Mastercard has announced a strategic partnership with ASA Microfinance Bank (ASA) to enhance digital and financial inclusion among smallholder farmers across Nigeria through innovative technology-driven solutions. The collaboration aims to empower farmers with access to digital payment systems, credit facilities, and data-driven tools that will help improve productivity and income. The initiative is part of Mastercard’s broader commitment to accelerating the digital transformation of Africa’s agricultural ecosystem by connecting underserved communities to financial services. Speaking on the partnership, Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, said the collaboration underscores the company’s mission to “build a more inclusive digital…
Author: Temitope Nlewemchi
Nigeria’s Minister of Power, Adebayo Adelabu, has revealed that over 10,000 megawatts (MW) of electricity capacity remains trapped in idle power plants across the country due to transmission bottlenecks, gas supply shortages, and inadequate distribution infrastructure. The minister described the situation as a major setback to Nigeria’s quest for stable and sustainable electricity supply. Speaking during an energy sector stakeholders’ meeting in Abuja, Adelabu explained that while Nigeria’s installed generation capacity stands at over 13,000MW, the national grid currently transmits only between 4,000MW and 5,000MW on average. He said that poor coordination among key players in the power value chain…
The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that Nigeria requires an estimated $100 billion in annual investment over the next two decades to bridge its $2.3 trillion infrastructure deficit, emphasizing the urgent need for stronger public-private partnerships (PPPs) to drive sustainable development across key sectors. The revelation was made by the Director-General of ICRC, Michael Ohiani, during a stakeholders’ forum in Abuja, where he underscored that Nigeria’s current infrastructure funding levels are insufficient to meet the nation’s growing population and economic demands. He stated that closing the infrastructure gap is essential to achieving the country’s development goals and unlocking…
Energy giant Oando Plc has announced a remarkable 164 percent increase in profit, reaching N210 billion for the first nine months of 2024, reflecting a strong recovery and operational efficiency across its oil and gas business segments. The company attributed the impressive performance to higher crude oil prices, improved production output, and strategic cost management initiatives implemented during the period. According to the company’s unaudited financial statement released on the Nigerian Exchange Group (NGX), Oando’s profit surged from N79.5 billion in the same period of 2023, demonstrating renewed investor confidence and the effectiveness of its business restructuring strategies. The energy…
Leading financial technology company, OPay, has awarded scholarships worth N126 million to 420 Nigerian students as part of the first phase of its N1.2 billion OPay Education Scholarship Programme, aimed at empowering young Nigerians through access to quality education and capacity development.The scholarship initiative, which was officially launched in Lagos, forms part of OPay’s long-term corporate social responsibility (CSR) agenda to promote education, digital inclusion, and youth empowerment across the country. The company said the programme is designed to support students from low-income backgrounds by providing financial aid that covers tuition fees and other essential academic expenses. Speaking during the…
The Nigeria Customs Service (NCS) and the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) have reaffirmed their commitment to deepening collaboration in the fight against human trafficking, cross-border crimes, and smuggling of prohibited goods across the country’s frontiers.The renewed partnership was announced following a strategic meeting between the leadership of both agencies in Abuja, aimed at strengthening intelligence sharing, joint operations, and capacity building among their officers. Speaking at the meeting, the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, emphasized the importance of inter-agency cooperation in addressing the complex challenges posed by transnational crimes. He noted that…
The Securities and Exchange Commission (SEC) has revealed that Nigerians have collectively lost about N300.2 billion to fraudulent investment schemes in the past few years, raising concerns about the alarming rise of unregistered financial platforms operating across the country.According to the SEC, these losses stem from the activities of unlicensed fund managers, Ponzi operators, and illegal online trading platforms that promise unrealistic returns to unsuspecting investors. The Commission emphasized that the trend poses a significant threat to investor confidence and national financial stability. Speaking at an investor protection forum in Abuja, SEC Director-General, Dr. Emomotimi Agama, said the Commission’s findings…
First City Monument Bank (FCMB) has announced plans to deploy fresh capital to enhance cost efficiency, operational productivity, and business sustainability across its various segments. The bank said the move is part of its strategic roadmap to strengthen its balance sheet, optimize resource allocation, and support long-term profitability amid Nigeria’s evolving economic environment. In a statement released in Lagos, FCMB explained that the capital deployment will be directed towards key areas including digital transformation, operational restructuring, and expansion of its retail and small and medium enterprise (SME) banking divisions. The initiative, according to the bank, aligns with its vision to…
The Nigerian Electricity Regulatory Commission (NERC) has called on the Federal Government to strategically deploy the $2 billion fund managed by the Rural Electrification Agency (REA) towards powering industrial and economic hubs across the country. The Commission said the move would accelerate Nigeria’s industrialisation drive, improve energy access, and support small and medium enterprises (SMEs) that depend heavily on stable electricity supply. Speaking at a stakeholders’ forum in Abuja, NERC Chairman Sanusi Garba emphasized that while the REA has made commendable strides in expanding electricity to underserved rural communities, greater economic impact could be achieved if a portion of its…
Nigeria’s leading telecommunications operator, Globacom, has announced a new customer-friendly initiative that provides subscribers with increased data volumes without any upward adjustment in prices. The company said the move underscores its unwavering commitment to affordability, innovation, and digital inclusion for millions of Nigerians across the country. In a statement released in Lagos, Globacom explained that the offer would allow both new and existing customers to enjoy more data allowances on their existing plans — effectively giving them better value for money at a time when many consumers are facing economic constraints. The telecom giant emphasized that the decision was taken…
The United Bank for Africa (UBA) Plc has reported a profit after tax of ₦538 billion for the third quarter of 2025, reflecting another milestone in the bank’s sustained trajectory of growth and profitability. The figure represents one of the strongest performances in the Nigerian banking sector this year, underscoring UBA’s resilience and effective execution of its strategic priorities amid global economic uncertainties. In its latest unaudited financial statement released to the Nigerian Exchange Group (NGX), UBA disclosed that its gross earnings rose significantly during the period, driven by robust growth in interest income, improved transaction volumes, and strong contributions…
The Dangote Petroleum Refinery has reaffirmed its commitment to ensuring a steady supply of refined petroleum products across Nigeria, announcing that its current output has now exceeded the nation’s domestic demand for refined fuels. This declaration comes amid growing optimism that the refinery’s full-scale operations will help end Nigeria’s long-standing dependence on imported petroleum products and stabilise pump prices across the downstream sector. Speaking in Lagos, the refinery’s management disclosed that with increased refining capacity and expanded operational efficiency, the plant is now capable of producing sufficient petrol, diesel, jet fuel, and kerosene to meet local needs and also create…
The House of Representatives has called on the Federal Government and relevant financial institutions to create mechanisms that will guarantee easy access to short-term loans for cassava farmers across the country. The lawmakers said such a move is crucial to boosting food production, promoting agro-industrial growth, and strengthening Nigeria’s economic diversification drive. The resolution followed a motion of urgent public importance moved by Hon. Abiola Makinde during plenary on Tuesday. He stressed that cassava remains one of Nigeria’s most important staple crops with high industrial value, yet farmers continue to face difficulties accessing affordable financing to expand production. Makinde explained…
The National Assembly has approved the $2.347 billion external borrowing request by President Bola Ahmed Tinubu, marking a major step in the administration’s effort to finance key infrastructure and social development projects under the 2024 fiscal framework. The approval came after the presentation of a detailed report by the Senate Committee on Local and Foreign Debts, which examined the request’s implications for debt sustainability and economic impact. The approved loan forms part of the 2022–2024 external borrowing (rolling) plan, which was earlier transmitted to the National Assembly by President Tinubu for legislative consideration. According to the report, the facility will…
The Kano Electricity Distribution Company (KEDCO) has announced plans to commence a large-scale metering initiative aimed at bridging the metering gap across its franchise areas in Kano, Katsina, and Jigawa States. The company said the mass metering rollout is part of its strategic efforts to eliminate estimated billing, enhance transparency, and improve customer satisfaction within its operational network. KEDCO’s Managing Director and Chief Executive Officer, Dr. Jamil Gwamna, disclosed this in a statement issued over the weekend, explaining that the metering project will align with the Federal Government’s National Mass Metering Programme (NMMP). He said the initiative will significantly reduce…
Nigeria’s electricity supply to the country’s eleven Distribution Companies (DisCos) has surged to 4,871 megawatts (MW), marking one of the highest levels recorded in 2025 and signaling gradual improvement in national power generation and distribution. The increase, industry experts say, reflects the combined effect of enhanced generation capacity, improved grid stability, and ongoing efforts by the federal government to reform the power sector for efficient energy delivery. According to data released by the Nigerian Electricity System Operator (NESO), the grid recorded an average of 4,871MW supplied to the DisCos, compared to less than 4,000MW earlier in the year. The development…
The Nigerian Exchange Group (NGX) has recorded an impressive 37.7 percent increase in its total market capitalisation, reaching N141.75 trillion as of the end of the third quarter of 2025. This surge marks one of the most significant expansions in Nigeria’s capital market history and underscores renewed investor confidence, driven by strong corporate earnings, improved economic outlook, and reforms in the financial sector. Market analysts attribute the performance to increased participation from both local and foreign investors, a resurgence in blue-chip stock trading, and the listing of major companies and sovereign instruments that boosted overall market value. The rise, according…
African business leaders have been called upon to strengthen collaboration and foster strategic partnerships that can drive sustainable economic growth across the continent under the African Continental Free Trade Area (AfCFTA) framework. This appeal was made during a high-level forum attended by political leaders, corporate executives, and development partners who emphasized that private sector unity remains essential for unlocking Africa’s vast economic potential. The conference, held in Addis Ababa, Ethiopia, brought together top executives from major African corporations, policymakers, and representatives of regional trade blocs to deliberate on how to leverage AfCFTA to accelerate industrialization, boost intra-African trade, and promote…
BUA Cement Plc has reported a remarkable profit of N289.9 billion for the nine-month period ended September 2025, representing a significant leap in its earnings and reinforcing its position as one of Nigeria’s most profitable manufacturing firms. The strong performance is attributed to improved operational efficiency, increased production capacity, and a sustained rise in domestic demand for cement, particularly from the infrastructure and construction sectors. According to the company’s latest unaudited financial statement released to the Nigerian Exchange (NGX), revenue surged considerably on the back of higher sales volumes and strategic pricing adjustments that helped cushion the impact of inflation…
The federal government has called on state governments to take advantage of the new electricity framework by establishing their own power generation and distribution companies to address persistent blackouts across the country. The move, officials say, is part of efforts to decentralize electricity management, boost energy access, and accelerate national development through localized solutions. Minister of Power, Chief Adebayo Adelabu, made the call during a stakeholders’ engagement on Nigeria’s power reform agenda in Abuja. He emphasized that the 2023 Electricity Act provides states with full legislative and operational powers to generate, transmit, and distribute electricity within their jurisdictions — an…