Lagos’s main port terminal operator has unveiled a comprehensive transition plan aimed at integrating solar energy across its facilities, signaling a shift toward cleaner, more reliable power sources for cargo operations, warehouses, and administrative centres. The initiative seeks to reduce greenhouse gas emissions, lower electricity costs, and protect terminal operations from disruptions caused by Nigeria’s chronic grid instability. While details on financing and deployment timelines are being finalised, the announcement represents a strategic pivot in how industrial infrastructure engages with the country’s energy challenges. Company executives outlined that the solar plan will begin with pilot installations of rooftop photovoltaic systems…
Author: Temitope Nlewemchi
CHAMS Plc, a leading identity management and technology services company in Nigeria, has posted an impressive 42 percent year-on-year increase in revenue during its most recent financial reporting period, underscoring the firm’s expanding relevance in the digital identity and business solutions market. According to the company’s audited accounts, revenue rose from ₦5.9 billion in the previous comparable period to ₦8.4 billion. This performance reflects growth across key business lines, including biometric identity management, digital onboarding services, and enterprise solutions such as virtual ATM cards and payment receipts processing. CHAMS Management attributed the growth to rising demand for secure identity verification…
Rotary International has extended its commitment to humanitarian service by providing crucial healthcare aid to underserved communities across Nigeria. The initiative, spearheaded by various Rotary Clubs in partnership with local medical professionals, targets rural and low-income areas where access to basic healthcare services remains limited or entirely unavailable. As part of the outreach, thousands of residents in selected regions have benefited from free medical consultations, drug prescriptions, and minor surgical procedures. The intervention also includes the distribution of essential medicines, health education on disease prevention, and screening services for chronic illnesses like hypertension, diabetes, and eye conditions. Rotary’s District Governors…
Providus Bank has reiterated its strong commitment to supporting small and medium-sized enterprises (SMEs) across Nigeria, reaffirming that the sector remains central to its business strategy. During its annual SME forum held in Lagos, the bank emphasised its intention to deepen financial and advisory services geared at nurturing MSMEs and facilitating their growth in a challenging economic environment. The bank’s executive director of business banking, Mrs. Ifeoma Okoro, underscored the vital role SMEs play in national development, citing their contribution to job creation, innovation, and domestic production. “At Providus, we view SMEs as the heartbeat of Nigeria’s economy. Ensuring they…
The Nigerian Economic Summit Group (NESG) has raised fresh concerns over the broader implications of Nigeria’s domestic policy decisions, warning that the country’s strategic choices are not only shaping its own future but also influencing economic trends and political developments across the African continent. Speaking during a recent policy dialogue in Abuja, the NESG emphasized that Nigeria’s size, economy, and geopolitical position place it at the center of Africa’s prospects for integration and development. As such, decisions made by the Nigerian government — especially on monetary policy, fiscal reforms, and regulatory frameworks — could either bolster or undermine collective progress…
The Federal Government has extended heartfelt congratulations to Chief Owolabi Salis following his historic involvement in a recent international space mission. As a distinguished Nigerian figure taking part in this scientific venture, Salis’ participation marks a symbolic and inspirational moment in the country’s pursuit of technological and aerospace excellence. At a media briefing in Abuja, the Minister of Innovation, Science and Technology, Uche Nnaji, lauded Salis for representing Nigeria on such a critical global stage, calling the achievement “a major step forward for national pride and scientific credibility.” He described Salis’ journey as one that will inspire countless young Nigerians…
Nigeria’s financial sector is witnessing a noteworthy achievement as women-led banking teams collectively posted a combined surplus of ₦18.8 million in the latest reporting period. This impressive performance reflects their growing influence in a traditionally male‑dominated industry and marks a significant milestone in gender representation within banking leadership. The surplus, representing earnings above operating costs, emerged from revenue‑focused operations overseen entirely by women. These units, which include relationship management, loan operations, and retail banking segments, reported contributions that exceeded projected budgets. Analysts say this underscores not just gender inclusivity but also the commercial viability and leadership effectiveness of women bankers.…
In a strategic move to accelerate the adoption of electric vehicles (EVs) in Nigeria, the Federal Government has launched a nationwide university innovation challenge, inviting students to develop creative and practical solutions for the country’s transition to sustainable transportation. The initiative is part of broader efforts to encourage local research, innovation, and awareness around the benefits of EV technology amid global climate concerns. The contest, spearheaded by the National Automotive Design and Development Council (NADDC) in partnership with the Federal Ministry of Industry, Trade, and Investment, challenges students from public and private tertiary institutions to design and present prototypes or…
Digitvant, a leading digital lending firm in Nigeria, has announced that it has successfully disbursed loans to more than 50,000 small and medium enterprises (SMEs) across the nation. The move underscores the company’s rapid expansion and commitment to addressing financing gaps in the informal and micro-enterprise segment. Since launching its lending platform in mid-2023, Digitvant has targeted businesses typically underserved by traditional banks—traders, tailors, local manufacturers, and service providers—offering quick credit through a mobile-based application. Borrowers can apply in minutes, receive instant decisions, and get funds transferred directly into their mobile wallets or bank accounts, provided they meet minimal documentation…
FCMB Group, one of Nigeria’s leading financial conglomerates, has announced gross earnings totaling ₦529.2 billion in its recent financial results, underlining strong performance across its banking, wealth management, and investment operations. This marks a significant growth trajectory for the Group amid challenging macroeconomic conditions. The reported figure represents an impressive year-on-year increase, driven by higher interest and non‑interest income streams. Core banking operations saw growth in net interest revenue, reflecting expanded lending activities and improved asset quality. At the same time, fee-based services—such as transaction processing, advisory services, and digital banking charges—contributed significantly to the earnings outcome. The Group’s Chief…
The upcoming Annual General Meeting (AGM) of the International Chamber of Commerce (ICC) is set to place significant emphasis on maritime trade, as stakeholders across global shipping, logistics, and policy sectors prepare to gather for the high-level event. The ICC, known for its role in fostering international trade standards and commercial cooperation, announced that this year’s meeting will center on challenges, reforms, and innovations in maritime commerce. The AGM, scheduled to take place in Lagos, Nigeria, will bring together leading maritime authorities, port operators, shipping lines, customs officials, and trade policy experts from across the globe. The focus on maritime…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
The Dangote Petroleum Refinery is expected to raise its operational refining capacity to 700,000 barrels per day by December 2025. This anticipated increase follows continued expansion and optimization efforts within the massive facility located in the Lekki Free Trade Zone, Lagos State. The development marks a new milestone for the refinery, which has already begun supplying diesel and aviation fuel to the Nigerian market. According to sources within the refinery, the target to reach 700,000 barrels per day represents an upgrade from the original installed capacity of 650,000 barrels per day. The ramp-up is being made possible by adjustments to…
Fitch Ratings has reaffirmed the long-term Issuer Default Rating of Ecobank Nigeria at ‘CCC’, a level that suggests heightened vulnerability to adverse economic and financial conditions. The rating, while not indicative of immediate default, implies that the bank’s ability to meet its financial commitments is highly dependent on favorable economic developments and possibly external support. This development has sparked concern among industry watchers, given the broader context of challenges in Nigeria’s banking sector and macroeconomic pressures. Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, has faced a series of financial headwinds in recent times. The bank’s capital adequacy has come…
Union Bank of Nigeria has rewarded hundreds of its loyal customers with cash prizes and other exciting gifts as part of its ongoing “Save and Win Palli Promo 4.” The initiative, which began in December 2024, is aimed at encouraging savings culture among Nigerians while offering them the chance to win life-changing rewards. In the latest series of monthly draws held across the country, customers from different regions emerged as winners of various prizes, including cash gifts of ₦100,000, fuel vouchers, motorcycles, and tricycles. The draws, which were conducted electronically and monitored by relevant regulatory bodies, ensured fairness and transparency…
BUA Foods Plc on Monday announced an outstanding set of half-year results for the first half of 2025, reporting a 101 percent increase in profit after tax, alongside gross earnings that surged to ₦276.1 billion. The company’s performance spotlighted robust growth across agri-processing, foodstuffs, and sugar refining operations, signaling strong momentum in domestic value chain expansion. This extraordinary outcome—doubling profit compared to the same period in 2024—was attributed to several converging factors. Management pointed to improved operational efficiency, strategic pricing leveraged on growing demand for staples like sugar, edible oils, and flour, and the full integration of its new manufacturing…
The United Kingdom has announced that over 3,500 goods exported from Nigeria are now eligible for zero-duty entry under its new Developing Countries Trading Scheme (DCTS), a trade arrangement aimed at strengthening economic ties and boosting trade with developing nations. This development means that about 99 percent of Nigeria’s exportable products now benefit from either complete or partial tariff waivers when entering the UK market. The policy, which came into effect as part of the UK’s broader trade strategy post-Brexit, is designed to encourage export diversification and economic development in partner countries. For Nigeria, it represents a significant opportunity to…
The Federal Government has announced that economic reforms and debt restructuring efforts have led to a 42 percent reduction in the debt stock of Nigeria’s North West region, marking a significant milestone in the drive to restore fiscal stability and enhance public service delivery. According to federal officials, the debt reduction comes on the back of a coordinated program initiated late last year, involving recalibrated budget allocations, debt renegotiations with local creditors, and implementation of cost-saving reforms at state government levels. The measures included freezing non-essential capital expenditure, consolidating external obligations, and discontinuing duplicative subsidy arrangements that had ballooned state…
The Federal Government has issued a stern warning to all project accountants involved in managing public funds, urging them to uphold transparency, accountability, and integrity in the discharge of their duties. This directive comes as part of renewed efforts to tackle financial mismanagement and ensure that public resources are utilized strictly for their intended purposes. Speaking during a recent stakeholder engagement in Abuja, senior officials emphasized that project accountants play a pivotal role in the success or failure of government projects. As such, any form of financial impropriety, negligence, or manipulation of records would not be tolerated. They stressed that…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…