Nigeria’s Federal Government spent N3.14 trillion servicing its domestic debt in the first quarter of 2026, with interest payments accounting for the overwhelming majority of the expenditure, according to data released by the Debt Management Office (DMO). The latest figures highlight the growing cost of servicing Nigeria’s domestic obligations and the increasing pressure that debt-service commitments can place on government finances. Of the N3.14 trillion spent between January and March, N2.97 trillion went towards interest payments, while N169.68 billion was used for principal repayments. The monthly figures show that domestic debt-service costs increased substantially throughout the quarter. The government spent…
Author: Temitope Nlewemchi
Cornerstone Insurance Plc has introduced a new voice-enabled capability for its artificial intelligence-powered virtual assistant, CiCi, in another step toward transforming customer service and making insurance products and services more accessible through digital technology. The new Voicebot allows customers to communicate with CiCi using natural speech rather than relying solely on traditional text-based interactions. According to the insurer, the technology is designed to provide faster responses and a more convenient way for customers to obtain information and support across selected insurance journeys. The development represents a further expansion of Cornerstone Insurance’s digital transformation strategy, as insurers increasingly explore artificial intelligence…
Nigeria’s equities market sustained its positive momentum as investors continued to position their portfolios ahead of the release of more corporate earnings, with renewed buying interest in selected stocks helping the Nigerian Exchange (NGX) All-Share Index extend its rally. The market closed the latest trading week marginally higher, with the All-Share Index rising 0.1 percent to 245,573.60 points from 245,323.30 points recorded in the previous week. The movement, although modest, extended the market’s positive run as investors increasingly focused on the financial performance that listed companies are expected to report for the period. The latest performance reflects a market in…
Shareholders of Mutual Benefits Assurance Plc have reaffirmed their confidence in the company’s strategic direction and long-term growth plans after approving all resolutions presented at its 30th Annual General Meeting (AGM), including a dividend payout of N802.46 million. The AGM, held virtually and streamed live to shareholders and other stakeholders, provided an opportunity for the insurance company to review its performance, outline its strategic priorities and assure investors of its commitment to sustainable value creation. The resolutions approved included the adoption of the company’s audited financial statements for the year ended December 31, 2025, alongside the Directors’ Report, Independent Auditors’…
Industry leaders and economic experts have expressed divergent views over the Central Bank of Nigeria’s (CBN) decision to discontinue its direct intervention financing for the manufacturing sector, highlighting the broader debate over how Nigeria should balance monetary discipline with industrial development. While some stakeholders argue that the apex bank’s withdrawal could worsen manufacturers’ financing challenges, others believe the move is necessary to restore the CBN’s focus on its core mandate of maintaining monetary and financial stability. The policy shift forms part of the CBN’s broader reform agenda under Governor Olayemi Cardoso, which seeks to move the bank away from quasi-fiscal…
A fresh disagreement has emerged between the Nigeria Customs Service (NCS) and licensed customs agents over the implementation and performance of the National Single Window (NSW), a Federal Government initiative designed to simplify import and export procedures and reduce delays in cargo clearance at Nigerian ports. The disagreement comes only months after the National Single Window was officially rolled out on March 27, 2026, as part of efforts to modernise Nigeria’s trade processes through a centralised digital platform. The system is designed to allow importers and exporters to submit trade-related documents through a single platform, with information shared electronically among…
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…
Nigeria’s debt obligations to the International Development Association (IDA), a subsidiary of the World Bank Group that provides concessional loans and grants to the world’s poorest countries, have climbed to $18.2 billion, according to the latest financial report. The figure underscores the country’s growing reliance on external borrowing to finance its development agenda amid pressing fiscal challenges. The IDA, often described as the World Bank’s concessional arm, supports developing nations with loans carrying low-interest rates and extended repayment periods, as well as grants for projects in critical sectors such as health, education, agriculture, and infrastructure. Nigeria, Africa’s largest economy, has…
The Dangote Refinery is gearing up to reach full production capacity, marking a major milestone for Nigeria’s energy sector. However, the company has yet to disclose where it will source the crude oil needed to sustain operations, raising questions about supply stability. The $19 billion refinery, one of the largest in the world, has been gradually ramping up operations and recently began supplying petroleum products to the Nigerian market. Once fully operational, it is expected to refine up to 650,000 barrels of crude per day, significantly reducing Nigeria’s dependence on imported fuel. Despite this progress, uncertainty lingers over whether the…
A 12-year-old Nigerian student has emerged as the winner of the prestigious MED-EL ear care contest, showcasing remarkable knowledge and advocacy for hearing health. The competition, organized by MED-EL, a global leader in hearing implant technology, aims to raise awareness about hearing loss and the importance of ear care. The young champion competed against participants from various countries, impressing judges with their understanding of hearing health, innovative ideas, and commitment to spreading awareness. Their presentation highlighted the significance of early detection, proper ear hygiene, and the role of technology in improving the lives of people with hearing impairments. Winning this…
The Nigerian government has assumed full control of Keystone Bank, a move aimed at stabilizing the financial institution and ensuring its continued operations. This development comes amid increasing regulatory scrutiny and efforts to maintain the health of the country’s banking sector. The Central Bank of Nigeria (CBN) spearheaded the transition, citing the need to protect depositors and maintain public confidence in the financial system. While specific details on the government’s plans for the bank remain unclear, authorities have assured customers that Keystone Bank will continue operating as usual, with no disruptions to services. Keystone Bank has faced financial challenges in…
Nigeria’s Minister of Communications, Innovation, and Digital Economy has praised Moniepoint for its rapid growth and impact, describing it as a strong example of the country’s thriving fintech sector. The minister highlighted how the company’s success reflects Nigeria’s potential as a major player in the global digital economy. Moniepoint, a leading financial services platform, has gained prominence for its role in providing seamless payment solutions to businesses and individuals. Its extensive network of point-of-sale (POS) terminals and digital banking services has significantly improved financial inclusion, particularly in underserved areas. According to the minister, fintech companies like Moniepoint are driving economic…
A new report by Nigerian data analytics firm, Mustard Insights, has revealed that 44% of businesses in the country reduced their workforce in 2024 due to economic challenges and operational constraints. The report, based on a nationwide survey of companies across various sectors, attributed the layoffs to rising inflation, foreign exchange volatility, high production costs, and declining consumer spending. Many businesses, particularly in manufacturing, finance, and retail, struggled to maintain profitability, leading to widespread job cuts. Industry experts have raised concerns over the impact of these workforce reductions, warning that high unemployment rates could further weaken economic growth and increase…
Wema Bank has reaffirmed its commitment to promoting financial inclusion for women through targeted initiatives aimed at increasing access to banking, credit facilities, and financial literacy programs. The bank’s efforts align with broader national and global goals of empowering women economically, ensuring they have the resources and support needed to build sustainable financial futures. Recognizing that women often face barriers in accessing formal financial services, Wema Bank has introduced specialized banking products designed to meet their unique needs. These include tailored savings and loan packages, digital banking solutions, and advisory services that help women manage their finances effectively. By leveraging…
Fidelity Bank has announced plans to raise additional capital through a private placement as part of its strategy to meet the new regulatory requirements for bank recapitalization. The move aligns with the Central Bank of Nigeria’s (CBN) directive for banks to strengthen their capital base to enhance financial stability and resilience. The private placement will involve the issuance of new shares to select investors, allowing the bank to generate fresh funds without going through a public offering. Fidelity Bank aims to use the capital to reinforce its financial position, support expansion plans, and improve its ability to fund large-scale transactions.…
The Federal Ministry of Industry, Trade, and Investment has released an update on Lagos’ economic development, highlighting key projects and policies aimed at driving growth in Nigeria’s commercial capital. The report outlines ongoing initiatives focused on infrastructure, trade facilitation, and business reforms to strengthen the state’s position as an economic powerhouse. According to the ministry, Lagos continues to attract significant local and foreign investments due to its strategic location, large consumer market, and improving business environment. The update detailed progress in various sectors, including manufacturing, technology, real estate, and transportation, emphasizing government efforts to support entrepreneurship and industrialization. One of…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to suspend the newly introduced 4% Comprehensive Import Supervision Scheme (CISS) charge on imports, warning that it will worsen production costs and stifle business growth. In a statement, LCCI argued that the additional levy would place an undue burden on importers, manufacturers, and consumers, leading to higher prices of goods and increased inflation. The chamber stressed that businesses are already struggling with multiple taxes, forex instability, and rising logistics costs, making it difficult to absorb further financial pressures. The CISS charge, introduced as part of the…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
A women-focused investment platform has reached a major milestone, recording N1 billion in savings as part of its efforts to promote financial independence and wealth creation among women. The achievement, announced in celebration of International Women’s Day (IWD), highlights the growing participation of women in investment and financial planning. The platform, designed to provide women with access to savings, investment opportunities, and financial literacy programs, has seen significant growth in recent years. With more women actively engaging in structured savings and investment plans, the initiative is helping to bridge the financial gap and encourage long-term wealth building. The N1 billion…