The House of Representatives has pledged strict monitoring of the Federal Government’s newly introduced crude-for-naira programme, assuring Nigerians that the scheme will not be allowed to fall into the pitfalls that undermined similar policies in the past. Lawmakers made it clear that their oversight role would be exercised fully to ensure transparency, accountability, and tangible economic benefits for citizens. The crude-for-naira initiative is one of the government’s latest responses to Nigeria’s foreign exchange crisis. Under the programme, crude oil will be allocated to trading partners in exchange for naira payments deposited directly into government accounts, rather than being settled in…
Author: Temitope N.
Polaris Bank has convened its Global Trade Forum in Lagos with a strong emphasis on enhancing Nigeria’s non-oil export sector and providing a platform for stakeholders to chart a path toward sustainable growth. The event, themed “Trade Export: Partnering for Growth”, brought together exporters, regulators, policymakers, and industry experts to discuss challenges and opportunities shaping the nation’s export landscape. Speaking at the forum, Polaris Bank’s Managing Director and Chief Executive Officer, Kayode Lawal, highlighted the critical role non-oil trade plays in diversifying Nigeria’s economy and creating long-term stability. He noted that for decades, the country’s heavy reliance on oil had…
In a startling operation, the National Drug Law Enforcement Agency (NDLEA) has arrested a Chinese national and an 80‑year‑old grandmother following the seizure of unusual parcels of colos—a potent ammunition-like commodity—concealed within commercially packaged moi‑moi sachets. The incident, which has triggered fresh concerns over creative smuggling tactics, occurred recently at a major border checkpoint in Nigeria’s south-south region. NDLEA sources explain that the corps uncovered a complex smuggling method involving food packaging. The colos—small, widely misused cannons typically used in celebratory shots or sometimes in illicit circulating weapons—were reportedly wrapped in plastics and sealed into legitimate looking moi‑moi packets. The…
The Central Bank of Nigeria (CBN) has raised fresh concerns over the growing abuse of the naira, warning that the trend is inflating the cost of currency printing and undermining the integrity of the nation’s legal tender. The apex bank emphasized that careless handling, mutilation, spraying at parties, and hawking of banknotes are driving up expenses in maintaining the quality of Nigeria’s currency, while also eroding public confidence in its use. The warning comes at a time when the country is grappling with fiscal pressures, with the cost of printing new banknotes steadily increasing due to inflation and foreign exchange…
The European Union has pledged €500,000 in humanitarian assistance to support internally displaced persons (IDPs) in Benue State, marking a significant boost to relief efforts amid escalating displacement and insecurity in the region. The announcement comes amid worsening clashes between herders and farmers in parts of central Nigeria, driven largely by changing land use patterns, resource competition, and sporadic political unrest. Tens of thousands of residents have fled their homes in rural communities, often under extreme hardship. The EU’s funding is aimed at alleviating the most pressing needs in hard-hit areas, including shelter, healthcare, and food security. The €500,000 package…
The Nigerian passport has climbed to the 88th position in the 2025 Henley Passport Index rankings — its most favourable global standing in over a decade. The recent improvement reflects modest but steady gains in visa-free access enjoyed by Nigerian passport holders, offering more international mobility than at any point since 2014. According to the index, Nigerian passport holders now have visa-free or visa-on-arrival access to approximately 70 countries, a milestone attributed partly to enhanced diplomatic relations, strengthened passport security features, and concerted international lobbying. Analysts say this represents a modest expanded value compared to just 55 accessible destinations as…
Shareholders of The Tourist Company of Nigeria (TCN) Plc have given their nod to a new board of directors at the company’s recent Annual General Meeting, while issuing strong calls for immediate and far-reaching reforms to reposition the firm for better performance and profitability. At the meeting, which attracted a cross-section of stakeholders, shareholders ratified the appointment of Mrs. Erejuwa Gbadebo as the new chairperson of the board. Also confirmed were Ms. Anita Athena Ibru, Mr. Kofi Joseph Duncan, and Mr. Andy Akporugo as non-executive directors. The re-election of Mr. Toke Alex Ibru as a non-executive director was also approved…
The Federal Government of Nigeria has partnered with the World Bank to implement a $500 million programme aimed at human capital reforms, targeting improvements in education, health, and workforce development across the country. The initiative underscores the government’s commitment to strengthening Nigeria’s human capital base, boosting productivity, and enhancing socio-economic outcomes. Under the partnership, the programme will focus on critical interventions in education and skills development, including improving access to quality schooling, teacher training, and vocational education. By addressing gaps in learning outcomes and skill acquisition, the project aims to prepare a new generation of Nigerians for the demands of…
The Nigerian equities market recorded a strong performance as total market capitalisation increased by N578 billion, reflecting renewed investor confidence and sustained buying interest in selected stocks. The rally was driven largely by gains in heavyweight banking, industrial and consumer goods stocks, as investors repositioned portfolios amid evolving macroeconomic conditions. At the close of trading, the market capitalisation of listed equities on the Nigerian Exchange rose significantly, pushing the total value of the market closer to the N60 trillion mark. The All-Share Index also advanced, underscoring broad-based optimism despite lingering concerns over inflation, interest rates and currency pressures. Market analysts…
The Nigerian Electricity Regulatory Commission (NERC) has disclosed that a total of 148,077 electricity consumers across the country were metered within May and June 2025, as part of ongoing efforts to close the country’s huge metering gap and improve transparency in electricity billing. The report comes amid rising public concern over estimated billing, which continues to generate complaints among unmetered customers. According to NERC’s latest statistics, the new installations bring the number of metered customers closer to the commission’s target under the Meter Asset Provider (MAP) and National Mass Metering Programme (NMMP). Despite progress, however, millions of households and businesses…
Oil marketers have reiterated that the Dangote Petroleum Refinery, despite its massive capacity and strategic importance, cannot single-handedly meet Nigeria’s fuel demand, stressing the need for sustained fuel imports and contributions from other domestic refineries to guarantee energy security and price stability. Industry operators under the umbrella of major and independent marketers said while the Dangote refinery represents a major milestone in Nigeria’s quest for fuel self-sufficiency, the country’s daily petrol consumption and logistics realities make it impractical to rely on one refinery alone. They argued that Nigeria requires a mix of local refining capacity and controlled imports to ensure…
Nigeria’s logistics industry is facing a significant productivity crisis, with low asset utilisation emerging as a key bottleneck hindering growth and efficiency. According to the Chief Executive Officer of Haul247, Nigeria’s leading digital logistics platform, the idle time of trucks and other transport assets is driving up operational costs, limiting service delivery, and eroding competitiveness across the value chain. At a recent industry roundtable, Haul247’s CEO highlighted how the current mismatch between demand and capacity has left a large portion of the nation’s fleet underutilised. In many cases, transport vehicles sit idle for days—or even weeks—awaiting cargo assignments or clearance…
Nigeria’s real estate sector is experiencing a slowdown in demand as spiraling inflation and rising interest rates continue to erode the purchasing power of potential homebuyers and investors. Real estate developers, agents, and analysts have expressed growing concern over the declining activity in property transactions, warning that if economic conditions persist, the sector may face deeper challenges in the months ahead. Speaking with journalists and at recent industry forums, operators noted that the steep cost of living — driven by inflation now at multi-decade highs — has significantly affected disposable incomes, reducing the ability of Nigerians to invest in homes,…
Nigeria, a country blessed with over 200 trillion cubic feet of proven natural gas reserves, continues to grapple with inadequate electricity supply, plunging millions of its citizens into prolonged darkness. This paradox of energy poverty amid resource abundance has drawn renewed criticism from stakeholders, most notably former Minister of Power and founder of Geometric Power, Professor Barth Nnaji. At a recent energy conference in Abuja, Nnaji voiced his frustration over the country’s perennial power crisis. He stated that it was both baffling and unfortunate that a nation with such immense gas potential still finds it difficult to provide stable electricity…
TAJBank Limited, one of Nigeria’s leading non-interest financial institutions, has confirmed that it has successfully met the new capital requirement set by the Central Bank of Nigeria (CBN), well before the regulatory deadline. The announcement was made by the Managing Director and Chief Executive Officer of the bank, Hamid Joda, who emphasized that the milestone reflects the lender’s resilience, growth strategy, and the unwavering confidence of its stakeholders. The CBN had earlier rolled out a recapitalisation policy requiring all deposit money banks in the country to strengthen their capital base. The directive, which was part of wider reforms to reinforce…
The Nigerians in Diaspora Commission (NiDCOM) has entered into a strategic partnership with FirstBank of Nigeria to provide accessible and reliable housing solutions for Nigerians living abroad. The initiative is aimed at addressing the growing concerns of diaspora citizens over fraudulent property transactions and the difficulty of owning homes back in Nigeria. The agreement, recently formalized in Abuja, brings together NiDCOM’s policy direction and diaspora engagement expertise with FirstBank’s financial infrastructure and mortgage capabilities. Under the new arrangement, Nigerians living outside the country will have access to verified real estate developers, mortgage financing options, and digital platforms that ensure safe…
Seplat Energy has completed the conversion of its onshore oil and gas assets, marking a significant milestone in the company’s transition to the new regulatory framework governing Nigeria’s petroleum industry. The development follows regulatory approvals granted under the Petroleum Industry Act and reflects broader efforts by indigenous operators to align legacy assets with the country’s reformed oil and gas laws. The company said the conversion covers its onshore oil mining leases and associated assets, effectively migrating them from the previous joint venture and oil mining lease structures to the new licensing regime provided for under the Petroleum Industry Act. This…
Shell Nigeria Exploration & Production Company (SNEPco) and Nigerian Agip Exploration (NAE) have finalized the acquisition of the 12.5 percent stake previously owned by TotalEnergies in Oil Mining Lease (OML) 118, a deepwater block that hosts the prolific Bonga oil field. The transaction, valued at $510 million, strengthens the strategic position of both Shell and Agip in Nigeria’s offshore oil industry, while also reflecting the changing landscape of international oil company participation in the country. According to details of the deal, Shell secured 10 percent of the divested interest for $408 million, while Agip purchased the remaining 2.5 percent for…
The Federal Airports Authority of Nigeria has called on all aviation stakeholders to cooperate closely as passenger traffic surges across the country’s airports during the festive season. The appeal comes amid heightened travel activities associated with end-of-year celebrations, which traditionally place pressure on airport infrastructure, airlines and security agencies. FAAN said the festive period is one of the busiest times for air travel in Nigeria, with thousands of passengers moving daily across major airports such as Lagos, Abuja, Port Harcourt, Kano and Enugu. The authority noted that effective collaboration among stakeholders is essential to ensure smooth operations, passenger safety and…
Universal Insurance Plc is preparing to launch an upgraded version of its third‑party motor insurance product, a move intended to strengthen consumer protection and enhance value for motorists across Nigeria. Scheduled for introduction later this quarter, the enhanced offering aligns with the company’s broader strategy to innovate its insurance portfolio and support safer, more secure road travel. The new third‑party motor cover promises expanded liability limits and more comprehensive protection for victims of road traffic accidents. Among the improvements are increased compensation caps for death and bodily injury claims as well as higher provisions for property damage—notably more generous than…