Dangote Cement Plc, Africa’s largest cement producer, has reaffirmed its commitment to youth development by rolling out a series of empowerment initiatives to mark the 2025 International Youth Day. The company’s leadership emphasized that young people remain central to Nigeria’s economic future, and Dangote Cement is positioning itself as a key partner in harnessing their potential through entrepreneurship, education, and skills acquisition. During events held across several of its operational sites, Dangote Cement organized workshops, career talks, and entrepreneurship clinics tailored to young Nigerians in both urban and rural communities. According to the company, the initiatives align with this year’s…
Author: Temitope N.
The Lagos State Government has announced plans to reconstruct and modernize the Obafemi Awolowo Technology Mall in Ikeja, as part of its wider strategy to position the state as a hub for innovation, digital commerce and economic growth. Governor Babajide Sanwo-Olu revealed that the project is intended to transform the aging mall, popularly known as the Awolowo Market, into a state-of-the-art technology and retail center that will serve the needs of traders, startups, and technology-driven businesses. Speaking through the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, the government explained that the redevelopment is aimed at revitalizing the Ikeja…
The Lagos Chamber of Commerce and Industry (LCCI) has renewed its call to global investors to take advantage of Nigeria’s growing investment opportunities, stressing that ongoing economic reforms and the country’s expanding market make it a prime destination for foreign capital. Speaking at recent engagements with international business communities ahead of upcoming trade missions and investment forums, LCCI President Gabriel Idahosa and Director-General Dr. Chinyere Almona emphasized that Nigeria’s economic diversification efforts are beginning to yield encouraging results despite lingering challenges. According to Idahosa, Nigeria’s strategic location in West Africa, its population of over 200 million, and its role as…
A brewing dispute is unfolding in Kano State’s power sector as local manufacturers move to bypass their existing electricity distribution company and purchase power directly from generation sources. This development, according to industry insiders, signals a significant shift in the electricity market and could reshape how industries in Nigeria access energy for production. The Manufacturers Association of Nigeria (MAN) in Kano has expressed deep concerns over the unreliable and expensive electricity supply from the Kano Electricity Distribution Company (KEDCO), noting that persistent outages and high tariffs have continued to cripple production and threaten jobs across the state. Kano, which hosts…
The Rotary Club of Lagos has issued a powerful call to action, urging both Nigerians and global stakeholders to embrace a culture of service and generosity. As the organization marks its latest efforts to uplift communities and foster social impact, its leaders highlighted the transformative power of selfless action in driving sustainable change. At a recent engagement, Metro Lagos Rotarians emphasized that Rotary’s mission extends far beyond charitable initiatives—it represents a lifelong commitment to serving others. Club officials encouraged individuals from all sectors of society, including international actors, to adopt Rotary’s ethos of compassion and civic responsibility. This call reflects…
The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions in the country, mandating them to complete the upgrade of their payment systems by October 31, 2025. The apex bank emphasized that this move is crucial to enhance the resilience, security, and efficiency of the nation’s financial infrastructure as part of ongoing reforms to modernize Nigeria’s banking sector. According to senior officials of the CBN, the upgrade will cover a range of critical areas including cybersecurity enhancements, infrastructure modernization, fraud prevention measures, and improved customer service delivery. The directive affects all deposit money banks, payment service…
President Bola Tinubu has commended the remarkable growth and resilience of Nigeria’s capital market, highlighting its pivotal role in driving economic expansion and attracting investments into the country. The President made the remarks during a high-level meeting with key stakeholders of the Nigerian capital market, including leaders of the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), on the sidelines of his visit to Brazil for an international economic summit. Tinubu applauded the NGX and SEC chiefs for their contributions to the market’s recent gains, stating that their efforts have bolstered investor confidence and strengthened the country’s…
The Nigeria Customs Service (NCS), Federal Operations Unit Zone A, Ikeja, has handed over three truckloads of expired pharmaceutical products valued at N3.7 billion to the National Agency for Food and Drug Administration and Control (NAFDAC) for proper disposal. The event, which took place at the NCS office in Ikeja, Lagos, underscores the growing collaboration between regulatory agencies in tackling the circulation of harmful and substandard medicines in the country. Comptroller Mohammed Shu’aibu, Controller of the Federal Operations Unit Zone A, while handing over the items, said the seizures were made following intelligence-led operations carried out by his officers. He…
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 percent decline in monthly revenue, sliding to N182.11 billion, as the power sector continues to grapple with operational inefficiencies, liquidity constraints, and customer dissatisfaction. This development underscores the persistent challenges in Nigeria’s electricity value chain, despite ongoing reforms aimed at boosting power supply and financial viability. Industry data indicates that the revenue decline is linked to a combination of factors, including lower energy supply from the grid, technical and commercial losses, and issues around metering and tariff collection. The power sector still struggles with energy theft, estimated billing controversies, and weak infrastructure…
Parallex Bank has announced a N4 billion credit facility to support local government councils in Lagos State, aimed at strengthening grassroots development and boosting economic activities across the state. The initiative, which reflects the bank’s growing focus on subnational financing, is designed to enable local councils to meet their infrastructure and social service obligations more effectively. According to the bank, the facility will provide Lagos’ 20 local government areas and 37 local council development areas with improved access to funding for projects in areas such as education, healthcare, road construction, sanitation, and small-scale enterprise support. Parallex Bank explained that the…
The National Pension Commission (PenCom) has responded to the Nigeria Labour Congress (NLC) over its recent criticism regarding the delayed inauguration of the commission’s board, stating that the process is outside its jurisdiction. The NLC had accused PenCom of stalling the constitution of its governing board, which it claimed was affecting decision-making and proper oversight in the pension industry. In a statement released on Thursday, PenCom clarified that the appointment and inauguration of its board members fall under the purview of the Federal Government, not the commission itself. According to the commission, while it recognizes the concerns raised by labour…
The United Bank for Africa (UBA) has announced the launch of its latest Super Savers Promo, which will reward customers with a total of N150 million in cash prizes. The initiative is aimed at encouraging a savings culture among Nigerians while giving loyal customers an opportunity to win life-changing rewards. According to the bank, the Super Savers Promo is open to both existing and new account holders across its branches nationwide. Customers are required to maintain or grow their savings with specific qualifying balances over a set period to be eligible for the draws. Winners will be selected through transparent…
Nigeria’s manufacturing sector has recorded a significant boost in its Value Added Tax (VAT) contribution, climbing 39 percent to N803.5 billion, according to the latest figures from the National Bureau of Statistics (NBS). This surge underscores the sector’s resilience despite grappling with economic headwinds such as high production costs, inflationary pressures, and foreign exchange instability. The NBS report revealed that manufacturers remain one of the largest contributors to the country’s VAT revenue, accounting for a substantial portion of the total VAT collected nationwide. Analysts attribute this increase to improved tax compliance, gradual recovery in production activities, and heightened government enforcement…
Nigeria’s drive toward industrialisation is facing significant headwinds as the country’s manufacturing and agricultural sectors continue to struggle under the weight of macroeconomic challenges, threatening growth, job creation, and long-term economic stability. Analysts and industry stakeholders warn that without urgent reforms, Nigeria’s industrial ambitions could stall, deepening poverty levels and widening the unemployment gap. Recent data from the National Bureau of Statistics (NBS) highlight that the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP) has been on a downward trajectory. High energy costs, forex scarcity, and rising input prices have forced many manufacturers to operate below optimal capacity.…
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…
The Central Bank of Nigeria (CBN) has intensified its efforts to protect bank customers and ensure fair treatment in the financial sector through a renewed focus on the Customers’ Bill of Rights. The apex bank is taking decisive steps to address issues of transparency, accountability, and consumer redress as part of its wider mandate to strengthen confidence in Nigeria’s banking system. CBN officials noted that the Bill of Rights is aimed at safeguarding consumers against unfair practices and providing them with clear avenues for complaints and dispute resolution. The initiative sets out the obligations of banks towards their customers, including…
The Nigeria Customs Service (NCS) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have announced a strategic partnership aimed at improving trade facilitation and strengthening the country’s business environment. This collaboration is designed to address bottlenecks in customs procedures, enhance the ease of doing business, and promote Nigeria as a competitive hub for international trade. Speaking on the development, the Comptroller-General of Customs explained that the NCS is committed to aligning its operations with global best practices. He noted that the partnership with NACCIMA will focus on streamlining customs clearance processes, leveraging technology to improve…
Manufacturers in Kano State are gearing up to terminate their reliance on electricity supply from distribution companies (DisCos) as they explore direct power agreements with the Niger Delta Power Holding Company (NDPHC). This move, which reflects a growing dissatisfaction with the prevailing electricity supply in the region, aims to boost industrial productivity and reduce operational costs caused by erratic power supply and high tariffs. The Manufacturers Association of Nigeria (MAN) in Kano has expressed concerns over persistent electricity shortages, frequent outages, and what they describe as prohibitive billing practices by the regional DisCos. According to industry leaders, these challenges have…
Open Access Data Centres (OADC) has unveiled a new internet connectivity platform aimed at expanding digital access and improving broadband penetration across Africa. The initiative, which aligns with the company’s vision to drive digital transformation, was formally launched during an industry event that brought together stakeholders in the telecommunications and technology sectors. According to OADC, the newly introduced platform will provide enterprises, service providers, and government institutions with high-speed, reliable, and cost-effective internet connectivity. The company highlighted that the solution integrates cutting-edge technology to meet growing data demands, improve service delivery, and support the rapid expansion of Africa’s digital economy.…
Ecobank Nigeria is set to host a landmark art exhibition titled “Enduring Legacies: A Collector’s Tribute to Masters” from August 30 to September 21, 2025, at the Pan African Centre in Victoria Island, Lagos. The exhibition is designed to celebrate Nigeria’s most revered visual artists and highlight the rich creative heritage that has shaped the country’s cultural landscape over the decades. The showcase will feature a rare collection of works from some of the most influential figures in Nigeria’s art history. Curated by renowned art historian Adekepemi Aderemi, the exhibition draws from a private collection assembled by KrabHouse. Among the…