The Nigerian Postal Service (NIPOST) has denied reports suggesting it confirmed that courier services have been used to traffic drugs since President Bola Ahmed Tinubu took office, describing the claim as misleading and unfounded. The agency, through its management, clarified that it never linked any illegal courier activities to the current administration and warned against twisting its statements for sensational headlines. The controversy arose following reports that quoted Oludotun Sounde, General Manager of the Courier and Logistics Regulatory Department of NIPOST in Ondo State, allegedly stating that courier companies have become conduits for transporting hard drugs and other illegal…
Author: Temitope Nlewemchi
LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the 2024 financial year. This prestigious recognition highlights the bank’s exceptional performance and innovative contributions to supporting micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The DBN, supported by global development partners including the World Bank, European Investment Bank, French Development Agency, African Development Bank, and the Federal Government of Nigeria, acknowledges financial institutions that demonstrate excellence in facilitating access to finance for MSMEs. LivingTrust Mortgage Bank’s award reflects its commitment to fostering entrepreneurship, driving economic…
The Nigerian Civil Aviation Authority (NCAA) has confirmed that domestic airfares will continue to operate under a deregulated system, with airlines maintaining the autonomy to set prices based on market conditions. This announcement comes amid growing passenger concerns over recent fare increases on domestic routes. Current Pricing Landscape: Economy class tickets on major domestic routes now range between ₦50,000 and ₦150,000, with prices fluctuating based on several factors. The NCAA emphasized that this pricing structure has been in place since the 2016 deregulation policy took effect. NCAA Director-General Capt. Musa Nuhu clarified the authority’s position: “Our role is to ensure…
Fitch Ratings has reaffirmed the long-term Issuer Default Rating of Ecobank Nigeria at ‘CCC’, a level that suggests heightened vulnerability to adverse economic and financial conditions. The rating, while not indicative of immediate default, implies that the bank’s ability to meet its financial commitments is highly dependent on favorable economic developments and possibly external support. This development has sparked concern among industry watchers, given the broader context of challenges in Nigeria’s banking sector and macroeconomic pressures. Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, has faced a series of financial headwinds in recent times. The bank’s capital adequacy has come…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has been awarded the prestigious World Agritourism Award in recognition of his outstanding contributions to the advancement of agritourism and sustainable agricultural practices in Nigeria. The award, presented during the International Agritourism Conference held in Bolzano, Italy, celebrates leaders and policymakers who have made significant strides in integrating agriculture with tourism to promote rural development, community empowerment, and food security. Senator Kyari was honoured alongside other international recipients for his pioneering efforts in using agriculture as a tool for economic diversification and rural revitalization. In his acceptance remarks, the minister…
Moniepoint, one of Africa’s fastest-growing financial technology firms, has been named among the top fintech companies in the United Kingdom, a recognition that further cements its position as a global player in digital finance and innovation. The latest recognition underscores Moniepoint’s rising influence in both African and international markets as it continues to expand its operations, scale its technology, and redefine access to financial services. According to industry analysts, the listing reflects Moniepoint’s strong performance over the past few years, during which it has established itself as Nigeria’s largest payments processor for small and medium enterprises (SMEs). By helping millions…
Nigeria’s recent efforts to stabilize the naira appear to be gaining traction, with a notable surge in vehicle imports underscoring renewed business confidence. Over just two days, 1,350 fully assembled units arrived at the Port of Tin Can Island’s Motorpark Logistics terminal (PTML), signaling an uptick in economic activity anchored on currency steadiness. Industry insiders describe the bulk importation as a powerful statement: importers are moving forward with significant orders, suggesting they have regained faith in the naira’s resilience after a period of volatile fluctuations. For months, uncertainty surrounding the foreign exchange environment had sapped private sector appetite for large-scale…
The Federal Government has announced that economic reforms and debt restructuring efforts have led to a 42 percent reduction in the debt stock of Nigeria’s North West region, marking a significant milestone in the drive to restore fiscal stability and enhance public service delivery. According to federal officials, the debt reduction comes on the back of a coordinated program initiated late last year, involving recalibrated budget allocations, debt renegotiations with local creditors, and implementation of cost-saving reforms at state government levels. The measures included freezing non-essential capital expenditure, consolidating external obligations, and discontinuing duplicative subsidy arrangements that had ballooned state…
Nigeria’s economy is beginning to feel the early impact of the Central Bank of Nigeria’s (CBN) sweeping reforms, as recent indicators suggest progress in the fight against inflation and the restoration of confidence in the financial system. The CBN, under the leadership of Governor Olayemi Cardoso, has introduced a series of policy measures aimed at stabilizing the naira, tightening monetary control, and addressing structural imbalances that have fueled price increases over the past two years. Inflation has remained one of the country’s most pressing economic challenges, with food and energy prices biting deep into household incomes. For months, Nigerians have…
The Federal Government has disclosed that Nigeria’s domestic refineries received a total of 67.6 million barrels of crude oil within the past year, underscoring ongoing efforts to strengthen local refining capacity and reduce reliance on imported petroleum products. The figure reflects both state-owned and private refinery allocations as the government intensifies its push to achieve energy security and stabilize fuel supply in the country. According to officials, the allocation marks a significant milestone in Nigeria’s quest to reposition its oil and gas sector. The government explained that ensuring adequate crude supply to refineries, including the state-run plants and new private…
The Nigerian Bottling Company (NBC), the authorized bottling partner of The Coca-Cola Company in Nigeria, has been awarded the “Best Sustainability Project of the Year” at the 2024 Industry Awards. This recognition was bestowed for NBC’s recently commissioned Packaging Collection Hub in Apapa, Lagos, highlighting the company’s commitment to environmental sustainability and responsible business practices. The Packaging Collection Hub is a significant step in NBC’s efforts to enhance recycling rates and promote sustainable packaging practices. It aligns with the company’s broader goal of collecting and recycling the equivalent of 100% of its packaging by 2030. Accepting the award, NBC’s Corporate…
The United Arab Emirates (UAE) has pledged its support for the $25 billion Nigeria-Morocco gas pipeline project, marking a significant development in Africa’s energy infrastructure landscape. This ambitious initiative aims to connect Nigeria’s vast gas reserves to Morocco, with the potential to extend further into Europe, thereby enhancing energy security and fostering economic integration across the continent. Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, confirmed the UAE’s commitment to co-financing the project. The pipeline has also garnered backing from major international institutions, including the Islamic Development Bank, the OPEC Fund, and the European Investment Bank. Spanning approximately…
Nigeria has once again demonstrated its growing leadership in the African aviation space as it hosted the 12th Commission Meeting of the Banjul Accord Group Accident Investigation Agency (BAGAIA) in Abuja. The summit brought together top officials and aviation safety experts from six West African countries to discuss strategies for enhancing air transport safety across the region. The two-day meeting, which held in the nation’s capital, was facilitated by the Nigerian Safety Investigation Bureau (NSIB) and had representatives from The Gambia, Ghana, Liberia, Sierra Leone, Cape Verde, and Nigeria. The gathering focused on strengthening cooperation among member states in air…
The Federal Government of Nigeria has announced plans to invest $2 billion in deploying 90,000 kilometers of fibre optic infrastructure nationwide, starting in the fourth quarter of 2025. This initiative, known as Project Bridge, aims to enhance broadband access and digital connectivity, particularly in underserved and rural communities. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this development during an interview for an upcoming State House documentary marking President Bola Tinubu’s second year in office. He emphasized that the investment would ensure every Nigerian has access to affordable, high-quality connectivity, regardless of location. Dr. Tijani highlighted that…
The federal government has announced a new directive requiring all public sector projects valued above ₦150 million to be registered with precise GPS coordinates. This policy aims to enhance transparency, improve monitoring, and reduce corruption in infrastructure execution across Nigeria. According to the Federal Ministry of Works, Housing and Urban Development, contractors and project managers must submit longitude and latitude data before the commencement of any contract or release of funds. Authorities insist that exact locational information will enable real-time oversight, curb phantom projects, and ensure public accountability. Ministry officials noted that the directive aligns with broader efforts to digitize…
The Federal Government has issued a stern warning to all project accountants involved in managing public funds, urging them to uphold transparency, accountability, and integrity in the discharge of their duties. This directive comes as part of renewed efforts to tackle financial mismanagement and ensure that public resources are utilized strictly for their intended purposes. Speaking during a recent stakeholder engagement in Abuja, senior officials emphasized that project accountants play a pivotal role in the success or failure of government projects. As such, any form of financial impropriety, negligence, or manipulation of records would not be tolerated. They stressed that…
The National Pension Commission (PenCom) has announced that all Pension Fund Administrators (PFAs) must meet a recapitalisation threshold of ₦20 billion by December 2026. The directive, unveiled in a regulatory circular to stakeholders, underlines the commission’s resolve to strengthen Nigeria’s pension industry, enhance financial sector stability, and boost public confidence in pension fund management. PenCom’s new requirement mandates that each PFA raise its minimum shareholders’ equity to ₦20 billion within the set timeframe. PFAs will be allowed to achieve this through internal capital growth, issuance of shares, or mergers and acquisitions, as long as they remain compliant with regulatory standards.…
The Federal Government has commenced a comprehensive review of its highway concession agreements with private partners under the Highway Development and Management Initiative (HDMI), in a bid to prevent potential legal disputes and ensure the success of road infrastructure projects across the country. The review comes amid rising concerns over the viability of the initial terms of the concessions signed with private sector investors to develop, maintain, and toll major federal highways. According to top officials from the Ministry of Works, the decision to reassess the agreements is driven by changing economic realities, including inflation, fluctuations in traffic volumes, and…
The United Kingdom has announced that over 3,500 goods exported from Nigeria are now eligible for zero-duty entry under its new Developing Countries Trading Scheme (DCTS), a trade arrangement aimed at strengthening economic ties and boosting trade with developing nations. This development means that about 99 percent of Nigeria’s exportable products now benefit from either complete or partial tariff waivers when entering the UK market. The policy, which came into effect as part of the UK’s broader trade strategy post-Brexit, is designed to encourage export diversification and economic development in partner countries. For Nigeria, it represents a significant opportunity to…