million notes offering as part of its strategic move to refinance existing debt and strengthen its financial position. The energy company, a leading player in Nigeria’s oil and gas sector, aims to use the proceeds from the bond issuance to optimize its capital structure, reduce financing costs, and enhance liquidity for future investments. The debt refinancing initiative is expected to replace older, higher-interest obligations with more favorable terms, ensuring sustainable financial management amid ongoing economic challenges. By restructuring its debt portfolio, Seplat seeks to maintain financial flexibility, improve cash flow,…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has staged a protest at the headquarters of Sterling Oil Exploration and Energy Production Company Limited, accusing the firm of engaging in anti-labour practices. The union’s action comes after repeated attempts to address concerns over unfair treatment of workers, alleged contract violations, and poor working conditions. According to PENGASSAN, Sterling Oil has consistently failed to uphold labour rights, including fair wages, job security, and proper welfare for employees. The union claims that the company engages in casualization—employing workers on temporary contracts without benefits—despite clear labour laws prohibiting such practices…
Economic analysts have raised concerns over Nigeria’s rising debt burden, calling for immediate fiscal reforms to prevent long-term economic instability. Their warnings come in response to recent comments from the International Monetary Fund (IMF), which suggested that Nigeria’s debt level remains sustainable despite its rapid growth. Analysts, however, argue that without urgent intervention, the country could face severe economic consequences, including reduced public spending, higher borrowing costs, and weaker investor confidence. Nigeria’s total public debt has ballooned in recent years, driven by frequent borrowings to finance budget deficits, infrastructure projects, and fuel subsidies. While the government has defended these loans…
The Society of Women Accountants of Nigeria (SWAN) has called on the government to fulfill its commitments to women’s empowerment, urging concrete actions beyond policy declarations. In commemoration of International Women’s Day (IWD), the association emphasized the need for more inclusive economic policies, gender-equitable workplace practices, and improved access to financial and educational opportunities for women across the country. Speaking at an IWD event, SWAN leaders highlighted the persistent challenges women face in career advancement, entrepreneurship, and leadership roles. Despite various government pledges to promote gender equality, they noted that many women still struggle with workplace discrimination, limited access to…
The Association of Corporate Affairs Managers of Banks (ACAMB) has paid tribute to its founding president, honoring his contributions to the development of corporate communications and public relations in Nigeria’s banking sector. The late pioneer, whose leadership laid the foundation for ACAMB’s growth, was remembered for his dedication to promoting professionalism and ethical standards in the industry. In a statement, ACAMB described its founding president as a visionary who played a critical role in shaping the association’s mission and fostering collaboration among corporate affairs professionals in the financial sector. His efforts were instrumental in strengthening the reputation of banks through…
TotalEnergies Marketing Nigeria Plc has projected a revenue of N192 billion for the second quarter of 2024, reflecting the company’s confidence in sustained growth despite ongoing economic challenges. The forecast is based on strong demand for petroleum products, strategic cost management, and increased operational efficiency across its business segments. The company’s revenue outlook comes at a time when Nigeria’s energy sector continues to navigate forex volatility, inflation, and regulatory changes. Despite these hurdles, TotalEnergies remains optimistic about its performance, driven by steady fuel sales, growing demand for lubricants, and expansion in the renewable energy space. The firm has also intensified…
Nigeria’s equities market suffered a major decline, losing N476 billion in a week as investor sentiment weakened amid economic uncertainties and foreign exchange volatility. The downturn, which affected major stocks across different sectors, was fueled by profit-taking activities, concerns over inflation, and cautious trading in response to policy shifts in the financial landscape. The Nigerian Exchange (NGX) recorded a series of losses throughout the trading week, with key market indicators reflecting declining investor confidence. The All-Share Index (ASI) dropped as several blue-chip stocks faced sell-offs, leading to a significant contraction in market capitalization. Analysts attribute the bearish trend to a…
Transnational Corporation Plc (Transcorp) has recorded a remarkable financial performance, posting a profit of N94 billion, a significant increase driven by strong revenue growth and strategic investments across its business segments. The company’s latest earnings report reflects its resilience in Nigeria’s challenging economic environment and its ability to capitalize on opportunities in the energy and hospitality sectors. The impressive profit surge comes amid ongoing macroeconomic pressures, including inflation and foreign exchange volatility. Despite these challenges, Transcorp has maintained a steady growth trajectory by optimizing its operations, expanding its asset base, and leveraging synergies across its subsidiaries. The group’s diversified portfolio,…
Metro Africa Xpress (MAX), a leading mobility company, has intensified its investment in electric mobility innovation as part of its commitment to sustainable transportation solutions across Africa. The company, known for pioneering tech-driven mobility services, is expanding its electric vehicle (EV) offerings to address the growing demand for cleaner and more efficient transportation alternatives. With rising fuel costs, environmental concerns, and increasing urbanization, the shift to electric mobility has become a strategic priority for many transportation firms. MAX has positioned itself at the forefront of this transition by developing electric two-wheelers and three-wheelers tailored to the African market. These vehicles…
FirstBank has launched a specialized dollar fund aimed at supporting its female employees, reinforcing its commitment to financial empowerment and workplace inclusivity. The initiative is designed to provide female staff with access to foreign currency savings and investment opportunities, helping them build financial stability and long-term wealth. With the rising volatility of the naira and increasing demand for foreign exchange, the dollar fund offers a secure way for female employees to preserve their earnings against currency depreciation. The bank has structured the fund to allow participants to save and invest in dollars, providing them with a hedge against inflation and…
The importation of cars into Nigeria has declined significantly as rising inflation, foreign exchange volatility, and high import duties continue to put pressure on vehicle prices. The combination of economic challenges has made it increasingly difficult for individuals and businesses to afford imported automobiles, leading to a sharp drop in demand. Car dealers and importers report that the high cost of forex, particularly the dollar, has made it more expensive to bring vehicles into the country. With the naira’s depreciation in both the official and parallel markets, importers are forced to pay more for foreign exchange, driving up the cost…
A rift has emerged between the federal government and tanker drivers over the enforcement of a ban on 60,000 unfit trucks operating across the country. The government’s decision to take unsafe petroleum tankers off the roads has sparked resistance from the drivers’ union, which argues that the move could lead to job losses, fuel distribution disruptions, and economic hardship for thousands of workers. The federal government, through regulatory agencies, has insisted that the ban is necessary to improve road safety, reduce accidents, and prevent environmental hazards caused by faulty petroleum tankers. Officials have cited numerous incidents of fuel tanker crashes,…