The Nigerian Electricity Regulatory Commission (NERC) has approved a ₦28 billion bailout fund for electricity Distribution Companies (DisCos) to accelerate the rollout of free prepaid meters across the country. The initiative, introduced under the second phase of the Meter Acquisition Fund (MAF) Scheme, is designed to close Nigeria’s long-standing metering gap, reduce estimated billing, and enhance accountability within the power sector. According to NERC, the funds will be disbursed to the 11 DisCos in proportion to their market performance and operational coverage. The intervention, tagged MAF Tranche B, mandates DisCos to immediately begin the transparent procurement of meters through accredited…
Author: Temitope Nlewemchi
The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN) and chief executives of major deposit money banks over allegations of arbitrary and excessive charges imposed on customers’ accounts. This follows the adoption of a motion of urgent public importance during plenary, amid growing public concern over unexplained deductions by banks across the country. The motion, sponsored by Hon. Tolani Shagaya, highlighted the rising frustration among Nigerians who continue to experience unauthorized or excessive charges in the form of card maintenance fees, SMS alerts, transfer commissions, account upkeep fees, and other deductions that are often…
OPay has made history by becoming the only fintech to win three major accolades at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, reinforcing its reputation as one of Nigeria’s most innovative and high-performing digital finance platforms.At the awards gala, OPay took home Mobile Payment Solutions Provider of the Year, Business Solutions Provider of the Year, and Fintech Security Innovation of the Year, distinguishing itself from peers and earning the title of Nigeria’s most awarded fintech at the event. In presenting these honors, the award panel cited OPay’s strong blend of scale, safety, and service features as key…
Moniepoint Inc. has reinforced its position as a leading player in Nigeria’s drive toward a digital economy through a combination of strategic initiatives focused on innovation, capacity building, and financial inclusion. The fintech company continues to play a crucial role in supporting the Federal Government’s vision of using technology to drive sustainable economic growth, enhance productivity, and improve access to digital financial services across all regions of the country. One of Moniepoint’s most notable efforts is its DreamDevs Bootcamp, a training initiative designed to bridge the gap between academia and the rapidly evolving tech industry. The program equips young Nigerian…
The National Insurance Commission (NAICOM) has reiterated the pivotal role of the insurance industry in addressing the economic and environmental challenges posed by climate change. The Commission emphasized that insurance must move beyond traditional risk coverage to become a strategic tool for climate resilience, disaster risk management, and sustainable development across Nigeria and West Africa. Speaking at the 2025 West African Insurance Companies Association (WAICA) Education Conference in Lagos, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, stated that climate change has evolved from being merely an environmental concern to a significant macroeconomic issue that affects financial systems, national budgets,…
The Nigeria Customs Service (NCS) has recorded an impressive ₦658.6 billion revenue for September 2025, underscoring the positive impact of ongoing institutional reforms aimed at enhancing transparency, efficiency, and trade facilitation. The remarkable performance comes as the Service continues to roll out key modernization initiatives under the leadership of the Comptroller-General, Bashir Adeniyi, in its drive to strengthen non-oil revenue and sustain economic stability. According to the NCS, the achievement was driven by a combination of technological upgrades, policy realignments, and improved coordination among customs commands nationwide. The introduction of the new “One-Stop-Shop” clearance platform, a flagship reform initiative, played…
Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has cautioned that persistent allegations of monopoly against his conglomerate could deter both local and foreign investors from committing capital to Nigeria’s industrial and manufacturing sectors. Speaking in Lagos at an industry stakeholders’ forum, Dangote argued that unfounded monopoly claims send the wrong signal about the country’s business environment, particularly at a time when Nigeria is striving to attract fresh investment to boost economic growth and job creation. Dangote emphasized that his company’s success was built on decades of hard work, strategic investment, and long-term planning, not government favoritism or…
Nigeria’s crude oil production slipped to an average of 1.39 million barrels per day (mbpd) in September 2025, signaling a decline in the country’s upstream output and renewing concerns about the resilience of Africa’s largest oil producer. According to the latest data from the Organization of Petroleum Exporting Countries (OPEC), the figure represents a drop from 1.43 mbpd recorded in August, underscoring the challenges confronting the nation’s oil sector despite ongoing government reforms. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributed the decline to operational disruptions caused by a three-day strike organized by the Petroleum and Natural Gas Senior Staff…
The Dangote Group has revealed plans to list its multibillion-dollar refinery on the Nigerian Stock Exchange in the near future, paving the way for Nigerians to own shares in one of the country’s most transformative industrial projects. The company said the move would strengthen transparency, broaden ownership, and invite public participation in the operation of the refinery, which has been described as a “national asset” by Africa’s richest man, Aliko Dangote. Speaking at the 2025 Inaugural Downstream Petroleum Week, Dangote’s representative, Aliyu Suleman, confirmed that the listing process is already being considered as part of the company’s broader expansion and…
Nigeria’s vital agricultural sector is poised for a significant injection of capital following the announcement of a major financing package from the European Union. In a crucial move aimed at boosting food security, enhancing export competitiveness, and supporting economic diversification, the European Investment Bank (EIB), the EU’s financing arm, has approved a credit line of million, equivalent to approximately billion. This substantial financial backing, which will be channelled through Nigerian commercial banks and development finance institutions, is specifically designed to expand lending and bolster agribusinesses across the country, marking a new chapter in the partnership between the EU and Nigeria.…
Nigeria’s oil and gas host communities are reaping tangible benefits from the Host Community Development Trust (HCDT) scheme, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that over ₦373 billion has been set aside for community development projects, with 536 projects currently ongoing across oil-producing regions.The NUPRC disclosed this in its latest update on the implementation of the Petroleum Industry Act (PIA) 2021, emphasizing that the initiative has transformed the dynamics between oil companies and host communities by promoting inclusivity, accountability, and sustainable development. According to the Commission’s Chief Executive, Gbenga Komolafe, the host community fund—representing 3% of…
Nigeria’s private sector activity expanded further in September 2025 as the Central Bank of Nigeria (CBN) reported that the Purchasing Managers’ Index (PMI) surged to 54.0 points, signaling sustained business growth and improved economic momentum across key sectors. The rise, which reflects higher output, new orders, and stronger business confidence, represents one of the highest PMI readings in the past 18 months. According to the CBN’s September PMI report, the composite index — which measures manufacturing and non-manufacturing activity — rose from 52.6 points recorded in August to 54.0, surpassing the 50-point threshold that indicates expansion. The improvement was driven…
First City Monument Bank (FCMB) has reiterated its dedication to driving innovation and delivering personalised financial solutions as it joins the global community to mark Customer Service Week (CSW) 2025. The bank reaffirmed its commitment to providing exceptional customer experiences through technology, empathy, and continuous service improvement. This year’s celebration, themed “Empowering Service Excellence,” underscores FCMB’s mission to build stronger relationships with customers by leveraging digital transformation and human-centred service. The bank stated that it views Customer Service Week not merely as a symbolic event but as a vital platform to appreciate customers’ loyalty while reinforcing its brand promise of…
The Nigerian stock market’s consumer goods sector has recorded an impressive performance in the first nine months of 2025, with the Consumer Goods Index surging by 96.16 percent, driven by strong demand, improved corporate earnings, and investor confidence in key manufacturing firms. This remarkable rise underscores the sector’s resilience despite inflationary pressures, exchange rate volatility, and a challenging macroeconomic environment. Data from the Nigerian Exchange Limited (NGX) revealed that the consumer goods index, which tracks the performance of major Fast-Moving Consumer Goods (FMCG) companies, climbed from 1,053.83 points at the beginning of the year to 2,068.93 points as of September…
Fidelity Bank Plc has announced plans to disburse ₦5 billion in financing to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, as part of its strategic efforts to boost entrepreneurship, job creation, and inclusive economic growth. The initiative, unveiled at a recent MSME-focused forum in Lagos, underscores the bank’s commitment to empowering small businesses that form the backbone of the nation’s economy. The funding package is designed to provide affordable credit facilities to MSMEs operating in key sectors such as manufacturing, agribusiness, technology, fashion, healthcare, and renewable energy. According to the bank, the ₦5 billion fund will be deployed through…
Zenith Bank Plc, one of Nigeria’s leading financial institutions, has announced the payment of an interim dividend of ₦51.3 billion to its shareholders for the first half (H1) of 2025. This payout, which translates to ₦1.60 per share, reaffirms the bank’s consistent track record of delivering robust returns to investors and underscores its resilience amid a challenging macroeconomic environment. The announcement followed the release of the bank’s unaudited financial statements for the period ended June 30, 2025, which revealed strong growth across key performance indicators. The results showed that Zenith Bank maintained its leadership position in the Nigerian banking sector…
Stanbic IBTC Capital Limited, the investment banking arm of Stanbic IBTC Holdings Plc, has successfully acted as the lead financial adviser in UAC of Nigeria Plc’s acquisition of the majority stake in CHI Limited, the beverage and dairy producer behind iconic brands such as Chivita and Hollandia. The landmark transaction, which recently received the green light from the Federal Competition and Consumer Protection Commission (FCCPC), marks a major milestone in Nigeria’s fast-moving consumer goods (FMCG) sector and underscores UAC’s renewed focus on expanding its footprint in the food and beverage industry. The acquisition deal, valued at over ₦20 billion, signals…
Polaris Bank has once again proven its resilience and commitment to excellence by winning multiple honours at the 2025 Banking and Financial Institutions (BAFI) Awards, cementing its position as one of Nigeria’s most dynamic and customer-focused financial institutions. The event, held in Lagos over the weekend, brought together industry leaders, regulators, and stakeholders to celebrate outstanding achievements within the financial services sector. At the ceremony, Polaris Bank clinched the “Retail Bank of the Year” award, while its Managing Director/Chief Executive Officer, Mr. Adekunle Sonola, was recognised as “Banking CEO of the Year” for his transformative leadership and the bank’s steady…
The Central Bank of Nigeria (CBN), through its Creative Industry Financing Initiative (CIFI), has successfully completed a ₦68 billion renovation of the National Theatre in Iganmu, Lagos, breathing new life into Nigeria’s most iconic cultural landmark. The extensive project, led in collaboration with the Bankers’ Committee and the Federal Government, marks a major milestone in efforts to reposition the nation’s creative economy as a global powerhouse. Originally built in 1976 to host the Festival of Arts and Culture (FESTAC ’77), the National Theatre had for decades suffered neglect, with its infrastructure falling into disrepair. Now, after years of reconstruction and…
Dangote Cement Plc, Africa’s largest cement producer, has officially commenced operations at its new plant in Côte d’Ivoire, marking another major step in its ongoing expansion across the continent. The new facility, located in the industrial city of Abidjan, is part of the company’s strategic plan to strengthen its position as the leading provider of cement and building materials in Africa. The plant, which has a production capacity of 3 million metric tonnes per annum, is expected to play a significant role in meeting the rising demand for cement in the West African sub-region. With Côte d’Ivoire’s construction and infrastructure…