The Nigerian House of Representatives has intensified its commitment to safeguarding the nation’s oil revenue, vowing to block leakages and strengthen oversight of the oil and gas sector. Lawmakers emphasized that unchecked revenue losses from crude oil production and export undermine national development and weaken fiscal stability, making decisive interventions necessary. In recent sessions, the House highlighted persistent challenges in revenue collection, citing discrepancies in oil export documentation, underreporting of production, and inefficiencies in monitoring by relevant agencies. Lawmakers stressed that these gaps contribute to substantial revenue losses, estimated to run into billions of naira annually, depriving the government of…
Author: Temitope N.
The Nigerian Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways for violating passenger rights, reinforcing the regulator’s commitment to upholding consumer protection and safety standards in the aviation sector. The sanction comes after an investigation revealed that the airline failed to comply with established regulations concerning passenger treatment and service delivery. According to the NCAA, the penalty was prompted by complaints lodged by passengers who experienced undue delays, misinformation regarding flight schedules, and inadequate handling of grievances. The regulatory authority emphasized that airlines operating in Nigeria must adhere strictly to aviation laws that safeguard passengers’…
Seplat Petroleum Development Company has taken a decisive step toward strengthening media engagement and capacity building by holding a comprehensive media workshop in Imo State, benefiting 25 journalists from various local and national media outlets. The initiative is part of Seplat’s broader corporate social responsibility and stakeholder engagement strategy aimed at fostering transparency, responsible reporting, and enhanced understanding of the oil and gas sector. The workshop, conducted over two days, provided participants with in-depth insights into Nigeria’s upstream and midstream operations, gas-to-power projects, and community development programs. Seplat officials explained the technical aspects of oil and gas operations, the company’s…
Nigeria has recorded a significant milestone in its oil industry, achieving a production level of 1.7 million barrels per day (bpd) on several occasions, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This development underscores the resilience and recovery of the country’s upstream oil sector, even amid global market uncertainties and domestic challenges. The NUPRC noted that the consistent production levels are a result of improved operational efficiency by major oil companies, ongoing maintenance of critical infrastructure, and increased output from both onshore and offshore fields. Officials highlighted that multiple operators have exceeded their contractual production targets, demonstrating the…
Nigeria’s telecommunications sector recorded a massive jump in operating expenses (OPEX), as industry operating costs surged to ₦5.85 trillion in 2024 — the highest on record. This represents an 85 percent increase compared with the ₦3.16 trillion reported in 2023. Analysis by the Nigerian Communications Commission (NCC) shows that several key cost drivers contributed to the steep rise in OPEX. Most notably, exorbitant Right‑of‑Way (RoW) fees paid by telecom operators to state governments for laying fibre-optic cables across roads emerged as a major burden. Additional pressures came from persistent inflation, foreign exchange volatility, and sharply rising energy costs, all of…
Nigeria’s Coordinating Minister of the Economy, Wale Edun, has officially commenced the user acceptance testing (UAT) of the National Single Window (NSW) platform, a key component of the country’s trade reform agenda. The move underscores the government’s commitment to modernising cross-border trade, boosting export competitiveness, and reducing bureaucratic bottlenecks for importers and exporters. The launch event, held in Abuja, brought together representatives from the Federal Ministry of Finance, the Nigerian Customs Service, private trade associations, and logistics firms. Edun described the UAT phase as a critical milestone, signalling that Nigeria is ready to operationalise its vision for a more efficient,…
Nigeria is witnessing a surge in foreign exchange inflows as renewed investor confidence strengthens the country’s financial markets. The inflows, driven by improved monetary policies, enhanced transparency in the FX market, and stronger engagement with global financial institutions, signal a positive shift in sentiment after months of volatility and uncertainty. According to market analysts, the recent boost is one of the strongest waves of FX liquidity Nigeria has recorded in years, helping to stabilise the naira and energise cross-border investment activity. The Central Bank of Nigeria (CBN) has played a pivotal role in restoring confidence through a series of policy…
The Nigerian equities market resumed bearish trading on Monday, wiping off a fresh N1.17tn from investors’ portfolios as sell pressure intensified across key sectors. The downturn, which marks a continuation of the volatile trend witnessed in recent weeks, saw major blue-chip stocks dragged into negative territory amid renewed profit-taking, cautious sentiment, and persistent macroeconomic uncertainties. According to market data from the Nigerian Exchange (NGX), the market capitalisation dipped significantly as institutional and retail investors offloaded holdings in banking, industrial goods, consumer goods and energy stocks. The All-Share Index (ASI) also recorded a notable decline, reflecting the extent of the sell-offs…
Nigeria’s foreign exchange reserves have climbed to $46.7bn, the highest level recorded in seven years, signalling renewed confidence in the country’s external position and the success of recent economic and monetary reforms. The sharp rise in reserves has been attributed to improved foreign inflows, stronger oil receipts, enhanced remittances from the diaspora, and policy measures introduced by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market. According to financial analysts, the latest figures reflect a significant recovery from the volatility experienced in previous years when dwindling oil production, currency pressures, and weakening investor confidence kept reserves under…
Global oil companies are preparing to participate actively in Nigeria’s upcoming 2025 oil licensing round, signaling renewed investor confidence in the country’s upstream sector. The interest from multinational oil firms comes as the Federal Government and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) intensify efforts to boost exploration, attract fresh capital, and reverse declining crude production. The 2025 licensing round is expected to offer a mix of frontier basins, deepwater fields, and mature onshore assets, making it one of the most anticipated bidding rounds in Africa. International oil companies (IOCs) such as ExxonMobil, Chevron, Shell, and TotalEnergies, alongside leading independents,…
Tony Elumelu, Chairman of United Bank for Africa (UBA), has embarked on a strategic tour across key African markets, strengthening the bank’s pan-African partnerships and reinforcing its position as a leading financial institution on the continent. The tour, aimed at deepening collaborations with governments, corporates, and financial institutions, underscores UBA’s commitment to fostering economic growth, trade facilitation, and regional integration. During the tour, Elumelu engaged with top business leaders, regulators, and policymakers across several African countries, discussing opportunities for expanding banking services, supporting cross-border trade, and enhancing financial inclusion. The visits also focused on identifying collaborative initiatives that would enable…
Stanbic IBTC Holdings Plc has successfully hosted the 11th edition of the Together4ALimb Walk, reinforcing its commitment to social responsibility and community engagement. The annual event, which attracts participants from across Nigeria, aims to raise awareness about limb loss, promote disability inclusion, and support charitable initiatives that provide prosthetic limbs and rehabilitation services to affected individuals. The event saw a diverse turnout, including corporate executives, employees, community leaders, and members of the public, all united in support of the cause. Participants engaged in a series of walking activities designed to symbolize solidarity with persons living with limb disabilities and highlight…
The Nigerian Stock Exchange (NGX) staged a recovery yesterday after experiencing a steep sell-off that saw billions of naira wiped off market capitalization earlier in the week. Market analysts attribute the rebound to renewed investor confidence, bargain hunting, and improved sentiment in key sectors, signaling a potential stabilization after days of volatility. According to reports, the NGX All-Share Index regained lost ground, buoyed by gains in banking, consumer goods, and oil and gas stocks. Market capitalization rose as investors took advantage of lower share prices to increase their holdings, reflecting optimism about medium-term corporate earnings and economic performance. The rebound…
The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have announced a strategic collaboration aimed at addressing the country’s persistent housing deficit, with a focus on increasing affordable housing supply and mobilizing private sector investment in the housing sector. The partnership is expected to create innovative financing solutions, improve access to mortgage loans, and accelerate housing delivery across Nigeria. The initiative was unveiled at a joint stakeholders’ forum attended by regulators, housing developers, financial institutions, and industry experts. Both SEC and FMBN emphasized that bridging the housing gap requires coordinated efforts between government agencies, capital…
Champion Breweries Plc has formally held a signing ceremony for its N15.9 billion rights issue, marking a significant milestone in the company’s capital-raising efforts aimed at strengthening its financial base, supporting expansion plans, and enhancing shareholder value. The rights issue is intended to raise additional equity capital to fund strategic investments and modernize operational infrastructure across the company’s breweries. The ceremony, attended by company executives, shareholders, and regulatory representatives, symbolized the official launch of the rights offering, which allows existing shareholders to purchase additional shares at a predetermined price, proportionate to their current holdings. This approach enables shareholders to maintain…
Access Bank Plc has inaugurated its SME Academy, a strategic initiative aimed at empowering small and medium-sized enterprises across Nigeria by providing critical business skills, mentorship, and financial literacy training. The first cohort of the programme saw 100 entrepreneurs undergo intensive training, equipping them with practical tools to scale their businesses, improve operational efficiency, and enhance competitiveness in both local and global markets. The bank’s initiative comes amid growing recognition of SMEs as vital drivers of economic growth, job creation, and innovation in Nigeria. Access Bank stated that the SME Academy seeks to address persistent challenges faced by small businesses,…
Fidelity Bank Plc has posted a significant growth in its earnings for the first half of 2025, recording N748.7 billion in revenue, reflecting robust performance across its core banking operations and strategic investments. The figures, released in the bank’s half-year financial statement, underscore the institution’s resilience and ability to navigate challenging economic conditions while expanding its market footprint. According to the report, the bank’s profit before tax (PBT) and other key financial metrics showed marked improvements compared to the corresponding period in 2024. The growth has been attributed to increased interest income, higher fee-based revenue, and effective cost management. Fidelity…
A growing number of Nigerian diaspora pensioners have raised concerns over persistent delays in receiving their entitlements, despite having completed all verification requirements, highlighting systemic challenges in the country’s pension administration process. The frustrations, expressed during recent interactions with pension agencies, point to inefficiencies that continue to affect retirees living outside Nigeria. According to reports, many diaspora pensioners have fulfilled all documentation and verification protocols, including the submission of identification documents, bank account details, and pension application forms. Despite this, they continue to experience delays in the disbursement of their monthly pensions, with some retirees reporting waiting periods of several…
Dangote Group has dismissed circulating reports suggesting that it intends to distribute petroleum products using motorcycles, describing the claims as baseless and misleading. The company emphasized that it remains committed to conventional and safe fuel distribution methods, underscoring its adherence to regulatory standards and safety protocols in the petroleum sector. A statement released by the conglomerate clarified that the circulating information, which has gained traction on social media platforms and local news outlets, is entirely unfounded. Dangote Group stressed that it has no plans to implement motorcycle-based fuel delivery, which could pose significant safety and environmental risks. The company’s spokesperson…
Nigeria has spent close to $3 billion on servicing its Eurobond obligations under President Bola Tinubu’s administration, according to debt-management data and fiscal reports. The figure reflects the growing burden of external debt on government finances and underscores the challenges Nigeria faces in balancing debt obligations with budgetary priorities. According to data from the Central Bank of Nigeria (CBN), the country’s foreign debt-service costs surged in recent years, driven largely by interest payments on Eurobonds and other external liabilities. Reports indicate that between January and April 2025 alone, Nigeria expended approximately $2.01 billion on external debt servicing — a significant…