Nigeria has reportedly lost more than ₦509 billion in trade value and Customs revenue within a short period, according to a recent industry report highlighting the impact of weak border administration, import restrictions, smuggling, and inefficiencies in port operations. The development has raised concerns among stakeholders who warn that unless structural reforms are accelerated, the country risks further losses that will undermine economic growth and fiscal stability. The report, compiled from trade and revenue data in collaboration with stakeholders across the maritime and manufacturing sectors, indicated that losses were largely recorded through revenue leakages at ports and borders, diversion of…
Author: Temitope N.
Air Peace, Nigeria’s largest privately owned airline, has announced the rollout of dedicated Customer Experience Representatives across its domestic network in a bid to raise service quality and enhance passenger satisfaction. The move, unveiled this week in Lagos, underscores the airline’s commitment to delivering world-class services amid growing competition and increasing passenger traffic in Nigeria’s aviation industry. According to the airline, the new initiative is designed to improve engagement with customers at every touchpoint, from ticketing and check-in to boarding and baggage claims. The representatives will be stationed at major airports nationwide, providing real-time support and ensuring that customer complaints…
At a stakeholders’ forum in Lagos, First Bank of Nigeria (FirstBank) has sounded the alarm over a growing risk: digital fraud. The bank warned that while expanding digital financial services is crucial for advancing financial inclusion, escalating fraud is fast emerging as the biggest threat to progress. FirstBank, the longest-serving bank in West Africa, emphasized that Nigeria’s drive toward financial inclusion—keeping pace with the Central Bank’s target of 95 percent inclusion by 2025—must not be derailed by rising cyber threats. With a vast digital footprint via platforms like FirstMonie and over 27,000 agent locations nationwide, the bank noted how advances…
The Nigerian Exchange (NGX) extended its bullish momentum on Wednesday, recording an impressive ₦254 billion uptick in market capitalisation as investors sustained interest in equities across key sectors. The fresh rally comes on the back of strong corporate earnings releases, improving investor sentiment, and renewed appetite for stocks perceived as undervalued. According to market data, the NGX All-Share Index (ASI) advanced by 0.29 percent to close at 156,820.45 points, up from the previous session’s 156,365.62 points. The rally pushed the market’s capitalisation from ₦88.62 trillion to ₦88.87 trillion, reinforcing the stock exchange’s recovery trajectory after bouts of volatility earlier in…
Nigeria’s domestic debt profile has continued to expand, with fresh data showing that 31 states collectively owe ₦2.57 trillion in local borrowings as of mid-2025. The rising obligations, sourced from the Debt Management Office (DMO), underline the fiscal pressure facing subnational governments at a time of shrinking revenues and rising expenditure demands. According to the figures, the states have leaned heavily on banks, bonds, and other credit instruments to plug budget gaps and finance critical infrastructure. Analysts note that while some states have used borrowing to stimulate development, many others appear trapped in cycles of debt servicing that limit their…
Ecobank Nigeria is set to host the second edition of its acclaimed Design & Build showcase—an immersive, five-day experience scheduled to run from September 24 to 28, 2025, at the Ecobank Pan African Centre in Victoria Island, Lagos. With the theme “How We Build, How We Live,” the event promises to spotlight innovation in architecture, interior design, and real estate, with a carefully curated selection of exhibitors and thought leaders driving the narrative forward. This year’s showcase will feature just over 40 selected exhibitors, prioritising depth and creativity over volume. Attendees will be able to explore cutting-edge designs, immersive installations,…
The Federal Inland Revenue Service (FIRS) has entered into a strategic partnership with the Economic and Financial Crimes Commission (EFCC) to intensify enforcement of tax compliance across Nigeria. The move, announced on Wednesday, is part of efforts to boost government revenue, curb tax evasion, and ensure that businesses and individuals meet their statutory obligations in line with the country’s fiscal policies. The collaboration comes at a time when the government is under increasing pressure to diversify revenue sources amid declining oil earnings and rising expenditure demands. Tax revenue remains Nigeria’s most reliable non-oil source of funding, but the challenge of…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its planned nationwide strike after reaching an agreement with the Dangote Group on key labour-related demands. The move, announced late Tuesday, comes as a major relief to Nigerians who had feared fresh disruptions in the supply and distribution of petroleum products across the country. NUPENG had earlier issued a notice of strike, citing unresolved grievances over conditions of service, welfare of tanker drivers, and the treatment of some of its members allegedly affected by contractual disputes. The union warned that if its demands were not addressed, it would…
The Federal Government, through the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has positioned the National Single Window project as a foundational reform that will transform trade operations and bolster Nigeria’s economic stability. Speaking to journalists after a recent board meeting of the Nigeria Customs Service, Edun stressed that the digital platform is key to unlocking faster, more transparent trade processes and complementing broader fiscal reforms. Edun described the National Single Window as a “legacy project” spearheaded by the current administration, destined to revolutionise the country’s trade landscape. He explained that by integrating agencies responsible…
The Trade Union Congress of Nigeria (TUC) has issued a strong warning to the Federal Government, threatening a nationwide strike if the proposed 5 percent tax on petroleum products is implemented. The labour body insists that the plan is ill-timed, insensitive to the current economic hardships, and capable of worsening the cost-of-living crisis already faced by millions of Nigerians. According to the TUC, the introduction of such a tax would inevitably lead to higher pump prices for petrol and diesel, compounding the financial strain on households and businesses. The union noted that Nigerians are still grappling with the impact of…
The Federal Government has rescheduled its scheduled negotiation meeting with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) following continued tensions over industrial action threats. The meeting, originally slated to hold earlier in the week, was aimed at resolving outstanding grievances raised by the union concerning welfare, working conditions, and compliance with labour agreements. However, government officials confirmed that it would now take place at a later date after both sides agreed on the need for more preparatory consultations. The rescheduling comes at a sensitive time, as NUPENG members have expressed growing frustration over unresolved issues affecting their…
The Edo State Government has reconnected to the Benin Electricity Distribution Company (BEDC) after a period of disconnection that arose from a dispute over power supply and billing. The reconnection brings an end to weeks of uncertainty that saw government offices and facilities in parts of Benin City operate without direct access to electricity, relying instead on alternative power sources to continue services. The dispute, which had attracted significant public attention, was reportedly linked to disagreements over outstanding bills and the quality of electricity supply to government institutions in the state. Officials had earlier accused the distribution company of issuing…
Providus Bank has been recognised as one of Nigeria’s best workplaces, earning a coveted award that celebrates organisations that demonstrate outstanding commitment to employee satisfaction, inclusion, and workplace culture. The recognition highlights the bank’s efforts in creating a supportive environment where staff can thrive both personally and professionally, reinforcing its reputation as one of the leading financial institutions that values people as much as performance. The award comes after an independent evaluation process that reviewed workplace policies, employee feedback, and organisational culture across the banking sector. Providus Bank emerged as a standout due to its high level of staff engagement,…
The Federal Inland Revenue Service (FIRS) has officially named eTranzact International Plc as a key service provider for the implementation of its electronic invoicing (e-invoicing) platform, a move expected to modernise Nigeria’s tax administration and boost government revenue. The development is part of ongoing reforms by the tax authority to improve transparency, close leakages, and strengthen compliance across various sectors of the economy. In a statement confirming the appointment, FIRS explained that eTranzact will provide technical and operational support for the deployment of the e-invoicing system, which is designed to ensure that all value-added tax (VAT) and related transactions are…
REX Insurance has rolled out a new retail-focused campaign in Lagos aimed at strengthening its presence in Nigeria’s commercial capital and bringing insurance products closer to individuals, small businesses, and informal sector operators. The initiative underscores the company’s determination to expand its market penetration by making insurance more accessible, affordable, and better understood by the wider public. At the launch event, the company explained that the campaign is part of a broader strategy to deepen awareness about the importance of insurance in securing financial stability and mitigating risks. The Lagos retail campaign is expected to cover major urban and semi-urban…
United Bank for Africa (UBA) has announced an extension of the deadline for its ongoing rights issue, giving shareholders additional time to subscribe and take advantage of the offer. The move underscores the lender’s commitment to inclusivity and transparency, while also aligning with its recapitalisation plans as directed by the Central Bank of Nigeria (CBN). The rights issue, which is part of UBA’s broader capital-raising programme, seeks to bolster the bank’s capital base in response to new regulatory requirements and to position the institution for long-term growth. By extending the subscription window, UBA aims to ensure that shareholders who may…
First City Monument Bank (FCMB) has announced that it is projecting gross earnings of N265.2 billion for the current financial year, reflecting optimism about its business performance despite prevailing economic challenges. The bank disclosed its expectations in its latest financial guidance, noting that it is confident of sustaining growth momentum across its core business segments while reinforcing its digital and retail banking strategies. The bank’s projection comes at a time when Nigerian lenders are navigating an operating environment marked by inflationary pressures, exchange rate volatility, and tight monetary policy measures. Despite these headwinds, FCMB said it has built strong fundamentals…
The Nigerian Exchange (NGX) opened the new trading week on a positive note, recording a substantial market capitalisation gain of N263 billion as investors renewed interest in equities across key sectors. The rally reflected improved investor confidence in the economy and optimism over corporate earnings, setting a bullish tone for the week’s trading activities. At the close of Monday’s session, the NGX All-Share Index climbed by 0.30 per cent to settle at 157,096.15 points, while market capitalisation advanced from N88.69 trillion at the end of last week to N88.95 trillion. Analysts noted that the growth was primarily driven by gains…
The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…