The Nigerian Electricity Regulatory Commission (NERC) has disclosed that power generation and distribution companies operating under bilateral arrangements owe the Federal Government a total of $8.5 million in unpaid market invoices. The revelation underscores rising concerns about financial discipline in Nigeria’s electricity market and the challenges facing the transition to a more competitive energy sector. According to NERC’s latest report on the power industry performance for the third quarter of 2025, several bilateral power companies have defaulted on their financial obligations to the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator (MO), both of which are key institutions…
Author: Temitope Nlewemchi
Golden Penny, one of Nigeria’s most iconic food brands under Flour Mills of Nigeria Plc (FMN), has announced a massive ₦4 billion reward initiative to commemorate its 65th anniversary, reaffirming its commitment to customers, distributors, and partners who have contributed to its success over the decades. The company revealed that the initiative, tagged “Golden Moments of Joy”, would span across multiple states and reward loyal consumers, retailers, and distributors with exciting prizes, including cash gifts, household items, and branded products. The celebration, according to FMN, is designed to express gratitude for six and a half decades of consumer trust and…
The House of Representatives has intensified efforts to ensure that private companies across Nigeria comply with the nation’s health insurance regulations, in a move aimed at expanding universal health coverage and improving access to quality healthcare for workers. The resolution followed a motion moved during plenary, where lawmakers expressed concern over the widespread disregard for mandatory employee health insurance provisions by many private organisations. They noted that despite the establishment of the National Health Insurance Authority (NHIA) Act, which mandates all employers with more than five staff members to provide health coverage, compliance levels remain critically low. Speaking during the…
The Federal Government has reaffirmed its commitment to addressing Nigeria’s housing deficit through President Bola Ahmed Tinubu’s Renewed Hope Housing Project, announcing plans to deliver 38,400 bed spaces across the country. The initiative, designed to tackle accommodation challenges for students, civil servants, and low-income earners, marks one of the most ambitious housing interventions under the present administration. According to the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, the housing project will not only provide affordable accommodation but also generate thousands of jobs, stimulate local production of building materials, and support economic diversification. Dangiwa disclosed that the new…
Nigeria’s drive toward stronger corporate ethics and responsible governance received renewed momentum as the Financial Reporting Council (FRC) and the Securities and Exchange Commission (SEC) jointly championed the call for higher ethical standards in the private and public sectors. This took place during the 20th anniversary celebration of the Society for Corporate Governance Nigeria (SCGN) held in Lagos, which brought together leading regulators, corporate executives, and governance experts. At the event, which marked two decades of SCGN’s influence in promoting corporate responsibility, both FRC and SEC reiterated the urgent need for organizations to strengthen their governance frameworks, enhance accountability, and…
Telecommunications operators in Nigeria have reported more than 3,200 cases of equipment theft alongside nearly 20,000 instances of fibre cuts between January and August 2025, figures revealed by the Nigerian Communications Commission (NCC) show. These incidents are threatening the country’s broadband expansion goals and causing serious disruptions in telecom service delivery. Presenting the data during a telecom-industry roundtable in Abuja, the NCC’s Executive Vice Chairman emphasised that the high number of thefts and vandalism is rapidly turning into a national crisis. He noted that base stations, fibre optic cables, generators, and backup batteries are being routinely targeted by organised criminal…
A new study conducted by Moniepoint Inc., one of Nigeria’s leading financial technology firms, has revealed that 42 percent of small and medium-sized enterprises (SMEs) in the country would be unable to sustain their operations for more than a month without regular income inflows. The report highlights the fragile financial health of many small businesses and underscores the urgent need for better financial planning, access to credit, and long-term support systems for the sector. According to the findings, the majority of Nigerian SMEs operate with minimal cash reserves, making them highly vulnerable to economic shocks, fluctuating consumer demand, and disruptions…
The Ibadan Electricity Distribution Company (IBEDC) has reaffirmed its commitment to improving electricity supply and service delivery across its franchise areas, pledging renewed investments in network infrastructure, customer engagement, and metering expansion. This assurance comes amid growing public frustration over inconsistent power supply and challenges faced by distribution companies nationwide. Speaking at a recent media briefing, IBEDC’s Managing Director, Engineer Kingsley Achife, said the company was implementing a series of strategic initiatives aimed at stabilizing electricity distribution and enhancing operational efficiency. He noted that despite economic constraints and sector-wide liquidity issues, IBEDC remains dedicated to delivering improved electricity services to…
Nigeria’s total public debt has reached N152.4 trillion as of June 2025, according to data released by the Debt Management Office (DMO). The report confirms that the World Bank remains the country’s biggest external creditor, with a total of $18.04 billion in outstanding loans—about 38 percent of Nigeria’s total external debt.The figures show that Nigeria’s debt increased by N3.01 trillion between March and June 2025, marking a 2.01 percent rise from N149.39 trillion recorded in March. In dollar terms, the total debt stock climbed from $97.24 billion to $99.66 billion, reflecting the continuous pressure of exchange rate depreciation and new…
The Niger Delta Power Holding Company (NDPHC) has signed new Power Purchase Agreements (PPAs) amounting to approximately 500 megawatts, a move that the company says will strengthen its revenue base and enhance utilization of its generation assets. These agreements, currently awaiting regulatory approval, are part of the company’s broader strategy to turn around its operations and resolve lingering liquidity challenges. Jennifer Adighije, Managing Director and Chief Executive Officer of NDPHC, disclosed this development during an industry conference in Lagos, where she affirmed that the company’s leadership is now focusing on both transmission upgrades and strategic commercial partnerships. She noted that…
The Bank of Industry (BoI) has underscored the urgent need for Nigeria to build a more competitive industrial base, noting that strategic reforms, stronger partnerships, and enhanced support for local manufacturers are critical if the country is to sustain growth, reduce import dependence, and maximise gains from regional trade arrangements. Speaking recently at a national stakeholders’ meeting focused on industrial revival, the Managing Director of BoI, Dr. Olasupo Olusi, said that Nigeria has the capacity to transform its industrial landscape but that several systemic obstacles must be addressed. According to him, these include high cost of production, inconsistent power supply,…
The Nigeria Customs Service (NCS), Seme Area Command, has intercepted hard drugs, expired flour, and other contraband goods worth ₦1.9 billion at the Seme-Krake border in Lagos State, as part of renewed efforts to curb smuggling and safeguard public health.The Customs Area Controller, Comptroller Timi Bomodi, disclosed this on Friday while briefing journalists on the Command’s recent operations. He stated that the seizures were made between August and September following intensified patrols and intelligence-driven enforcement along the border corridors. According to Bomodi, the intercepted items included packages of hard drugs suspected to be cannabis sativa, tramadol, codeine syrup, and large…
The Lagos Chamber of Commerce and Industry (LCCI) has stated that Nigeria’s economic recovery and long-term growth will depend largely on the government’s ability to take bold and decisive policy actions that address inflation, stabilise the foreign exchange market, and promote sustainable industrial development. In its latest economic review released on Friday, the Chamber warned that although recent government reforms have created a foundation for potential recovery, their positive effects will remain limited if not backed by strong policy implementation and strategic economic management. The LCCI said the country must act swiftly to confront rising inflation, declining purchasing power, insecurity,…
The World Bank has revealed that about 139 million Nigerians—representing nearly 61 percent of the population—are still living in poverty despite the economic reforms introduced by the Federal Government to stabilise the economy. This was disclosed in its latest Nigeria Development Update (NDU) report titled “From Policy to People: Bringing the Reform Gains Home.” According to the report, while Nigeria has made significant progress in implementing bold fiscal and monetary reforms, these policies have yet to translate into improved living conditions for most citizens. The World Bank stated that the number of Nigerians living below the poverty line increased from…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery now contributes an average of 20 million litres of refined fuel into the domestic market each day. The regulator hailed the development as a sign that Nigeria’s petroleum sector is gradually shifting toward greater self-sufficiency. During his address at the Association of Energy Correspondents of Nigeria annual conference in Lagos, NMDPRA’s Chief Executive, Farouk Ahmed, disclosed that the 650,000 barrels-per-day refinery is altering supply dynamics in the country. He said the 20 million litres figure reflects production currently available for the local market under “normal…
Nigeria’s equities market recorded a strong performance this week, as renewed demand for blue-chip stocks pushed the Nigerian Exchange (NGX) upward by N308 billion in market capitalization. The rebound, driven by impressive earnings reports and investors’ renewed confidence in the economy, saw key stocks in the banking, energy, and industrial sectors leading the rally. At the close of trading on Thursday, the NGX All-Share Index (ASI) rose by 0.54% to settle at 101,846.29 points, up from 101,302.45 points recorded the previous day. The market capitalization increased from N57.21 trillion to N57.52 trillion, adding N308 billion in value. The rally marks…
The World Bank has advised the Nigerian government to sustain its ongoing economic reforms and adopt stricter fiscal discipline to ensure long-term stability, enhance investor confidence, and reduce macroeconomic vulnerabilities. The global financial institution emphasized that Nigeria’s economy, while showing signs of gradual recovery, remains fragile due to persistent inflation, a weak fiscal framework, and heavy dependence on oil revenues. According to the latest assessment from the World Bank’s Nigeria Development Update (NDU) report, the government’s reform agenda—particularly the removal of fuel subsidies, foreign exchange unification, and efforts to boost non-oil revenue—has laid the groundwork for more sustainable growth. However,…
Airtel Nigeria has reaffirmed its dedication to youth empowerment and digital inclusion with the launch of a new technology scholarship scheme targeting 100 Nigerian undergraduates. The initiative aims to equip young people with essential digital skills, academic support, and industry exposure necessary to thrive in today’s rapidly evolving technological landscape. The scholarship scheme is designed to provide tuition support, mentorship, and hands-on training for students pursuing degrees in computer science, information technology, software engineering, and other science, technology, engineering, and mathematics (STEM) disciplines. Airtel’s move reflects its commitment to bridging Nigeria’s digital divide and fostering the next generation of innovators…
The Federal Government and the Manufacturers Association of Nigeria (MAN) have agreed to reinstate and reform the Export Expansion Grant (EEG) as part of broader efforts to revitalise the country’s non-oil export sector. This strategic partnership is expected to strengthen Nigeria’s export competitiveness, diversify revenue streams, and reduce the economy’s overdependence on crude oil earnings. At a stakeholders’ engagement meeting held in Abuja, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, announced that the EEG, which has been a key instrument for promoting non-oil exports, would be revamped to address implementation challenges that had hindered its effectiveness in…
First City Monument Bank (FCMB) has reaffirmed its dedication to innovation and personalised financial services as it participated in the 2025 Customer Service Week (CSW), themed “Driving Service Excellence through Innovation.” The bank used the occasion to celebrate its customers, employees, and partners, emphasizing its continued drive to deliver cutting-edge solutions tailored to individual and business needs in today’s evolving digital landscape. In a statement, FCMB’s Managing Director, Yemisi Edun, highlighted that customer satisfaction remains at the heart of the bank’s operations. She noted that the 2025 CSW celebration provided a unique opportunity to recognize the loyalty of customers while…