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…
Author: Temitope N.
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…
President Bola Ahmed Tinubu’s recent diplomatic engagement in Brazil has paved the way for a new milestone in Nigeria’s aviation sector, with plans underway to commence a direct flight route between Lagos and São Paulo operated by Air Peace. The development follows high-level discussions between Nigerian and Brazilian authorities as part of efforts to deepen bilateral ties, expand trade, and enhance people-to-people connectivity between the two countries. During his visit to São Paulo for economic and trade discussions, President Tinubu highlighted Nigeria’s commitment to improving transportation links as a catalyst for economic growth and foreign investment. He noted that the…
The Rotary Club of Ikate has officially inaugurated Rotarian Chukwuma Ofoegbu as its new president for the 2025/2026 Rotary year, with a renewed commitment to expand humanitarian services and deepen community development initiatives. The installation ceremony, which took place in Lagos, attracted dignitaries, Rotarians from other clubs, business leaders, and community stakeholders, reflecting the high expectations placed on the club’s leadership to deliver impactful projects. In his acceptance speech, Ofoegbu expressed gratitude for the confidence reposed in him and vowed to build on the solid foundation laid by his predecessors. He outlined a comprehensive action plan that aligns with Rotary…
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…
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…