The Chairperson and Chief Executive Officer of Wema Bank have reaffirmed the bank’s dedication to empowering women through financial inclusion, business support, and leadership opportunities. Their renewed commitment aligns with the bank’s ongoing initiatives to create a more inclusive financial system that caters to the needs of female entrepreneurs and professionals. Speaking at a recent event, Wema Bank executives emphasized the importance of providing women with access to capital, mentorship, and digital banking solutions. They highlighted various programs designed to support women-led businesses, including loan facilities, capacity-building workshops, and networking platforms aimed at fostering economic growth and stability. Over the…
Author: Temitope Nlewemchi
A Nigerian fintech user has shared how OPay’s NightGuard feature prevented him from losing his entire savings to fraudsters. The customer, who recounted his experience, explained that cybercriminals attempted to drain his account during late-night hours, but the security measure stopped the unauthorized transactions. NightGuard, a recently introduced feature by OPay, is designed to protect users from fraudulent activities by restricting large transactions during high-risk hours unless explicitly authorized. According to the user, he received multiple alerts of attempted withdrawals while he was asleep, but thanks to the system’s automatic security block, the transactions did not go through. With increasing…
The Nigerian Shippers’ Council (NSC) has emphasized the importance of barge operations in enhancing cargo evacuation and easing congestion at the nation’s ports. The council noted that the efficient movement of goods via barges is essential to decongesting road networks and improving overall port efficiency. According to the NSC, barge operations provide a viable alternative to road transport, reducing traffic bottlenecks caused by heavy-duty trucks and minimizing delays in cargo movement. With the increasing volume of imports and exports, the council stressed the need for greater investment in waterway infrastructure to support seamless logistics operations. Stakeholders in the maritime sector…
The Central Bank of Nigeria has reported a significant drop of $276 million in foreign exchange inflows from International Money Transfer Operators, reflecting ongoing pressures in Nigeria’s external sector despite recent reforms aimed at boosting foreign currency supply. According to the apex bank, IMTO inflows declined within the latest reporting period compared with the preceding cycle, underscoring persistent challenges affecting remittance flows into the country. Remittances from Nigerians in the diaspora have historically been a major source of foreign exchange, supporting household consumption, balance of payments stability and liquidity in the foreign exchange market. The CBN explained that the decline…
Nigeria’s trade surplus declined by 10 per cent in the third quarter of 2025, according to the latest foreign trade statistics released by the National Bureau of Statistics. The drop reflects a combination of weaker export earnings and sustained import demand, underscoring ongoing structural challenges in the country’s external trade performance. Data from the NBS showed that while Nigeria maintained a positive trade balance during the period, the margin narrowed compared to the previous quarter. The bureau attributed the contraction largely to fluctuations in crude oil exports, which remain Nigeria’s dominant source of foreign exchange earnings. Crude oil and related…
The National Insurance Commission has ruled out any extension of the deadline for the ongoing recapitalisation of insurance and reinsurance companies, insisting that operators must meet the stipulated capital requirements within the approved timeline. The regulator said the reform is critical to strengthening the insurance industry and enhancing its capacity to support Nigeria’s economy. NAICOM stressed that the recapitalisation programme is aimed at building a more resilient, credible and solvent insurance sector capable of underwriting large and complex risks. According to the commission, delaying the process would undermine the objectives of the reform and weaken public confidence in the industry.…
The Nigeria Customs Service has announced plans to phase out routine physical examination of cargo at the Apapa Port as part of efforts to modernise port operations, enhance trade facilitation and reduce delays associated with manual inspection processes. The move aligns with broader reforms aimed at improving efficiency, transparency and revenue collection within Nigeria’s maritime sector. Customs officials explained that the initiative is anchored on increased deployment of non-intrusive inspection technologies, particularly modern cargo scanning systems. By relying more on scanners and digital risk assessment tools, the Service said it intends to significantly reduce human contact with cargo, thereby speeding…
Nigeria’s National Bureau of Statistics has reported a remarkable 38 percent growth in Company Income Tax (CIT) revenue in the first half of 2025, underscoring the government’s success in revenue mobilisation and the resilience of the corporate sector amid economic challenges. The increase reflects both improved tax compliance by businesses and the ongoing reforms in tax administration aimed at broadening the tax base and enhancing efficiency in collection. According to the NBS, the surge in CIT receipts was driven by increased earnings among major corporations, enhanced monitoring of taxable activities, and stricter enforcement of tax obligations. The financial and telecommunications…
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…
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…
Nigeria’s domestic refiners are pushing back against crude oil producers over the lack of local crude supply, accusing them of prioritizing exports while neglecting the country’s refining sector. The dispute comes as local refiners struggle to access feedstock, hindering their operations despite government efforts to boost domestic refining capacity. Operators of modular and conventional refineries argue that despite policies aimed at reducing dependence on imported fuel, they are being sidelined in crude oil allocations. Many refiners claim that crude producers prefer to sell to foreign buyers, where they can fetch higher prices, rather than supplying local processors at regulated rates.…
The naira has lost ground against the dollar, reversing its recent gains in both the official and parallel markets. The local currency, which had shown signs of stability in previous weeks, depreciated amid renewed pressure from forex demand, liquidity concerns, and economic uncertainties. At the official foreign exchange market, the naira weakened as traders and investors reacted to fluctuations in dollar supply and policy adjustments by the Central Bank of Nigeria (CBN). Despite recent interventions aimed at stabilizing the currency, the increasing demand for foreign exchange—particularly for imports, travel, and business transactions—has contributed to its depreciation. The shortage of forex…
The Petroleum Products Retail Outlets Owners Association of Nigeria has renewed calls for the privatisation of the Nigerian National Petroleum Company Limited’s refineries, urging the Federal Government to complete the process by the first quarter of 2026. The association said decisive action is needed to end decades of inefficiency, repeated rehabilitation failures and financial losses associated with the state-owned refineries. PETROAN argued that despite huge public spending on turnaround maintenance and rehabilitation, Nigeria’s refineries have largely remained non-functional or operated far below installed capacity. According to the association, continuing to fund the refineries with public resources is no longer sustainable,…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
Polaris Bank has reinforced its commitment to delivering improved customer experience while scaling up its environmental sustainability initiatives, as part of efforts to align business growth with responsible banking practices. The bank said the dual focus reflects its strategy to enhance service delivery, deepen customer trust and contribute meaningfully to environmental protection and sustainable development. The lender explained that customer-centricity remains at the core of its operations, with continuous investments in digital banking infrastructure, service quality improvement and staff capacity building. According to the bank, these efforts are designed to ensure seamless, secure and efficient banking services across all customer…
The African Development Bank Group has intensified efforts to mobilise private capital as part of a broader strategy to close Africa’s widening financing gap and accelerate sustainable economic development across the continent. The multilateral lender said leveraging private sector resources has become increasingly critical as public finances across many African countries come under pressure from debt, climate shocks and global economic uncertainties. According to the AfDB Group, Africa faces an annual financing gap running into hundreds of billions of dollars, particularly in infrastructure, energy, agriculture, healthcare and climate adaptation. The bank noted that public funding and traditional development assistance alone…
The Lagos Chamber of Commerce and Industry has raised concerns over persistent engineering capacity deficits and unreliable power supply, warning that these challenges continue to undermine Nigeria’s industrialisation drive and limit the competitiveness of local industries. The chamber said unless these structural issues are urgently addressed, the country risks falling short of its industrial development ambitions. The LCCI made this position known while assessing the state of Nigeria’s manufacturing and industrial sectors, noting that engineering and power infrastructure form the backbone of industrial growth. According to the chamber, weaknesses in these critical areas have constrained productivity, increased production costs and…
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
Nigeria’s capital market has posted a remarkable turnaround under President Bola Tinubu’s reform agenda, with the volume and value of transactions nearly tripling in just two years, according to the Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga. Speaking during a diplomatic visit to Brazil, Kwairanga credited Tinubu’s wide-ranging interventions—particularly in the oil and gas sector, foreign exchange policy, and tax administration—for restoring stability and investor confidence in the financial markets. He described the surge in activity as a direct outcome of bold reforms that have positively transformed both the economy and the capital market. Building on his remarks,…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…