Lasaco Assurance Plc has reaffirmed its dedication to youth empowerment in Nigeria, pledging to expand initiatives that support skill development, entrepreneurship, and economic self-reliance among young people. The company made this renewed commitment during a recent corporate social responsibility event held in Lagos. Speaking at the event, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, emphasized the importance of investing in youth as a strategic move to secure Nigeria’s future. He stated that the company recognizes the challenges facing many young Nigerians, including unemployment and limited access to opportunities, and is determined to be part of the solution.…
Author: Temitope Nlewemchi
Open Access Data Centres (OADC) has unveiled a new internet connectivity platform aimed at expanding digital access and improving broadband penetration across Africa. The initiative, which aligns with the company’s vision to drive digital transformation, was formally launched during an industry event that brought together stakeholders in the telecommunications and technology sectors. According to OADC, the newly introduced platform will provide enterprises, service providers, and government institutions with high-speed, reliable, and cost-effective internet connectivity. The company highlighted that the solution integrates cutting-edge technology to meet growing data demands, improve service delivery, and support the rapid expansion of Africa’s digital economy.…
Ecobank Nigeria is set to host a landmark art exhibition titled “Enduring Legacies: A Collector’s Tribute to Masters” from August 30 to September 21, 2025, at the Pan African Centre in Victoria Island, Lagos. The exhibition is designed to celebrate Nigeria’s most revered visual artists and highlight the rich creative heritage that has shaped the country’s cultural landscape over the decades. The showcase will feature a rare collection of works from some of the most influential figures in Nigeria’s art history. Curated by renowned art historian Adekepemi Aderemi, the exhibition draws from a private collection assembled by KrabHouse. Among the…
The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo Adighije, has disclosed that the company has begun a strategic programme aimed at reviving dormant and underperforming power plants across the country. Speaking during an industry briefing in Abuja, Adighije explained that the move is part of the government’s commitment to stabilizing Nigeria’s electricity supply and unlocking the full capacity of its power assets. According to him, several NDPHC-owned power stations have remained idle or operated below optimal capacity due to challenges such as inadequate gas supply, transmission bottlenecks, and financial constraints affecting…
The Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG) have entered into landmark 20-year gas supply agreements with six major firms, a move aimed at solidifying Nigeria’s position as a leading gas producer and exporter. The agreements, which span two decades, are part of the government’s broader strategy to leverage the country’s vast gas reserves for economic diversification and increased foreign exchange earnings. Under the new deals, NNPCL will supply feed gas to NLNG’s facilities from various upstream projects operated by the participating companies. The agreements are designed to ensure a stable and long-term gas supply that…
The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has announced plans to establish a $100 million youth investment bank aimed at providing financial support and resources for young entrepreneurs across the country. The initiative is part of ongoing efforts to tackle unemployment and boost economic growth by nurturing youth-led businesses and start-ups. According to government officials, the youth investment bank will serve as a specialized financial institution dedicated to offering affordable loans, grants, and business development services to young Nigerians with viable business ideas. The move comes amid growing calls for targeted interventions to address…
A new industry report has revealed that Nigeria has an estimated ₦341 trillion worth of crude oil resources lying idle in undeveloped fields, raising concerns over missed opportunities for revenue generation, foreign investment, and energy security. The findings underscore the urgency for the government and industry stakeholders to take decisive action in unlocking these stranded assets, particularly at a time when the nation grapples with fiscal pressures, dwindling foreign reserves, and rising debt levels. According to the report, the undeveloped oil reserves are scattered across both onshore and offshore fields, including marginal assets awarded to indigenous operators that remain largely…
Lagos State Governor Babajide Sanwo-Olu has announced that the state’s burgeoning leather industry is projected to generate an estimated N387.5 billion annually from exports, positioning Lagos as a key player in Nigeria’s non-oil revenue diversification drive. Speaking at an event showcasing the state’s industrial and export potential, the governor emphasized that the leather value chain holds significant opportunities for wealth creation, job growth, and foreign exchange earnings. Sanwo-Olu explained that the state government is implementing a comprehensive strategy to enhance leather production, processing, and exportation. This includes investments in modern tanneries, training programs for artisans, and the establishment of industrial…
First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country. The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20…
Nigeria’s foreign exchange reserves have recorded a significant boost, gaining about $900 million within a three-day period, marking one of the fastest short-term increases seen in recent times. The surge, according to financial analysts and market watchers, reflects a combination of improved inflows from crude oil sales, increased investor confidence, and recent monetary and fiscal policy adjustments by the federal government. Central Bank of Nigeria (CBN) data and market intelligence suggest that the sharp rise is largely attributed to higher oil earnings following improved global crude oil prices and enhanced domestic production. Nigeria, as Africa’s largest oil exporter, depends heavily…
Air Peace has taken delivery of its fourth Boeing 777 aircraft as part of its ongoing strategy to deepen its international operations and expand its global footprint. The addition of the new wide-body jet underscores the airline’s commitment to boosting connectivity between Nigeria and major destinations across Europe, the Middle East, Asia, and North America. The management of Air Peace stated that the arrival of the latest Boeing 777 will enhance its ability to meet increasing passenger demand on long-haul routes and solidify its position as a leading African carrier. The airline currently operates several international destinations and has plans…
First City Monument Bank (FCMB) Group has announced plans to raise additional equity capital as part of its strategy to strengthen its balance sheet and support business expansion. The financial services holding company disclosed the proposal following a review of its growth agenda and capital adequacy requirements in line with prevailing market conditions and regulatory expectations. The proposed equity raise comes amid ongoing reforms in Nigeria’s financial sector and heightened competition within the banking industry. FCMB said the additional funds would enhance its ability to meet future obligations, fund strategic initiatives, and increase lending capacity to priority sectors of the…
South Africa has overtaken Nigeria as the largest importer of refined petroleum products in Africa, marking a significant shift in the continent’s energy landscape. This change reflects contrasting developments in the two countries’ refining sectors, with Nigeria’s Dangote Refinery ramping up production while South Africa grapples with refinery shutdowns and increasing dependency on imports. According to a recent report by energy consultancy CITAC, Nigeria imported approximately 3.1 million tonnes of refined petroleum products during the first quarter of 2025. In contrast, South Africa imported about 4.2 million tonnes in the same period, positioning it as Africa’s biggest fuel importer. The…
French energy giant TotalEnergies has agreed to sell its 12.5 percent non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) for \$510 million. The deal, announced on May 29, 2025, marks another significant shift in the ownership and operational dynamics of one of Nigeria’s most important offshore oil assets. Pending customary regulatory approvals, the transaction is expected to close before the end of the year. The Bonga field, located approximately 120 kilometers offshore from the Niger Delta, has been a cornerstone of Nigeria’s deepwater oil production since it began operating in 2005. It…
APM Terminals Apapa, one of Nigeria’s largest and busiest container terminals, has announced a temporary suspension of empty container reception at its Apapa facility. The decision, according to the terminal operator, was taken in response to a sharp increase in import volumes which has created significant congestion at the port’s yard. The company’s Terminal Manager, Steen Knudsen, explained that the overwhelming inflow of import-laden containers in recent weeks has left little room for the storage and processing of empty containers. Shipping lines, he noted, have prioritized the unloading of imports, leading to a growing backlog of empties and a…
Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period. Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence…
The Nigerian stock market took a breather on Thursday, May 29, 2025, as investors witnessed a loss of ₦54 billion, effectively halting a four-day bullish streak that had previously driven strong gains across the board. The downturn signaled a wave of profit-taking by investors eager to cash in on recent growth, leading to a modest dip in the overall market value. At the close of trading, the All-Share Index (ASI) dropped by 84.53 points or 0.08%, closing at 111,818.08 points compared to the previous day’s 111,902.61. This brought the total market capitalization down from ₦70.564 trillion to ₦70.510 trillion.…
Access Bank Plc has teamed up with the Bill & Melinda Gates Foundation and MicroSave Consulting (MSC) to launch a transformative three-year program aimed at empowering 50,000 Nigerian women through financial inclusion. The initiative, titled “Scaling Female Agent Networks in Nigeria,” is designed to build a network of trained female banking agents in underserved communities, particularly in Northern and Central Nigeria. This partnership underscores a collective commitment to tackling gender inequality in the financial services sector by providing women with opportunities to earn sustainable incomes and participate actively in the financial ecosystem. The program will equip participants with the…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…
Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…